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Canadian Cannabis Stock Surges on Operations Update

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48North Cannabis Corp. (TSXV:NRTH), a Canadian cannabis stock, climbed after announcing that it remained EBITDA positive for its third consecutive quarter

Sean Mason | May 21, 2019 | SmallCapPower

EBITDA positivity and a licensing announcement lifted a Canadian cannabis stock Tuesday. Here’s some small stocks making big moves on Tuesday, May 21, 2019 (as of 4 pm EST):

48North Cannabis Corp. (TSXV:NRTH), a Canadian cannabis stock, powered 16% higher to $1.17 on Tuesday after announcing that it remained EBITDA positive for its third consecutive quarter with its Q3 EBITDA totaling $78,000. The Company added that it has received its outdoor cultivation license from Health Canada for its 100-acre (3.7-million-sq.-ft.) organic farm (Good Farm). 48North is expecting to harvest 40,000 kg of dried cannabis in 2019 from Good Farm.

For Our Complete Coverage Of Canadian Marijuana Stocks Click Here      

As well, shares of Wallbridge Mining Company Limited (TSX:WM) eased 12% to $0.345 as the resource junior said its exploration drill program has significantly increased the known extent of the newly-discovered Area 51 gold system at its 100%-owned Fenelon Gold property in Quebec, adding that several new holes have intersected wide zones of mineralization with intervals containing visible gold.

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East Africa Metals Inc. (TSXV:EAM), meanwhile, reported the receipt of government approval of mining licenses for the Mato Bula Gold Copper and Da Tambuk Gold Deposits at its 100% owned Adyabo Project located in Ethiopia. East Africa Metals stock moved up 32% to $0.25 following the announcement.

Finally, Relevium Technologies Inc. (TSXV:RLV) shares rose 5% to $0.11 after the health and wellness company announced that its Chief Executive Officer has agreed to purchase a total of 4,213,713 common shares of Relevium, representing about 3% of Relevium’s total shares outstanding, in a private transaction.

See more Small and Micro Cap Market Movers Daily from Sean Mason. Tomorrow’s big stock market winners could be found here today!

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Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.

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