Buds & Duds: Cannabis stocks ratchet it up on Thursday; Namaste Technologies soars



Cannabis stocks had a strong day on Thursday with most of the major players in the US and Canada on the rise.


Buds


There were a number of buds today, with () (OTCQB:NXTTF) leading the pack after the company announced it had closed its oversubscribed bought financing deal of C$51.7 million.


Shares of Namaste skyrocketed up 20.7% at C$2.10 in Toronto, and up 22.2% at US$1.61 in New York.


The company said funds raised are expected to be used for inventory and supplies, capital improvements, expansion of e-commerce platforms and customer base.


READ: Namaste Technologies unveils massive $51 million financing deal; shares soar


Shares of Inc () boosted 12.6% today at C$5.63.


Weekend Unlimited () had a strong day, with shares up 5.1% at C$0.20. 


The company announced today its Northern Lights Organics Farm has moved a step closer to receiving organic certification.


READ: Weekend Unlimited hails Northern Lights Organics’ progress towards organic certification


The farm, in Fort St James in British Columbia, was given the once-over by the Pacific Agricultural Certification Society and qualified as “third-year transitional stage.”


Duds


There were not too many duds on Thursday, however, (CSE:MMEN, OTCQB:MMNFF) shares bucked the trend and fell 1.1% to US$5.02. Shares were down 2.7% at C$6.57 in Toronto. 


The company saw its net loss widen in the fiscal fourth quarter as its expenses mounted despite seeing robust sales at its California stores.


In the three months until the close of June, the Los Angeles-based cannabis company’s net loss swelled to US$78.7 million, compared with US$7.35 million in the year-ago quarter. And for the year, its net losses climbed to US$112.3 million from US$15.4 million in fiscal 2017.


READ: MedMen sees net loss deepen in fiscal 4Q as expenses climb despite robust California sales


() shares were down 2.3% to US$106.75.


The North American Marijuana Index, which tracks the top cannabis stocks in the United States and Canada, was up 2.40% to US$253.76.


Contact Katie Lewis at [email protected]
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Source: https://www.proactiveinvestors.com/companies/market_reports/207889/buds-duds-cannabis-stocks-ratchet-it-up-on-thursday-namaste-technologies-soars-207889.html

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