Canadian Cannabis Stock Soars on Financial Results

Aurora Cannabis Inc. (TSX:ACB), a Canadian cannabis stock, climbed after announcing third-quarter 2020 financial results

Sean Mason | May 15, 2020 | SmallCapPower

Better-than-expected revenue and a profitability commitment powered a Canadian cannabis stock Friday. Here’s some small stocks making big moves on Friday, May 15, 2020 (as of 4 pm EST):

Aurora Cannabis Inc. (TSX:ACB), a Canadian cannabis stock, surged 67% to $15.35 on Friday after announcing third-quarter 2020 net revenue of $78.4 million, an 18% increase from the previous quarter, which surpassed analyst expectations. The Company added that it is committed to achieving positive Adjusted EBITDA by Q1 2021.

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As well, shares of VIVO Cannabis Inc. (TSX:VIVO) slipped 8% to $0.245 as the cannabis company said its first-quarter 2020 net revenue of $8.2 million represents a 24% quarter-over-quarter increase and a 62% surge year over year, while its quarter-over-quarter cash balance fell 19% to $35.2 million.

Mission Ready Solutions Inc. (TSXV:MRS) stock continued to move higher Friday, up 4% to $0.15 following a 164% gain on Thursday, after the Company announced that it has received a C$24 million contract award from the U.S. Department of Homeland Security Federal Emergency Management Agency for the provision of personal protective equipment to be delivered between May 12, 2020 and September 30, 2020.

Finally, White Gold Corp. (TSXV:WGO) shares climbed 30% to $0.83 after the gold explorer announced a C$6 million non-brokered, flow-through private placement at a price of C$0.90 per share, with participants that include Eric Sprott, Agnico Eagle Mines, and Kinross Gold.

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

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