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Buds & Duds: Cannabis stocks lose ground; Weekend Unlimited CEO rewarded with contract extension

Proactive Investors Monday, 10 February 2020
Cannabis stocks were down across the board on Monday after last week’s mass exit of big-name pot CEOs. The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, lost 1.4% at 100.7 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF fell 1.7% at C$8.33, while the OTCQX Cannabis index decreased by 1.7% to 416.2 points. Buds Last week’s headlines were dominated by the resignation of MedMen and Aurora’s CEOs, but there was one chief executive who managed to buck the trend with a contract extension. Christopher Backus of Weekend Unlimited Industries Inc (CSE:POT) (OTCMTKS:WKULF) will stay on as the firm’s chief for another two years, the company announced on Friday. Backus called it a “real honour” to be in the lead role as the company is poised for growth in a number of US states. Shares of Weekend Unlimited grew 2% in Canada at C$0.25 and were up nearly 1% over the counter at US$0.18. GrowGeneration Corp (NASDAQ:GRWG) shares bounced back after the company’s recent volatile trading history. The hemp equipment supply company saw gains of 6.6% on the Nasdaq Small Caps exchange to trade at US$6.34. Duds Aurora Cannabis Inc (TSE:ACB) (NYSE:ACB) continued bleeding after losing its CEO Terry Booth and announcing nearly $1 billion in writedowns on Thursday evening. The firm’s shares lost 8% in Toronto at C$2.08 and were down 7.1% in New York to trade at US$1.58. Elsewhere, US multistate operator Acreage Holdings Inc (CSE:ACRG.U) (OTCMKTS:ACRGF) sank after Friday’s announcement that it had secured nearly US$200 million in new funding. Acreage assured shareholders in a release that the deal will not dilute giant Canopy Growth Corporation’s (TSE:WEED) (NYSE:CGC) stake in the firm. Still, shares of Acreage sank 3.8% over the counter at US$5.32 and were down 3.3% on the Canadian Securities Exchange at US$5.35. Contact Angela at [email protected] Follow her on Twitter @AHarmantas
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News video: Not-So-High Times for Aurora Cannabis

Not-So-High Times for Aurora Cannabis 02:38

Shares of Aurora Cannabis get smoked after the company's CEO resigns, and it cuts 500 jobs. What's next for the Canadian marijuana producer and distributor?

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