Canadian Cannabis Stock Climbs on License Upgrade

HEXO Corp. (TSX:HEXO), a Canadian cannabis stock, rose after receiving a license amendment for its Belleville facility

Sean Mason | June 1, 2020 | SmallCapPower

A new sales license gave a lift to a Canadian cannabis stock Monday. Here’s some small stocks making big moves on Monday, June 1, 2020 (as of 4 pm EST):

HEXO Corp. (TSX:HEXO), a Canadian cannabis stock, gained 9% to $0.93 on Monday after announcing that its Belleville, Ontario manufacturing and processing facility has received a Health Canada license amendment for the sale of dried and fresh cannabis, cannabis extracts, cannabis topicals and edible cannabis products.

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As well, shares of Antibe Therapeutics Inc. (TSXV:ATE) slid 25% to $0.58 as the biopharma company said its lead drug, ATB-346, met the primary endpoint in the Phase 2B dose-ranging, efficacy study to reduce osteoarthritis pain. The Company added that the lowest effective dose is still to be established.

Greenbriar Capital Corp. (TSXV:GRB), meanwhile, reported that it is seeking to obtain a listing on the NASDAQ Global Market Select. The Company is set to construct the 160MWdc/80MWac Montalva solar project in Puerto Rico. Greenbriar Capital stock popped 34% to $3.99 following the announcement.

Finally, Excellon Resources Inc. (TSX:EXN) shares surged 15% to $0.92 after the precious metals junior announced that the Mexican government will allow mining to restart on June 1, 2020. The Company also reported first-quarter revenue that rose to US$6.6 million from $5.2 million during the same period last year.

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

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