Major Canadian cannabis stocks started to rebound on Wednesday. The Horizons Marijuana Life Sciences Index ETF (TSX:HMMJ) was up 5.1% in early afternoon trading on February 28. The ETF has dropped 20.9% month over month as the cannabis market has dwindled after surging from late 2017 into January of this year. Sales of recreational cannabis will also be delayed in Canada until August at the earliest.
Shares of Aurora Cannabis Inc. (TSX:ACB) were up 4.75% in early afternoon trading. Shoppers Drug Mart signed a supply agreement with Aurora. Its products are expected to be sold primarily online. Aurora stock has climbed 7.7% in 2018 thus far.
Canopy Growth Corp. (TSX:WEED) stock was up 3.33% in early afternoon trading. The second-largest producer in Canada won a joint bid with Delta 9 Cannabis Inc. to operate cannabis stores in Manitoba. In Manitoba distribution will be handled by the government but cannabis will be sold in private stores. Canopy Growth was dropped 8% in 2018 thus far.
Abattis Bioceuticals Corp. (CSE:ATT), a Vancouver-based biotechnology company, was up 5.3% in afternoon trading. On February 27 Abattis announced that it had entered into a definitive agreement to acquire a 90% ownership interest in Gabriola Green Farms Inc., a B.C.-based company that has applied for a license to produce. Abattis surged in early 2018 after announcing a breakthrough in its extraction technology capabilities, but has retreated and suffered a 30% retracement this year so far.
The Green Organic Dutchman Holdings Ltd. also announced that it is seeking to go public. The company owns a production facility near Hamilton, Ontario and holds over 90 licences.
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