Some cannabis stocks with U.S. assets retreated early on Monday, the first day of trading after Canadian securities regulators said they are reviewing their policy that allows these companies to go public north of the border.
CannaRoyalty Corp. fell 5 per cent, Liberty Health Sciences Inc., iAnthus Capital Holdings Inc. and Nutritional High International Inc. declined 4 per cent, and Alternate Health Corp. slid 2 per cent. Other firms with exposure to the United States saw their shares rise. Penny stock New Age Farm Inc. jumped 10 per cent, Golden Leaf Holdings Ltd. and Friday Night Inc. were up 3 per cent.
Shares of Leamington, Ont.-based Aphria Inc., which has interests in Arizona and Florida, climbed 11 per cent. It announced a $230-million deal to acquire Broken Coast Cannabis Inc. of British Columbia for mostly shares.
Several large companies without U.S. investments saw their shares pop on Monday, snapping a multiday sell off. Canopy Growth Inc. rose 9 per cent, MedReleaf gained 8 per cent and Aurora Cannabis Inc. jumped 7 per cent.