Canadian Cannabis Stock Moves Higher on Cultivation Update

Aleafia Health Inc. (TSX:ALEF), a Canadian cannabis stock, rose after receiving Health Canada approval for outdoor cannabis cultivation

Sean Mason | June 10, 2019 | SmallCapPower

Outdoor cultivation approval and capacity expansion sparked gains in a Canadian cannabis stock Monday. Here’s some small stocks making big moves on Monday, June 10, 2019 (as of 4 pm EST):

Aleafia Health Inc. (TSX:ALEF) (OTC:ALEAF), a Canadian cannabis stock, climbed as much as 6% on Monday after announcing that it has been granted approval by Health Canada for outdoor cannabis cultivation. As a result, the Company’s licensed cultivation area increases from 22,000 sq. ft. to 314,000 sq. ft. Aleafia added that the facility is expected to produce up to 60,000 kg annually following a full growing season.

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As well, shares of Avesoro Resources Inc. (TSX:ASO) plummeted 62% to $0.58 as the West African gold producer said it is reducing its production guidance for 2019 to 180,000 to 200,000 gold ounces at the Youga Gold Mine in Burkina Faso, citing labour issues as well as significant ore dilution.

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Hudson’s Bay Company (TSX:HBC), meanwhile, reported that it has received a go-private proposal at a price of C$9.45 per share, payable in cash. Hudson’s Bay stock popped 42% to $9.07 following the announcement.

Finally, Snipp Interactive Inc. (TSXV:SPN) shares gained 20% to $0.06 after the provider of digital marketing promotions, rebates and loyalty solutions announced that it has received its first order in the cannabis space from a social network for the cannabis community in the U.S. market.

Aleafia Health Inc. (TSX:ALEF) is a featured sponsored company and has paid a fee for coverage. To learn more, see our full disclosure HERE >>

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

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