Cannabis stocks had a lacklustre start to Monday, with stocks fairly flat across North American markets.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, dropped 1.8% to 217.3 points. The Horizons Marijuana Life Sciences Index ETF was down 2% to C$16.62. The OTCQX Cannabis Index was flat at 713.8 points.
Buds
Inc () (OTCMKTS:CBIIF) shares were on the rise Monday after announcing late last week it is expanding its data analytics platform into the UK thanks to a new partnership with the country’s largest medical cannabis pilot project.
The Toronto-based company announced that it has been selected as the exclusive research technology platform for Project TWENTY21, a new pilot project to assess the efficacy, safety, quality of life and health outcomes for 20,000 patients using cannabinoid therapies.
The data analytics company will provide the platform to build the patient registry and collect statistical evidence throughout the program, CB2 said in a release.
WATCH: CB2 Insights signs letter of Intent with UK company, Drug Science for research program TWENTY21
Gainers Monday also included Curaleaf Holdings () (OTCMKTS:CURLF) which had busy time last week, after announcing a mammoth US$875 million deal to acquire private producer GR Companies Inc (Grassroots).
The deal expands Curaleaf’s footprint to 19 states from 12, including Illinois, which recently became the 11th state to legalize recreational marijuana. The combined entity will have 131 dispensary licences, 68 operational locations and 20 cultivation sites.
Shares were up 3.5% at C$10.55 in Canadian trading, up 3.4% at US$8.07 in New York.
Other gainers Monday included Inc () (OTCMKTS:PLNHF), which was up 2.8% at US$2.17 in New York on no news.
Duds
Shares of CBD manufacturer Inc () (OTCQB:ISOLF) were slipping Monday, down 3.7% to US$0.45 in US trading.
The firm announced Thursday it was terminating its deal to acquire multiple assets under the Carlsbad Naturals LLC umbrella. The assets were to be acquired by Iso International, a wholly owned subsidiary of .
The firm said the cancellation of the deal came "as a result of Carlsbad New Mexico and Carlsbad Wyoming’s failure to perform their respective obligations under the agreements, including the obligation to transfer to the company the intellectual properties, brands and other assets that formed the subject matter of the transactions," noted the firm in a statement.
Also dropping Monday was (), with shares down 5.3% at US$47.75 in New York.
Contact Katie Lewis at [email protected]
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