Canadian Cannabis Stock Climbs on JV Agreement

The Hydropothecary Corporation (TSX:HEXO), a Canadian cannabis stock, moved higher after entering into a definitive joint venture agreement with Molson Coors Canada

Sean Mason | August 1, 2018 | SmallCapPower

A joint venture agreement with a big beer company powered a Canadian cannabis stock higher Wednesday. Here’s some small stocks making big moves on Wednesday, August 1, 2018 (as of 4 pm EST):

The Hydropothecary Corporation (TSX:HEXO), a Canadian cannabis stock, jumped 11% to $4.83 on Wednesday after announcing that it has entered into a definitive agreement with Molson Coors Canada to form a joint venture to pursue opportunities to develop non-alcoholic, cannabis-infused beverages for the Canadian market following legalization. Molson Coors will have a 57.5% controlling interest in the JV, with Hydropothecary Corporation having the remaining ownership interest.

As well, shares of Iconic Minerals Ltd. (TSXV:ICM) gained 58% to $0.15 as the resource junior said it has received 50 element ICP analysis of sediment samples from its third deep drill hole at the Bonnie Claire Project in Nevada, which averaged 921 ppm Li. The Company added that a NI 43-101 compliant resource report has been initiated.

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Kraken Robotics Inc. (TSXV:PNG), meanwhile, reported that Ocean Infinity has agreed to purchase $9 million of Kraken’s deep-sea batteries with delivery dates expected between Q4 2018 and Q4 2019. The first purchase order has been issued for $2.5 million and the subsequent purchase order of $6.5 million is expected in early Q1 2019. Kraken Robotics stock popped 11% to $0.41 following the announcement.

Finally, Spectra7 Microsystems Inc. (TSX:SEV) shares shot up 23% to $0.185 after the provider of analog semiconductor products for broadband connectivity markets announced that it has launched its Eco-Link initiative aimed at reducing the carbon emissions in data centers. The Company hopes to reduce carbon emissions by one million metric tons by 2022.

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

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