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Buds & Duds: Canada/US cannabis border fears send stocks on a roller coaster

Last updated: 23:00 15 Sep 2018 AEST, First published: 08:47 15 Sep 2018 AEST

cannabis plant

Cannabis stocks still ticked upwards Friday after a rocky morning, despite alarmist news stories about the Canada/US border and people who work, invest or use cannabis.

That said, investors still appear to be keen on the sub-sector. 

Today, there was a host of news in the cannabis space: with the border story, in particular, getting a lot of over-hyped press. 

The fact that Canadian cannabis workers, investors, and users could get banned at the US border was a hot topic, although not new. 

READ: Up in smoke: Yes, there’s a chance Canadian marijuana workers, users and investors could face a lifetime border ban, but no, it’s not likely

Other stock boosters today included Aphria Inc (TSE:APH, OTCQB:APHQF) after it announced it signed a wholesale supply agreement with Emblem Cannabis Corporation. 

Aphria Inc. has entered into a wholesale supply agreement with Emblem Cannabis Corp, wholly owned subsidiary of Emblem Corp and a licensed producer of medical cannabis under the Access to Cannabis for Medical Purposes Regulations, to supply 175,000 kilograms of high-quality cannabis over a five-year period starting May, 2019, with a total of 25,000 kg deliverable for the balance of the first year.

Shares were up 12.8% at US$14.98 in New York and up 13.0% at C$19.55 in Toronto.

Shares of WeedMD Inc (CVE:WMD) were up 2.8% at C$2.19 as it announced this week it completed the export of its cannabis genetics to Australia’s Medifarm, a privately-held Queensland-based licensed producer distinguished in Australia for being the first licensed medical cannabis producer to be authorized for therapeutic use.

“WeedMD has differentiated itself by proudly supplying more than 20% of the Canadian cannabis industry with its highly-regarded cannabis strains. Today, we are honoured to be one of the first Canadian LPs to welcome an international partner with the sale and export to Australia’s Medifarm,” said Keith Merker, CEO of WeedMD. “As trusted and proven cultivators in our respective markets, we’re thrilled to see selected WeedMD genetics enter Australia and provide Medifarm’s patients with our trusted cannabis strains.”

Horizons Marijuana Life Sciences Exchange Traded Fund still up

The Horizons Marijuana Life Sciences Exchange Traded Fund, a group of marijuana stocks that trades on the Toronto Stock Exchange, was up 0.54% at $315.92.

Another significant player in the market, Aurora Cannabis Inc (TSE:ACB), was up 2.9% at C$8.54.

Tilray Inc (NASDAQ:TLRY) shares were down 8.9% at US$109.05. 

Namaste Technologies sounds off on Andrew Left

Namaste Technologies Inc (CVE:N) made headlines yesterday after the chief executive officer, Sean Dollinger, fired back at short-seller Andrew Left, who called the stock a 'joke' on Twitter.

Shares dropped 7.79% at C$2.84. 

READ: Namaste Technolgies CEO Sean Dollinger fires right back after Andrew Left calls the stock a 'joke'

“Tell [Left] he can come and hang out with me on the weekend, travel around the world," Dollinger told Proactive Investors' Christine Corrado in an exclusive phone interview. "Tell him it’s a formal invite from me. Have him videotape everything we’re doing on site, we’ll prove to him that he’s the joke.”

--Revised to update stock prices--

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