Canadian Cannabis Stock Climbs on Retail LOI

Aleafia Health Inc. (TSX:ALEF)(OTC:ALEAF), a Canadian cannabis stock, moved higher after announcing a letter of intent to acquire a 51% stake in One Plant

Sean Mason | September 25, 2018 | SmallCapPower

An influential retailer backer provided a big boost to a small Canadian cannabis stock Tuesday. Here’s some small stocks making big moves on Tuesday, September 25, 2018 (as of 4 pm EST):

Aleafia Health Inc. (TSX:ALEF)(OTC:ALEAF), a Canadian cannabis stock, jumped 28% to $3.97 on Tuesday after announcing that it has entered into a letter of intent to acquire a 51% stake in One Plant, an adult-use cannabis retail operation led by members of the Serruya family, including Aaron Serruya, the president of International Franchise Inc., which has more than 4500 franchise locations in over 50 countries. Aleafia added that the Serruya family has been a leading force in the cannabis industry as early investors of Aphria and the majority shareholder of Liberty Health Sciences.

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As well, shares of Aben Resources Ltd. (TSXV:ABN) slid 23% to $0.215 as the gold explorer released additional results from its Forrest Kerr Property located in the Golden Triangle region of British Columbia, which included 5.08 g/t gold over 12.0 metres.

Snipp Interactive Inc. (TSXV:SPN), meanwhile, reported that it has received a three-year, US$542,000 minimum value guaranteed contract from a new client, a leading importer for the retail industry. Snipp Interactive stock moved up 33% to $0.10 following the announcement.

Finally, Arianne Phosphate (TSXV:DAN) shares gained 21% to $0.51 after the phosphate project developer announced the formal execution of its first offtake agreement involving the purchase of Arianne’s high-purity phosphate concentrate once its Lac à Paul project in Quebec goes into production.

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Ubika Research/SmallCapPower has received compensation from Aleafia Health Inc. to provide analyst research coverage. For full disclosure please visit here >>

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

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