Canadian Cannabis Stock Climbs on Oil LOI

Revive Therapeutics Ltd. (TSXV:RVV), a Canadian cannabis stock, moved higher after announcing a non-binding LOI with Richmond Cannabis

Sean Mason | April 11, 2019 | SmallCapPower

A cannabis oil production license letter of intent generated interest in a Canadian cannabis stock Thursday. Here’s some small stocks making big moves on Thursday, April 11, 2019 (as of 4 pm EST):

Revive Therapeutics Ltd. (TSXV:RVV), a Canadian cannabis stock, powered 22% higher to $0.14 on Thursday after announcing a non-binding letter of intent with Richmond Cannabis Co., for the purpose of entering into a Collaboration and Royalty agreement to establish a cannabis oil production license.

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As well, shares of MTY Food Group Inc. (TSX:MTY) slipped 8% to $53.79 as the franchisor and operator of quick-service and casual dining restaurants said it has agreed to acquire Papa Murphy’s Holdings, Inc. (NASDAQ:FRSH) for US$6.45 per share in cash, or a total transaction value of approximately US$190.0 million.

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The Alkaline Water Company Inc. (TSXV:WTER), meanwhile, reported that it has formed a new agreement with online grocer Peapod, which will initiate online sales of Alkaline’s premium Alkaline88 bottled water in the one-gallon container. Alkaline Water Company stock moved up 13% to $3.34 following the announcement.

Finally, Opsens Inc. (TSX:OPS) shares rose 8% to $0.82 after the provider of FFR and dPR measurement devices for interventional cardiology announced a 46% increase in its second-quarter consolidated revenue to $7.9 million.

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

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