Canadian Cannabis Stock Climbs on Application Update

SugarBud Craft Growers Corp. (TSXV:SUGR), a Canadian cannabis stock, moved higher after receiving a Confirmation of Readiness Letter from Health Canada

Sean Mason | April 23, 2019 | SmallCapPower

A Confirmation of Readiness generated a bit of momentum in a Canadian cannabis stock Tuesday. Here’s some small stocks making big moves on Tuesday, April 23, 2019 (as of 4 pm EST):

SugarBud Craft Growers Corp. (TSXV:SUGR), a Canadian cannabis stock, jumped 14% to $0.205 on Tuesday after announcing that it has received a Confirmation of Readiness Letter from Health Canada in respect of its cannabis cultivation facility in Stavely, Alberta. The “Confirmation of Readiness” stage is the final stage in the application process.

For Our Complete Coverage Of Canadian Marijuana Stocks Click Here       

As well, shares of HIVE Blockchain Technologies Ltd. (TSXV:HIVE) fell 24% to $0.57 as the blockchain company said Genesis Mining, its largest shareholder, has requisitioned a meeting of shareholders for the purpose of removing directors independent of Genesis and electing a board of directors, the majority of whom would be senior officers and employees of Genesis.

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Zonte Metals Inc. (TSXV:ZON), meanwhile, reported initial, partial results from the recently-completed Phase 1 drill program at its Cross Hills Iron Oxide Copper Gold project in Newfoundland, which intersected what the Company called “significant visual copper mineralization” that included a 2.76 metre interval averaging 2.89% copper, 2.65 g/t gold, and 73.3 g/t silver. Zonte Metals stock moved up as much as 18% following the announcement.

Finally, Spectra7 Microsystems Inc. (TSX:SEV) shares rose 14% to $0.08 after the provider of high-performance analog semiconductor products for broadband connectivity markets announced that expects to report revenues of approximately US$1.4 million for the first quarter of 2019, up 55% from the same quarter in 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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