Rising revenue and cost savings lifted a Canadian marijuana stock Tuesday. Here’s some small stocks making big moves on Tuesday, May 19, 2020 (as of 4 pm EST):
Zenabis Global Inc. (TSX:ZENA), a Canadian marijuana stock, jumped 80% to $0.135 on Tuesday after announcing Q1 2020 net cannabis revenue that increased 18% quarter over quarter to $12.6 million, while recording Adjusted EBITDA of $2.3 million in the quarter compared to an EBITDA loss of $10.4 million during Q4 2019. The Company added that cost reductions have, so far, yielded savings of approximately $10 million per quarter.
As well, shares of Guyana Goldfields Inc. (TSX:GUY) surged 39% to $1.31 as the junior gold miner said Silvercorp Metals has sweetened its takeover offer for GUY to C$0.25 in cash plus 0.1849 of a Silvercorp common share for each Guyana Goldfields share held.
Kootenay Silver Inc. (TSXV:KTN), meanwhile, reported assay results from the first six holes completed as part of its 2020 drill program at the Columba silver project in Mexico, which included 15.65 meters averaging 166 grams per tonne (g/t) silver. Kootenay Silver stock moved up 20% to $0.295 following the announcement.
Finally, Radient Technologies Inc. (TSXV:RTI) shares climbed 31% to $0.255 after the manufacturer of cannabinoid-based ingredients, formulations and products announced that it has filed a provisional patent application covering the use of a combination of cannabinoids, terpenes and zinc as a means of preventing infection of coronavirus, mitigating the symptoms of coronavirus, and lowering infectiousness of COVID-19 patients.
Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.
To read our full disclosure, please click on the button below:
The Content contained on this page (including any facts, views, opinions, recommendations, description of, or references to, products or securities) made available by SmallCapPower/Ubika Research is for information purposes only and is not tailored to the needs or circumstances of any particular person. Any mention of a particular security is merely a general discussion of the merits and risks associated there with and is not to be used or construed as an offer to sell, a solicitation of an offer to buy, or an endorsement, recommendation, or sponsorship of any entity or security by SmallCapPower/Ubika Research. The Reader should apply his/her own judgment in making any use of any Content, including, without limitation, the use of any information contained therein as the basis for any conclusions. The Reader bears responsibility for his/her own investment research and decisions. Before making any investment decision, it is strongly recommended that you seek outside advice from a qualified investment advisor. SmallCapPower/Ubika Research does not provide or guarantee any financial, legal, tax, or accounting advice or advice regarding the suitability, profitability, or potential value of any particular investment, security, or information source. Ubika and/or its affiliates and/or their respective officers, directors or employees may from time to time acquire, hold or sell securities and/or commodities and/or commodity futures contracts in certain underlying companies mentioned in this site and which may also be clients of Ubika’s affiliates. In such instances, Ubika and/or its affiliates and/or their respective officers, directors or employees will use all reasonable efforts to avoid engaging in activities that would lead to conflicts of interest and Ubika and/or its affiliates will use all reasonable efforts to comply with conflicts of interest disclosures and regulations to minimize the conflict.
Zenabis Global Inc. (TSX:ZENA), a Canadian marijuana stock, jumped 80% to $0.135 on Tuesday after announcing Q1 2020 net cannabis revenue that increased 18% quarter over quarter to $12.6 million, while recording Adjusted EBITDA of $2.3 million in the quarter compared to an EBITDA loss of $10.4 million during Q4 2019. The Company added that cost reductions have, so far, yielded savings of approximately $10 million per quarter.
, on Tuesday.){kind=link}