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Buds & Duds: Cannabis stocks roll up Wednesday, with freshly-named Mojave Jane shares on the rise

Also on the move were The Flowr Corporation, Golden Leaf Holdings, Canopy Growth Corporation and Innovative Industrial Properties

Cannabis leaf
Mojave Jane Brands shares were on the rise, as it finalized its new name and started trading under the symbol JANE on the Canadian Securities Exchange

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.

Buds

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.

WATCH: High Hampton looks to the future by rebranding as Mojave Jane

The Flowr Corporation (CVE:FLWR) (OTCMKTS:FLWPF) shares were rising Wednesday after it announced Tuesday that it is planning to raise up to C$125 million in an underwritten public offering of shares.

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.

READ: Flowr announces plans to raise C$125 million for Holigen acquisition

Also on the rise Wednesday was Golden Leaf Holdings Ltd (CSE:GLH) (OTCMKTS:GLDFF), which was up 7.7% at C$0.07 in Canadian trading. 

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. 

Duds

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.

Other stocks slipping included Innovative Industrial Properties (NYSE:IIPR), which dropped 4.9% at US$124.58 in New York on no news. 

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]

Quick facts: Mojave Jane

Price: 0.03 CAD

CSE:JANE
Market: CSE
Market Cap: $3.14 m
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Buds & Duds: Cannabis stocks roll up Wednesday, with freshly-named Mojave...

Buds today are Mojave Jane Brands Inc (CSE:JANE), The Flowr Corporation (CVE:FLWR) (OTCMKTS:FLWPF). Duds are Canopy Growth Corporation (TSX:WEED) (NYSE:CGC), Innovative Industrial Properties (NYSE:IIPR). 

on 26/6/19

3 min read