Canadian Cannabis Stock Moves Higher on Acquisition

Newstrike Brands Ltd. (TSXV:HIP), a Canadian cannabis stock, jumped after agreeing to be acquired by HEXO Corp. (TSX:HEXO)

Sean Mason | March 13, 2019 | SmallCapPower

M&A activity in the marijuana space sparked buying interest in a Canadian cannabis stock Wednesday. Here’s some small stocks making big moves on Wednesday, March 13, 2019 (as of 4 pm EST):

Newstrike Brands Ltd. (TSXV:HIP), a Canadian cannabis stock, climbed 11% to $0.50 on Wednesday after announcing that it has agreed to be acquired by HEXO Corp. (TSX:HEXO) in an all-stock transaction valued at approximately $263 million. Newstrike shareholders will receive 0.06332 of a HEXO common share in exchange for each Newstrike common share held.

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As well, shares of Alio Gold Inc. (TSX:ALO) slipped 6% to $1.05 as the gold miner said it recorded a 2018 net loss of $14.0 million on gold production of 83,634 ounces at all-in sustaining costs of $1,338/oz.

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Horizon North Logistics Inc. (TSX:HNL), meanwhile, reported that it has agreed to acquire NRB Inc, a full-service modular construction provider based in Grimsby, Ontario, for $16.5 million, payable in a mix of common shares of Horizon North and cash. Horizon North Logistics stock moved up 10% to $1.95 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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