Canadian Cannabis Stock Jumps on Takeover Deal

Emblem Corp. (TSXV:EMC), a Canadian cannabis stock, moved sharply higher after agreeing to be acquired by Aleafia Health Inc. (TSXV:ALEF)(OTC:ALEAF)

Sean Mason | December 19, 2018 | SmallCapPower

A cannabis sector acquisition sparked plenty of speculation in a Canadian cannabis stock Wednesday. Here’s some small stocks making big moves on Wednesday, December 19, 2018 (as of 4 pm EST):

Emblem Corp. (TSXV:EMC), a Canadian cannabis stock, climbed 5% to $1 on Wednesday after announcing that it has agreed to be acquired by Aleafia Health Inc. (TSXV:ALEF),(OTC:ALEAF) in an all-stock transaction valued at approximately $173.2 million. Emblem shareholders will receive 0.8377 of an Aleafia common share for each Emblem share held.

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As well, shares of Home Capital Group Inc. (TSX:HCG) fell 15% to $14 as the company confirmed that Berkshire Hathaway Inc. has decided to “substantially exit” from its investment in Home Capital.

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Sun Metals Corp. (TSXV:SUNM), meanwhile, reported final results from the 2018 diamond drill program at its Stardust project in British Columbia, which included 5.5 metres grading 1.72% copper, 0.93 grams per tonne (g/t) gold, and 29.1 g/t silver. Sun Metals stock eased 4% to $0.225 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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