Cannabis stocks were primarily in the green Wednesday across US and Canadian markets, after a challenging few weeks for the cannabis sector.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was up 0.7% to 233.4 points on Wednesday. The Horizons Marijuana Life Sciences Index ETF inched down 0.2% to C$18.08. The OTCQX Cannabis Index was up 1.1% at 718.1 points.
Shares of Mojave Jane Brands Inc (CSE:JANE) were on the rise Wednesday, up 3.3% at C$0.31 in Toronto. Earlier this week, the firm finalized its name change and a new ticker symbol JANE on the Canadian Securities Exchange.
According to the firm, its new name reflects a definitive move to emphasize California brands and lifestyle addressing a wide range of consumer demands that vary across the state.
Though the cannabis company is based in Toronto, it has a vertically integrated presence in California, including the Caligold brand of cannabis-infused chocolate. The firm's US holdings are comprised of assets that include cultivation to scale, branding, packaging, manufacturing and processing.
Shares were up 5.4% at C$6.00 in Toronto, up 4.8% at US$4.55 in New York.
The Toronto-based company builds and operates large-scale, GMP-designed facilities that utilize proprietary growing methods to produce high-quality cannabis for recreational and medicinal usage. The offering is expected to be priced in context of the market, Flowr said in a release, with the terms to be finalized once pricing is determined.
Last week, the firm announced it was shaking up its management team again, with the appointment of a new president and CEO. The firm has appointed John Varghese, a director of Golden Leaf, to serve as interim President and CEO of the company.
Laggards on Wednesday included Canopy Growth Corporation (TSX:WEED) (NYSE:CGC), which announced it had completed a transaction to acquire a Saskatoon-based bio-product extractor KeyLeaf Life Sciences.
Shares were down 2% at C$51.38 in Toronto, off 1.5% at US$39.17 in New York.
The real estate cannabis investment firm announced last week it had closed the acquisition of a property in Harrison, Michigan, with 45,000 sq/ft of industrial space.
Contact Katie Lewis at [email protected]