Canadian Cannabis Stock Surges on Acquisition

Aurora Cannabis Inc. (TSX:ACB), a Canadian cannabis stock, climbed after announcing the acquisition of Reliva, LLC, a U.S. seller of CBD products

Sean Mason | May 21, 2020 | SmallCapPower

A much-anticipated U.S. acquisition powered a Canadian cannabis stock Thursday. Here’s some small stocks making big moves on Thursday, May 21, 2020 (as of 4 pm EST):

Aurora Cannabis Inc. (TSX:ACB), a Canadian cannabis stock, jumped 35% to $24.10 on Thursday after announcing the acquisition of Reliva, LLC, a seller of hemp-derived CBD products in the United States, in consideration for approximately US$40 million of Aurora common shares. Aurora Cannabis said it expects the acquisition will be immediately accretive on an Adjusted EBITDA basis.

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As well, shares of Patriot One Technologies Inc. (TSX:PAT) gained 10% to $0.78 as the provider of threat detection and counter-terrorism solutions said it has been selected by Canada’s Digital Technology Supercluster for participation in a funding program for up to C$4.5 million in co-investment capital for the PATSCAN Multi-Sensor Threat Detection Platform, which will fund the advanced development and deployment of the PATSCAN VRS health and safety detection modules.

Naturally Splendid Enterprises Ltd. (TSXV:NSP), meanwhile, reported that, following an initial review of data by Health Canada, a Clinical Trial Application can proceed in preparation for a Phase 2 clinical trial treatment for COVID-19. Naturally Splendid stock moved up 63% to $0.065 following the announcement.

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

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