A 29% revenue increase during its third quarter helped propel the cannabis analytics firm higher on Friday
Cannabis stocks were relatively unchanged on Friday headed into the weekend.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada was trading 0.2% higher at 130.7 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF nudged 0.4% higher to C$10.50, while the OTCQX Cannabis Index dropped 0.7% to 448.4 points.
Buds
A 29% revenue increase during its third-quarter helped propel cannabis analytics firm Inc () (OTCMKTS:CBIIF) higher on Friday.
The Toronto-based company announced preliminary unaudited third-quarter revenue of about C$4.2 million thanks to a series of successful strategic acquisitions of Relaxed Clarity, MedEval Clinics LLC and New Jersey Alternative Medicine (now operating as Canna Care Docs New Jersey).
Shares of CB2 rocketed 16.7% higher in Canada at C$0.11.
Other stocks moving in positive territory included (), which gained 6.7% in Toronto to trade at C$1.09 and was up 8.8% on OTC markets at US$0.83.
Harborside Inc (CSE:HBOR) was also seeing green, up 4.8% in Canada at C$1.52.
Duds
Despite a dearth of news on Friday, a number of cannabis companies were trading below their opening bell benchmarks.
Ltd () (OTCMKTS:CRFTF) tumbled 11.1% in Canada at C$0.17 and 12.2% on OTC markets at US$0.12 on Friday morning.
Earlier this week the Vancouver-domiciled firm told shareholders that it sees a “silver lining” despite the downturn in the global cannabis sector.
"Legal cannabis, particularly in Canada, has been struggling under the weight of burdensome regulations, poor supply-chain management, and quality issues," said Jamie Shaw, chief communications and culture officer for Pasha.
"Coupled with that, companies in the sector were slow to deliver the results expected and were generally seen as overvalued. Share prices were determined at a time when there were relatively few licences that seemed to have a stranglehold on the regulated marketplace," Shaw added.
Also moving south was Global Inc () (OTCMKTS:ZBISF), which lost 2.1% in Canada at C$0.23.
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