Cannabis stocks perked up Tuesday after steep declines yesterday, as stocks rebounded across North American markets.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was up 2.2% to 275.1 points by Tuesday midday. The Horizons Marijuana Life Sciences Index ETF was up 3.3% at C$20.08.
Shares of CannTrust Holdings Inc (NYSE:TRST) (OTCMKST:CNTTF) soared on Tuesday after the Canadian company reported first-quarter earnings that beat analyst estimates amid higher production and distribution of its medical and recreational cannabis products.
Shares were up 6.1% at C$6.08 in New York, up 6.6% at US$8.19 in Toronto.
The company reported net income of C$12.8 million (US$9.5 million), or $0.12 a share, compared with C$11.4 million (US$8.5 million), or $0.12 a share, in the year-ago quarter. The consensus estimate called for earnings of $0.05 a share.
READ: Cannabis grower CannTrust Holdings' 1Q earnings beats Street estimates on higher production, distribution
Other gainers Tuesday included Valens GroWorks (CSE:VGW) (OTCMKTS:VGWCF), which announced yesterday it has added added leading cannabis expert Deepak Anand to its board of directors.
Shares of the firm were up 7.7% at C$4.50 in Toronto, up 7.7% at US$3.34 in New York.
Kelowna, BC-based Valens is a cannabis company that specializes in the research, development, production, and testing of high-quality cannabis extracts and oils.
Also gaining Tuesday included Aurora Cannabis Inc (NYSE:ACB) (TSE:ACB), which was up 4.5% at C$11.32 in Toronto, up 4.5% at US$8.38 in New York in anticipation of its earning results, which are expected after the closing bell.
MariMed Inc (OTCMKTS:MRMD) shares were on the decline on Tuesday, after it reported first quarter earnings on Monday. The firm reported that revenues grew 69% to C$3.5 million in 1Q compared to C$2.1 million in the same period a year ago. The company trimmed its net losses for the quarter to $23,211, a 99% improvement over the $1.9 million loss for the first quarter of 2018.
Shares dropped 2.9% at US$3.00.
Oher laggards included The Supreme Cannabis Company Inc (OTCMKTS:SPRWF), which reported its third-quarter financial results. The firm reported a net loss of C$7.1 million in the quarter, up from $3.3 million in the same period a year ago. Revenue, however, jumped, with 3Q net revenue of C$10 million, a 382% increase from the same period a year ago.
Shares dropped 1% at US$1.46.
“Our ompany is pleased with the results of our third quarter financials and with the progress made thus far on our strategic priorities for the 2019 calendar year. This quarter saw a marked increase in revenue on both an annual and quarter-over-quarter basis. This revenue growth was driven by an increase in our capacity at the 7ACRES facility, a ramping up of our product packaging capabilities and, we believe, consumer preference for high-quality cannabis,” said CEO Navdeep Dhaliwal.
Contact Katie Lewis at [email protected]