Tokers & Jokers | Cannabis Stocks Mixed Tuesday

US and Canadian cannabis stocks fell with the broader market Tuesday, with only a handful of gains.

Green Growth Brands (OTCMKTS: GGBXF) (CSE: GGB) recently announced the company plans to issue a formal takeover offer for Aphria as soon as today, however critics of the offer question the viability of Green Growth’s proposal, unenthusiastic acquisition price, and logistics. The company closed up 6.94% on the OTC at $4.48.

CIBC analyst John Zamparo recently initiated coverage on Aphria, Cronos, and Canopy Growth. Zamparo admits CIBC is on the sidelines when it comes to Aphria Inc (NYSE: APHA), as recent concerns regarding the company’s corporate governance and capital allocation have at least some validity. Aphria has recently been accused of self-dealing and will be entering into a class-action lawsuit in February. Aphria stock gained 6.15% climbing to $7.08.

Zamparo was also bullish on Cronos Group (NASDAQ: CRON) calling the company’s management team “best in class.” Zacks gave the stock a “strong sell” ranking yesterday. Cronos was up 1.14%% at the end of trading on Thursday at $15.07.

Canopy Growth Corp. (NYSE: CGC) also received a bullish endorsement from CIBC, calling the company the industry’s best chance at a global titan. Canopy closed Thursday up 0.39% and was trading at $43.66.

Organigram Holdings Inc. (OTCMKTS: OGRMF) (CVE: OGI) announced yesterday that it has entered into a class action lawsuit for cannabis that was produced between Feb. 1 and Dec. 16, 2016. Organigram is accused of using unauthorized pesticides. Organigram lost 2.3% on the OTC and was trading at $4.68.

Curaleaf Holdings (OTCMKTS: CURLF) (CSE: CURA) was trading up 2.00% at $5.81.

Tilray (NASDAQ: TLRY) has been making numerous strategic partnerships recently. In its latest conquest, Tilray announced in premarket trade today that it intends to acquire Natura Naturals Holdings Inc. for CA$35M (about $26.3M) in a cash and stock deal. Company shares were down 5.7% and trading at $72.80.

The Green Organic Dutchman Holdings Ltd. (OTCMKTS: TGODF) (TSE: TGOD) was trading up on the OTC by 3.37% at $2.21.

Innovative Industrial Properties Inc. (NYSE: IIPR) was recently given a “hold” rating on Zacks with its current fiscal year earnings estimated to have risen 1.8% in the last 90 days. The stock’s expected growth for the current year is a whopping 68.7%. Innovative ended the day trading up 3.04% at $55.97.

Aurora Cannabis (NYSE: ACB) took a dive Tuesday losing 3.88% and trading at $6.19.

Zacks gave Neptune Wellness Solutions (NASDAQ: NEPT) a “strong buy” rating, and a $6.06 target price. Neptune lost 4.01% and was trading at to $3.35.

Acreage Holdings Inc. (OTCMKTS: ACRGF) (CNSX: ACRG.U) attempted to submit a cannabis ad for the Superbowl that was rejected Tuesday. The company was down on the OTC by 4.78% and trading at $21.90 at the end of the day.

Zacks gave GW Pharmaceuticals (NASDAQ: GWPH) a “hold” rating. GW Pharmaceutical was up 1.43% Thursday and trading at $139.26.

Hexo Corp. (OTCMKTS: HYYDF) (TSE: HEXO) announced it has been approved to list publicly on the New York Stock Exchange beginning January 23. Hexo ended the day up on the OTC by 1.79% and trading at $5.30.

MedMen Enterprises Inc (OTCMKTS: MMNFF) (CNSX: MMEN) recently denied allegations of insider self enrichment and abandonment of fiduciary duties. MedMen was down Tuesday by 1.75% on the OTC and trading at $3.04.

MJardin Group Inc. (OTCMKTS: MJARF) (CSE: MJAR) was lost 7.45% and was trading at $2.82.

Cresco Labs (OTCMKTS: CRLBF) (CSE: CL) began legal cannabis sales has in Ohio last week. Cresco was down 4.02% on the OTC and trading at $6.51.

Auxly Cannabis Group Inc. (OTCMKTS: CBWTF) was recently granted an “outperform” rating from AltaCorp. The company was down 3.89% to $0.67.

North Capital Markets initiated coverage on iAnthus Capital Holdings (OTCMKTS: ITHUF) with an “outperform” rating and a $9.50 price target. The company also recently announced it has acquired all issued and outstanding shares of MPX Bioceutical Corporation. iAnthus lost 1.91% and was trading at $4.61.

Namaste Technologies Inc. (OTCMKTS: NXTTF) (TSXV: N) was trading up 0.99% on the OTC at $1.02.

MariMed Inc (OTCQB: MRMD) announced that it is forming MariMed Hemp Inc. as a subsidiary that will handle hemp-derived CBD product branding and production. MariMed closed the day up 7.07% at $4.24.

MediPharm Labs (TSXV: LABS) (OTCQB: MLCPF) recently announced a multi year cannabis extraction agreement with TerrAscend. MediPharm also began trading on the OTC last Monday under ticker “MLCPF”. MediPharm was down 1.20% at $1.47 at the close of trading.

Sunniva Inc (CSE: SNN) (OTCQB: SNNVF) announced a $10M non-brokered offering to provide working capital in response to a high demand for Sunniva products. The company was trading down 2.27% at $3.45.

CannTrust Holdings Inc. (OTCMKTS: CNTTF) (TSX: TRST) announced it will proceed immediately with Phase III construction of its Town of Pelham facility. CannTrust climbed 10.29% on the OTC, trading at $6.85.

Origin House (OTCMKTS: ORHOF) (CNSX :OH) was up 0.01% and trading at $6.06.

New Age Beverage Co. (NASDAQ: NBEV) recently announced the signing of an agreement to develop and distribute Bob Marley branded cannabis infused beverages. New Age saw a loss of 6.38% Tuesday trading at $6.02.

Horizons ETFs Management Canada Inc. (TSE: HMMJ) lost 1.52% and was trading at $18.19.

The Horizons Marijuana Life Sciences Index ETF (OTC: HMLSF) gained 0.61% and trading at $13.61.

ETFMG Alternative Harvest ETF (NYSEARCA: MJ) was trading down 0.26% at $30.94.

The North American Marijuana Index tracks the leading cannabis stocks in the US and Canadian Sectors. The Index gained 0.47% and trading at $261.03.

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