Cannabis stocks were a mixed bag on Wednesday with some early standouts across North American markets.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada was holding steady at 133.2 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF gained 1.1% up to C$10.68, while the OTCQX Cannabis Index dropped 0.6% to 466.5 points.
Buds
After announcing a new safety campaign surrounding edibles, Aurora Cannabis Inc (NYSE:ACB) (TSE:ACB) was trading 1.7% higher on Wednesday morning in Toronto and 1.4% higher in New York.
The company told investors it was launching the “Ready for Edibles” campaign in Canada, dedicated to educating new and experienced cannabis consumers on responsible consumption and safe storage of edibles products before they become available for sale in December.
"We want to make sure consumers have the information they need to understand the differences in these products, how to consume them responsibly, and most importantly, that they should be kept away from children and pets,” said Aurora CEO Terry Booth.
Other companies seeing gains on Wednesday included CannAmerica Brands Corp (CSE:CANA) (OTCMKTS:CNNXF), which rose 11.1% in Canada after announcing a new licensing agreement with Canna Provisions that will see the latter distribute CannAmerica-branded infused gummies in Massachusetts.
Extraction company Valens GroWorks Corp (CVE:VGW) (OTCMKTS:VGWCF) was also up 1.4% in Canada and 2.4% on OTC markets on no new news.
Duds
Among those in the red included Zenabis Global Inc (TSE:ZENA) (OTCMKTS:ZBISF), down 13.8% in Canada and 12.6% in the US as the cannabis company is in the midst of a C$20.8 million rights offering.
Curaleaf Holdings Inc (CSE:CURA) (OTCMKTS:CURLF) was also trading 4.6% lower in Canada after it amended the terms of its blockbuster Select acquisition to reduce the base consideration payable on close from over 95.5 million Curaleaf shares to 55 million.
The remaining 40.5 million shares will be payable to Select shareholders if Curaleaf achieves certain revenue targets in 2020.
Curaleaf cited a “change in market conditions” as the reason for the amended terms.
Contact Angela at angela@proactiveinvestors.com
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