Canadian Cannabis Stock Jumps on EU Operations Update

Aleafia Health Inc. (TSX:ALEF), a Canadian cannabis stock, moved higher after announcing that its subsidiary has submitted its application for EU Good Manufacturing Practices certification

Sean Mason | May 8, 2020 | SmallCapPower

Potential European Union certification lifted a Canadian cannabis stock Friday. Here’s some small stocks making big moves on Friday, May 8, 2020 (as of 4 pm EST):

Aleafia Health Inc. (TSX:ALEF), a Canadian cannabis stock, climbed 10% to $0.76 on Friday, following a 10% gain on Thursday, after announcing that its indirect subsidiary, Emblem Germany GmbH, has formally submitted its application to German regulators for EU Good Manufacturing Practices certification, which would allow the Company’s Paris Facility to produce and export EU-GMP certified cannabis products to the European Union.

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As well, shares of Sierra Wireless, Inc. (TSX:SW) slipped 8% to $11.84 as the IoT solutions provider said it generated revenue of US$157.6 million during Q1 2020, which was in-line with analyst expectations, while its Non-GAAP EPS of – $0.41 fell far short of analyst forecasts.

KORE Mining Ltd. (TSXV:KORE), meanwhile, reported that it will be raising $3 million via a non-brokered private placement at $0.45 per share, with Eric Sprott and Macquarie Bank subscribing for the entire amount. Eric Sprott commented, “Backed by ounces in the ground and a strong PEA on the Imperial project, KORE’s value proposition remains strong. I am pleased to continue supporting the Company.” KORE Mining stock moved up 14% to $0.57 following the announcement.

Finally, Arch Biopartners Inc. (TSXV:ARCH) shares rose 9% to $1.45 after the biopharma company announced that it has received a No Objection Letter from Health Canada to conduct a Phase II human trial for its lead drug LSALT peptide (Metablok) to prevent organ inflammation experienced by patients with COVID-19.

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

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