Marijuana stocks have come off their recent highs and we are monitoring the recent pullback as it has taken place on lighter trading volume.

Although marijuana stocks are off their highs, companies continue to execute and we have highlighted three Canadian marijuana firms focused on the burgeoning U.S. market.

Aphria: Completes Cannabis Oil Shipment to Australia

Aphria (APH.TO) (APHQF) traded lower after the Canadian licensed marijuana producer completed its first shipment of cannabis oil to Medlab Clinical Limited (MDC: ASX).

The shipment is part of the previously announced agreement where Aphria will produce and supply high-yield cannabis extracts for Medlab to be used in its forthcoming human trial to test management of intractable pain in oncology patients.

The cannabis supplied by Aphria will be combined with Medlab’s patented medicine delivery system, NanoCelle, which enables sub-micron sized particles to be taken by mouth spray. The result will be the production of a precise, potent cannabis medicine for the human trial.

Medlab’s trial will be classified as a Phase 1 cross-over 2a trial, combining SAD (single ascending dose) and MAD (multiple ascending dose) studies. Medlab expects to manufacture 3,500 units of NanaBis sufficiently covering the trial cohort.

We are favorable on this development and keep an eye on how Aphria trades from here. We are bullish on Aphria’s long-term outlook and cannabis investors should keep an eye on this one.

CannaRoyalty: Capitalizing on the Arizona Cannabis Market

Yesterday, CannaRoyalty Corp. (CRZ.CN) (CNNRF) announced that the grand opening of Alternative Medical Enterprises’ MüV by AltMed dispensary in Phoenix, Arizona, exceeded expectations (1,000+ patients visited).

The dispensary is the first of several planned for Arizona and brings the entire line of MüV cannabis infused products in a single location and offers pickup and delivery. AltMed also wholesales its MüV products to many dispensaries across the state.

Under CannaRoyalty’s previously announced royalty arrangement with AltMed, the company will receive a 3.5% royalty on the net sales of MüV products until July 2026. CannaRoyalty also holds an 8.3% ownership stake in AltMed, with licensing rights for MüV products in California, Nevada, Massachusetts, Washington, Oregon, and Puerto Rico. MüV products are expected to be available in Florida via MüV by AltMed dispensaries and through delivery in the first quarter of 2018.

Shares of CannaRoyalty edged lower after this announcement and we are keeping an eye on how this trend continues. CannaRoyalty has been a top performer recently and the shares have come off its recent highs. We will keep an eye on how this company continues to execute.

Liberty Health: Secures Strategic Partner for the Florida Market

Although Liberty Health Sciences Inc. (LHS.CN) (LHSIF) has continued to execute, the shares have continued to move lower following the comments from the TSX exchange last week.

Yesterday, Liberty Health announced a partnership with MM Technology Holdings to bring its line of Mary’s Medicinals cannabis products to the Florida market. Under the three-year agreement,

The agreement increases the number of cutting-edge products available to Liberty’s patients. Mary is best known as the developer and exclusive distributor of the Transdermal Cannabis Patch. The agreement with Mary’s allows Liberty to license and produce the following products: Transdermal patches, Transdermal gels, Transdermal/topical compounds, Capsules, Tinctures, Muscle Freeze, Vape Pens, Distillates

We continue to monitor the recent weakness in Liberty Health and will keep an eye on how this trend continues. We believe this pullback can create a great opportunity for new and investors and believe it is a stock to watch.