Canadian Cannabis Stock Goes Higher on Analyst Comment

HEXO Corp. (TSX:HEXO), a Canadian cannabis stock, jumped after MKM Partners initiated coverage of its stock with a ‘Buy’ rating and a C$12 target price

Sean Mason | September 20, 2019 | SmallCapPower

A new analyst Buy rating boosted a Canadian cannabis stock Friday. Here’s some small stocks making big moves on Friday, September 20, 2019 (as of 4 pm EST):

HEXO Corp. (TSX:HEXO), a Canadian cannabis stock, rose 12% to $5.84 on Friday after MKM Partners initiated coverage of HEXO stock with a ‘Buy’ rating and a C$12 target price, saying the Company’s “approach to be the working component of expert partners’ products has the best chance of creating a defensible brand and HEXO is not getting the benefit of the doubt for its 2020 revenue goal of C$400 million.”

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As well, shares of Mission Ready Solutions Inc. (TSXV:MRS) climbed 12% to $0.23 as the defense and tactical solutions manufacturer said it has received additional contract awards valued at about C$15 million, bringing the total value of contracts received to date during 2019 to approximately C$75 million.

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Black Iron Inc. (TSX:BKI) stock, meanwhile, continued to move higher Friday, up 6% to $0.085 following a 7% gain on Thursday, after the iron ore junior reported that expressions of interest have and continue to be received from European banks and export credit agencies to provide debt funding for construction of its 100% owned Shymanivske project in Ukraine. Black Iron added that two Asia-based construction companies have expressed interest to invest US$50 million of equity into the project.

Finally, Thunderbird Entertainment Group Inc. (TSXV:TBRD) shares gained 5% to $1.37 after the multi-platform entertainment company announced a new partnership with Outright Games to produce The Last Kids on Earth video game.

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

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