Cannabis stocks sank to end the trading week across North America.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, fell 1.4% at 118.9 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF lost 0.6% at C$8.52, while the OTCQX Cannabis index retreated 1.7% to 460.5 points.
Buds
CannaRoyalty Corp, which conducts business as Origin House (CSE:OH) (OTCMKTS:ORHOF) announced earlier this week that its acquisition of Cresco Labs Inc (CSE:CL) took another step forward after Origin House shareholders gave their approval for the deal.
The acquisition will create one of the largest vertically integrated multi-state cannabis operators in the United States, according to Origin House’s CEO Marc Lustig. The deal was first announced last April.
Shares of Origin House were trading flat on Friday but have gained nearly 47% over the last month.
Small cap stock Weekend Unlimited Inc (CSE:POT) (OTCMKTS:WKULF) was having a good Friday, up 25% in Canada on news that it is planning to move its headquarters from Alberta to British Columbia. Its shares reached C$0.03.
Duds
Most major cannabis stocks found themselves in the red on Friday morning.
HEXO Corp (TSE:HEXO) (NYSE:HEXO), which just refiled its financial statements, was trading down 4.7% in Toronto and 4% in New York at C$2.04 and US$1.58 respectively.
Others trending downwards included Sundial Growers Inc (NASDAQ:SNDL), down 5% at US$2.88, and Cronos Group Inc (TSE:CRON) (NASDAQ), which lost 3% in Toronto at C$9.26 and 3.1% in New York at US$7.13.
Contact Angela at angela@proactiveinvestors.com
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