Cannabis stocks gained momentum Wednesday after losses earlier in the week. 

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was down 1.3% to 299.89. The Horizons Marijuana Life Sciences Index ETF was up 1.6% at C$21.26.

Buds 

WeedMD Inc (CVE:WMD) shares popped on Wednesday after the company announced it had acquired an additional 60 acres of neighbouring land with an aim to expand its outdoor cannabis footprint at its Strathroy, Ontario property. 

Shares were up 2.1% at C$1.95. 

The company has applied to Health Canada for an amendment to its Strathroy licence and WeedMD's outdoor growing area could expand to more than 100 acres. Pending Health Canada approval, WeedMD's outdoor grow is expected to increase its total yield to more than 100,000 kilograms of cannabis in 2020 and more than 150,000 kg when combined with its greenhouse cultivation.

High Hampton Holdings Corp (CSE:HC) shares jumped on Wednesday after it announced it had received approval for its wholly-owned distribution arm Bravo Distro to operate a wholesale cannabis distribution facility in West Sacramento, California.

The new facility will add 15,000 square feet to High Hampton’s network of operations across California.

Shares were up 5.7% at C$0.37 in Toronto.

Duds

A number of cannabis stocks lagged on Wednesday, namely KushCo Holdings Inc (OTCMKTS:KSHB) after the packaging company announced late Tuesday errors had been made on its annual financial statements for its fiscal 2018 and 2017 statements.

The company said it expects net losses for fiscal 2018 to more than double to US$24.3 million from US$10.2 million, and it expects fiscal 2017 net income to increase to US$1.7 million from net income of US$100,000.

Shares sank 7.6% at US$5.36 in New York.

Other laggards on Wednesday included Green Growth Brands Inc (CSE:GGB) (OTCMKTS:GGBXF) with shares down 4.0% at C$4.20 in Toronto and down 3.5% at US$3.14 in New York. 

Shares of Newstrike Brands Ltd (TSE:HIP) (OTC:NWKRF) also dropped, down 1.9% at C$0.52 in Toronto and down 1.5% at US$0.38 on no news.