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Buds & Duds: Cannabis stocks quiet but Namaste Technologies soars after securing new supply order from province of BC

Proactive Investors Monday, 16 September 2019
Cannabis indices were quiet on Monday to start the week, but shares of Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) soared on a new supply order from the province of British Columbia. The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, inched 0.2% higher to hit 183.7 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF rose a mere 0.1% to C$14.98, while the OTCQX Cannabis Index was down 1.3% to 653.6 points. Buds Namaste jumped following news that its subsidiary CannMart has received an order for pre-rolled cannabis from the British Columbia Liquor Distribution Branch (BCLDB). The deal means CannMart products will be available at government-run BC Cannabis Stores and licensed private retailers, the company said in a statement. Shares of Namaste increased 10.2% on Monday morning at C$0.54 in Toronto and were up 11% to US$0.41 on the OTC markets. Also moving higher was Valens GroWorks Corp (CVE:VGW) (OTCMKTS:VGWCF), which became the first third-party cannabis processor to reach a supply deal with Canadian pharmaceutical giant Shoppers Drug Mart. Valens shares rose 2.3% to reach C$3.62 on Monday and increased by 2.6% to US$2.74 on the OTC markets. Cannabis producer Leviathan Cannabis Group Inc (CSE:EPIC) also jumped 15.3% higher at C$0.38 after it announced its expansion into Colombia. Duds Cresco Labs Inc (CSE:CL) (OTCMKTS:CRLBF) fell 8.6% in Canada and 8.2% on OTC markets after announcing it had acquired Tryke Companies LLC, a vertically integrated seed-to-sale cannabis company, including six prime Reef Dispensary locations in Nevada and Arizona, expanded licensed cultivation and process capacity in Las Vegas and Phoenix and entry into the Utah market. Also in negative territory were Invictus MD Strategies Corp (CVE:GENE) (OTCMKTS:IVITF), which was down 2% on Monday morning, and Emerald Health Therapeutics Inc (CVE:EMH) (OTCMKTS:EMHTF), which lost 2.6% on no new news. Contact Angela at [email protected] Follow her on Twitter @AHarmantas
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