Canadian Cannabis Stock Surges on Operations Update

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.

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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.

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

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