Canadian Cannabis Stock Climbs on Operations Update

Khiron Life Sciences Corp. (TSXV:KHRN), a Canadian cannabis stock, powered up after receiving authorization to manufacture THC magistral preparations in Colombia

Sean Mason | March 20, 2020 | SmallCapPower

Regulatory approval in Colombia lifted a Canadian cannabis stock Friday. Here’s some small stocks making big moves on Friday, March 20, 2020 (as of 11:30 am EST):

Khiron Life Sciences Corp. (TSXV:KHRN), a Canadian cannabis stock with operations in Latin America, jumped 16% to $0.465 on Friday after announcing that it is now fully authorized to manufacture high- and low-THC magistral preparations in Colombia and anticipates fulfilling its first prescriptions of full-spectrum, high CBD formulations within days.

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As well, shares of K-Bro Linen Inc. (TSX:KBL) slipped 13% to $28.04 as the operator of laundry and linen processing facilities said its 2019 revenue rose 5.4% to a record $252.4 million, while EBITDA for the year increased to $47.6 million from $29.6 million in 2018. The Company, however, added that it expects the COVID-19 pandemic will have a “significant adverse impact” on its operations and financial results in 2020, particularly in the second quarter.

Auxly Cannabis Group Inc. (TSXV:XLY), meanwhile, reported that Alan Cooke has joined Auxly as Vice President, Domestic and International Supply Chain and Operations. Mr. Cooke is the former manager of cultivation operations at Canopy Growth and has spent over 20 years in senior management roles in supply-chain and operations, with companies such as British American Tobacco and Canada Bread. Auxly Cannabis stock moved up 17% to $0.27 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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