Shares of cannabis companies were broadly higher Thursday, putting the sector on track to snap a long losing streak, but Aurora Cannabis Inc.’s investors may have to wait a little longer to celebrate the stock’s U.S. listing.
The Horizons Marijuana Life Sciences exchange-traded fund HMMJ, +3.38% rallied 2.5% in morning trade, with 34 of 48 components gaining ground. That put the ETF on track for its first gain in eight sessions, prospectively ending what 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 MJ, +2.45% hiked higher by 1.5%, with 25 of 37 components contributing to gains, and was also on track to snap a seven-day losing streak.
Despite the sector’s bounce, shares of the most active member of either ETF, Aurora Cannabis Inc. ACB, +0.41% , dropped 2.8% toward a fifth straight loss, as the change in its listing to the NYSE from the OTC Markets failed to inspire investors. The stock has now tumbled 33% over the past five sessions.
The stock had enjoyed some gains earlier in the session, up as much as 2.9% at its intraday high, after the company said it was approved to make its first shipment of medical cannabis to Poland.
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Among other active stocks, Canopy Growth Corp. CGC, +4.21% climbed 3.1%, Cronos Group Inc. CRON, +5.83% rose 3.9%, 22nd Century Group Inc. XXII, -6.25% fell 3.9% and Tilray Inc. TLRY, +0.48% eased by 0.3%.
Elsewhere, shares of Green Organic Dutchman Holdings Ltd. TGODF, +4.56% rallied 2.1%, Supreme Cannabis Co. Inc. SPRWF, +6.84% rose 2.6%, Aprhria Inc. APHQF, +3.82% advanced 1.4% and India Globalization Capital Inc.’s stock IGC, +1.54% jumped 3.9%.
Stock moves from weed news
Shares of Integrated Cannabis Co. Inc. ICNAF, +3.07% rose 7.8%, 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.”
Nevada-based Cannabis Sativa Inc. shares CBDS, +3.95% gained as much as 6.5% intraday before pulling back, after the company said it has received a U.S. patent for a marijuana lozenge to treat hypertension.
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.
The stock ASP, -2.22% slipped 2.2% in morning 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.”
