Shares of cannabis companies were broadly higher Thursday, putting the sector on track to snap a long losing streak, with Aurora Cannabis Inc.’s investors finally able to celebrate the stock’s U.S. listing.
The Horizons Marijuana Life Sciences exchange-traded fund
soared 5.5% in afternoon trade, with 40 of 48 components gaining ground. That put the ETF on track for its first gain in eight sessions, prospectively ending a skid that’s tied for the longest stretch of losses since the fund’s inception in April 2017. The ETF plunged 28% during the losing streak.
The ETFMG Alternative Harvest ETF
hiked higher by 4.7%, with 31 of 37 components contributing to gains, and was also on track to snap a seven-day losing streak.
Shares of the most active member of either ETF, Aurora Cannabis Inc.
rallied 1.9% as they headed for their first gains since the change in its listing to the NYSE from the OTC Markets failed to inspire investors. The stock had plunged 31% over the previous four sessions.
Earlier Wednesday, the company said it was approved to make its first shipment of medical cannabis to Poland.
Among other active stocks, Canopy Growth Corp.
climbed 6.7%, Cronos Group Inc.
ran up 9.8%, 22nd Century Group Inc.
fell 3.5% and Tilray Inc.
eased earlier losses to gain 1.9%.
Elsewhere, shares of Green Organic Dutchman Holdings Ltd.
rallied 6.7%, Supreme Cannabis Co. Inc.
rose 6.8%, Aprhria Inc.
shot up 8.7% and India Globalization Capital Inc.’s stock
Both the Horizons ETF and the ETFMG ETF have gained 22% over the past three months, while the S&P 500 index
has slipped 5%.
Stock moves from weed news
Shares of Integrated Cannabis Co. Inc.
gained 6.1%, after the Vancouver-based company announced an agreement to license cannabidiol (CBD) formulated gummies. The company expects to begin distributing the CBD-based gummies in Phoenix through contract manufacturer Titration Technologies.
Each gummy is to contain 10 milligrams of CBD, and to be 100% vegan.
“Gummies are an excellent way to introduce CBD to an older demographic that is typically wary of cannabis products,” said Chief Executive John Knapp. “We expect the bulk of the sales to take place online but also have plans to distribute through our existing networks to brick-andmortar stores in Colorado and throughout the United States.”
The company said it has hired consultants to develop the best branding and packaging ahead of launching the patented cannabis lozenge in California.
Canada-based Acerus Pharmaceuticals Corp. said late Wednesday that it launched a clinical trial to test a proprietary intranasal formulation of a cannabis oil rich in tetrahydrocannabinol (THC), as it seeks identifying additional applications for its nasal-delivery technology, including prescription medical marijuana.
slipped 2.2% in afternoon trade.
“Smoking and oral ingestion are not optimal routes for cannabinoid administration, especially for medical-marijuana users,” said Chief Scientific Officer Nathan Bryson. “The nasal route of administration not only avoids first-pass metabolism [but] it offers precise and consistent dosing, convenience and efficiency; benefits which may also apply to the delivery of THC.”
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