Cannabis stocks on the rise include Valens, Green Organic Dutchman and Aurora Cannabis
The cannabis sector rode the rising Wall Street tide on Monday.
The Marijuana Index, which tracks top cannabis stocks in North America, increased 1.9% to 285.4.
Buds
Valens GroWorks Corporation () (OTCMKTS:VGWCF) and () (OTCMKTS:TGODF) reached a multi-year agreement in which Valens will provide TGOD with cannabis and hemp extraction services, the companies announced Monday.
TGOD will provide Valens with at least 30,000 kg of cannabis and hemp in year one and 50,000 kg in year two. The British Columbia-based biotech company plans to process the material into resins and distillates, and in turn, TGOD expects to create oils, sprays and capsules, among other products.
Valens stock jumped 9.3% to $2.95 on the CSE and 7.1% to $2.18 on the OTC, while TGOD’s share price rose 2.1% to $4.35 on the TSX and 2.1% to $3.25 on the OTC.
READ: The Green Organic Dutchman and Valens GroWorks sign cannabis and hemp extraction deal
(NYSE:ACB) () announced Monday that it began selling cannabis oils to German pharmacies following regulatory approval.
The Edmonton-based company's Pedanios 5/1 drops are the first extract derived oil product to be sold in German pharmacies, the company said in a statement.
"Having established early mover advantage in selling cannabis oils in Germany, we are exceptionally positioned to extend our market leadership and accelerate growth of our European operations," Aurora Chief Global Business Development Officer Neil Belot, said.
Investors are saying “Ja,” sending the stock up 3% to $7.99 on the NYSE and 3.3% to $10.71 on the TSX.
Corp () scheduled its full-year 2018 earnings release for Thursday, and investors anticipate a good showing from the Irvine, California-based company.
Shares of the agricultural cannabis company are soaring, up 16.3% to $1.34 on the OTC and leading the gainers on the Marijuana Index.
Duds
() (CSE:CRON) stock fell Monday after BMO Capital Markets analyst Tamy Chen downgraded the stock to Underperform from Market Perform.
Chen was the latest of multiple analysts to downgrade the investment firm. GMP Securities downgraded the company to Hold from Buy in February, and Cowen began coverage of the stock with a Market Perform rating in March, according to MarketWatch.
The Toronto-based company’s stock was down 4.3% to 20.80 on the Nasdaq and dropped 3.8% to $28.04 on the TSX.
Contact Andrew Kessel at [email protected]
Follow him on @andrew_kessel
