Cannabis stocks fell on Friday across North American markets, erasing last week’s gains.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, sank 2.1% at 109.3 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF lost 1.4% at C$8.90, while the OTCQX Cannabis index decreased by 1.5% to 459.7 points.
Buds
MedMen Enterprises Inc (CSE:MMEN) (OTCMKTS:MMNFF) set tongues wagging after it announced the departure of its CEO Adam Bierman.
Bierman will also return his Class A super voting shares to the company’s treasury, a move that relinquishes his control position of the cannabis company.
MedMen’s shares flew 13% higher in Canada at C$0.61 and 13.4% higher on the OTCQX Marketplace to trade at US$0.46.
Liberty Health Sciences Inc (CSE:LHS) (OTCMKTS:LHSIF) shares gained traction on Friday after it reported a significant increase in quarterly revenue thanks to new dispensaries and increasing retail sales.
The Toronto-based firm posted C$16.1 million in revenue for the three-month period ended November 30, compared to C$3.2 million during the year-ago period. The company also appointed Victor Mancebo as its permanent CEO.
Shares of Liberty Health Sciences gained 2.8% in Toronto at C$0.74 and added 1.1% over the counter at US$0.56.
Duds
Aphria Inc (TSE:APHA) (NYSE:APHA) lost ground on a C$100 million strategic investment from an unnamed investor, which closed Friday.
The firm said it plans to use the funds to finance its international expansion efforts.
Shares of Aphria lost 1.1% in Toronto at C$6.25 and 1.7% in New York to trade at US$4.73.
MedMen’s CEO wasn’t the only executive resignation this week – Sundial Growers Inc (NASDAQ:SNDL) is losing its chief Torsten Kuenzlen.
Unlike Medmen, however, Sundial’s shares plummeted 19.3% to trade at US$1.22.
Contact Angela at angela@proactiveinvestors.com
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