logo-loader
HealthCannabis
Cronos Group Inc

Buds & Duds: Cannabis stocks cruise flat on Thursday, but Codebase Ventures jumps as it explores CBD opportunities in Europe

Also on the move Thursday were Empower Clinics, Cronos and Aphria

Cannabis plants outside
Codebase Ventures is looking at early stage opportunities in the UK and European cannabinoid and medicinal cannabis markets

Cannabis stocks were flat as a pancake on Thursday, after a roller-coaster week across North American markets. 

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was flat at 211.2 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF grew 0.4% to C$17.06, while the OTCQX Cannabis Index dropped 0.4% to 703.3 points.

Buds

Codebase Ventures Inc. (CSE:CODE) ) (OTCQB:BKLLF) (FSE:C5B) shares were on the rise Thursday, after it updated investors on the focus of the company’s cannabis industry subsidiary as management explores early stage opportunities in the UK and European cannabinoid (CBD) and medicinal cannabis markets.

Shares were up 14.3% at C$0.04 in Toronto. 

In a statement, George Tsafalas, Codebase President and CEO said: “With our leadership team’s deep experience in the cannabis space, we believe that the UK is entering a period of acceptance to CBD and medicinal cannabis that was evident in Canada and North America 5-7 years ago.”

READ: Codebase Ventures explores early stage opportunities in the UK and European cannabinoid and medicinal cannabis markets

Other gainers Thursday included Empower Clinics Inc (CSE:CBDT) (OTCMKTS:EPWCF), which said its subsidiary Empower Healthcare Corp has received its hemp-handlers license in Oregon.

The licence from the Oregon Department of Agriculture (ODA) means the company can move forward with the operation and expansion of its 5,000 square-foot extraction facility in Sandy, Oregon. 

"The ODA has strict requirements regarding the award of a hemp-handlers license and/or a Food Establishment permit, to ensure that extraction operators and CBD product producers operate to the highest of standards." said CEO Steven McAuley. "The award of the hemp-handlers license is a significant milestone for our company as we continue on our path of growth and vertical integration."

Duds

Cronos Group Inc (NASDAQ:CRON) (TSE:CRON) shares dropped Thursday after the Canadian cannabis producers announced its second-quarter earnings, 

Shares were down 4.7% at C$18.19 in Toronto, and off 3.3% at US$13.95 in New York. 

The firm saw its revenue triple in the quarter to C$10.2 million from $3.4 million in 2Q 2018, beating analyst estimates. Cronos pointed to the launch of the adult-use market in Canada as a reason for the revenue boost.

Its adjusted loss came in at C$17.8 million, up from C$2.4 million year-over-year. The company reported earnings per share of C$0.22, handily beating analyst estimates of a loss of C$0.03. 

“During the second quarter, Cronos Group expanded its R&D capabilities, innovation expertise and global infrastructure network in what has been a year of tremendous growth,” CEO Mike Gorenstein said in a statement.

“We opened Cronos Device Labs, our new global R&D center in Israel, announced the acquisition of our new state-of-the-art fermentation facility and added Dr. Todd Abraham as Chief Innovation Officer to our executive leadership team.”

Other laggards Thursday included Aphria Inc (TSE:APHA) (NYSE:APHA), which was down 3.3% at C$8.83 in Toronto, and off 2.9% at US$6.66 in New York. 

Contact Katie Lewis at [email protected]

Quick facts: Cronos Group Inc

Price: 7.28 USD

Market: NASDAQ
Market Cap: $2.5 billion
Follow

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Oragenics working on treatment for oral mucositis with promising AG013 product

Oragenics (NYSE: OGEN) CEO Alan Joslyn talked with Proactive’s Steve Darling at the 12th annual LD Micro Conference. The Tampa, Florida, company develops antibiotics against infectious diseases. It is developing AG013, which is in clinical trials for the treatment of oral mucositis, or...

2 days, 8 hours ago

3 min read