Canadian Cannabis Stock Moves Higher on Down Under Distribution

The Green Organic Dutchman Holdings Ltd. (TSX:TGOD), a Canadian cannabis stock, moved up after signing a distribution agreement for exports to Australia and New Zealand

Sean Mason | August 28, 2020 | SmallCapPower

An Australia and New Zealand distribution deal plus a Canada product expansion lifted a Canadian cannabis stock Friday. Here’s some small stocks making big moves on Friday, August 28, 2020 (as of 4 pm EST):

The Green Organic Dutchman Holdings Ltd. (TSX:TGOD), a Canadian cannabis stock, climbed 11% to $0.36 on Friday after announcing that it has signed an exclusive distribution agreement for international exports to Australia and New Zealand with Australian distributor LeafCann. The Company added that it plans to launch its Highly Dutch brand across Canada in the second half of September following “strong sales” in Quebec.

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As well, shares of OceanaGold Corporation (TSX:OGC) slipped 6% to $3.05 as the gold miner said it is reducing its 2020 production guidance for the Haile Gold Mine in the United States to a range of between 135,000 and 175,000 gold ounces, due to “the ongoing challenges presented by COVID-19.”

Just Energy Group Inc. (TSX:JE), meanwhile, reported that its shareholders have approved a recapitalization plan that will inject more than $100 million in equity into the Company and reduce its net debt and preferred shares by $520 million. JE also managed to swing to a first-quarter profit of $0.43 per share from a loss of $1.82 per share a year earlier. Just Energy stock popped 28% to $0.51 following the announcement.

Finally, Burcon NutraScience Corporation (TSX:BU) shares rose 12% to $2.47 after the provider of plant-based proteins announced that its joint venture company, Merit Functional Foods Corporation, has received a $30 million investment from Bunge Limited to bring Burcon’s pea and canola protein ingredients to market.

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

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