Canadian Cannabis Stock Moves Higher on Financial Results

PharmaCielo Ltd. (TSXV:PCLO), a Canadian cannabis stock, climbed after generating record revenue during Q4

Sean Mason | April 30, 2020 | SmallCapPower

Record quarterly revenue lifted a Canadian cannabis stock Thursday. Here’s some small stocks making big moves on Thursday, April 30, 2020 (as of 4 pm EST):

PharmaCielo Ltd. (TSXV:PCLO), a Canadian cannabis stock with operations in Colombia, rose 9% to $1.05 after announcing that it generated record revenue of $657,000 during Q4 2019.

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As well, shares of Precision Drilling Corporation (TSX:PD) jumped 14% to $0.75 as the oil and gas services company released its first-quarter 2020 financial results, in which its revenue and earnings both surpassed analyst expectations.

ZEN Graphene Solutions Ltd. (TSXV:ZEN), meanwhile, reported an international collaboration with UK-based Graphene Composites Ltd to fight COVID-19 by developing a potential virucidal graphene-based composite ink that can be applied to fabrics including N95 face masks and other personal protective equipment for significantly increased protection. ZEN Graphene Solutions stock popped 29% to $0.40 following the announcement.

Finally, Fire & Flower Holdings Corp. (TSX:FAF) shares slipped 3% to $0.62 after the Canadian cannabis company announced that its Fiscal 2019 revenue surged 294% to $51.1 million, while its gross profit fell to 36.4% from 38.4% during 2018.

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

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