A healthy day of trading for Canadian cannabis stocks led the North American Marijuana Index to gain several points over Monday’s 169.07 close. The Index as a whole fared slightly well on Tuesday despite overall market losses on both sides of the border. Even with cannabis stocks in the U.S. remaining flat, the Index grew to 173.50, a gain of over two-and-a-half percent. Trading was bumpy today, with early morning turbulence giving the Index its highest peaks and valleys. The North American Marijuana Index hit an early morning high of 174, and a low of 171.58 shortly before lunchtime.
United States Index
The United States Marijuana Index held steady on Tuesday, a day that saw the Dow Jones Industrial Average drop over 100 points. Cannabis stocks held relatively stable considering the day’s overall market decline, with the Index closing at 63.46. It was a minor loss compared to Monday’s close of 63.92, but some experts believe investors still have reason to be excited. Contrary to yesterday’s Index report, some feel that the GOP tax bill could be a boon for cannabis stocks. The Index had a busy morning, hitting a high of 65 and a low of 63.11 early in the trading day.
Cannabis stocks in Canada bounced back after a rough few days, with a late day surge sending the Index soaring. The Index beat expectations on Tuesday following a 53.35 point drop for the S&P/TSX composite index. After closing at 418.32 on Monday, The Canadian Marijuana Index closed at 439.20 on Tuesday for an almost five percent gain. After an early morning low of 430.77, the Index surged throughout the afternoon, reaching its peak at the close of trading on Tuesday.
Winners and Losers
Aphria Inc. (TSX:APH) (OTC:APHQF) rose 16.25 percent today on the news of their exclusivity deal with Shoppers Drug Mart pharmacy chain. They had a higher than average trading volume, with their share price closing at $10.66 on Tuesday. Battle-weary Cannimed Therapeutics Inc. (TSX:CMED) (OTC:CMMDF) had lower than average share volume today, closing at $15.8099 per share for a 4.70 percent gain. Finally, Emerald Health Therapeutics Inc. (TSXV:EMH) (OTC:EMHTF) also had a good day, with share prices closing at $2.8802 per share for a 11.34 percent gain.
On the other end of the market, Abattis Bioceuticals Corp. (CSE:ATT) (OTC:ATTBF) fell 6.52 percent today. They had lower than expected trading volume, closing at $0.215 per share. CLS Holdings USA, Inc. (OTC:CLSH), who announced their acquisition of Oasis Cannabis on Monday, dropped to $0.43 per share, a loss of 19.63 percent. Closing out the bottom of the cannabis sector, CV Sciences, Inc. (OTC:CVSI) fell 13.21 percent on Tuesday. They had higher than average trading volume and closed the day at $0.243 per share.
Keep An Eye On
Cannabis Science Inc. (OTCMKTS:CBIS) is in a bit of a legal tussle with the San Joaquin County Sheriff’s Department after a search-and-seizure earlier this year of their 26.19-acre industrial hemp operation. Their stock is down 11.09 percent today, closing at .053 per share. Also, GB Sciences Inc. (OTCQB:GBLX) recently announced that their tissue propagation initiative includes 100 percent of the mother plants in their Las Vegas cultivation facility - something most cannabis aficionados claimed was an “urban legend.” The company’s stock is up 4.14 percent, closing at .37 per share.
For more information on The Marijuana Index, including methodology, go to marijuanaindex.com.