Canadian Marijuana Stock Powers Higher on Supply Deal

48North Cannabis Corp. (TSXV:NRTH), a Canadian marijuana stock, surged after announcing a supply agreement with Canopy Growth Corporation (TSX:WEED)

Sean Mason | December 3, 2018 | SmallCapPower

A supply and equity agreement pushed a Canadian marijuana stock sharply higher Monday. Here’s some small stocks making big moves on Monday, December 3, 2018 (as of 4 pm EST):

48North Cannabis Corp. (TSXV:NRTH), a Canadian marijuana stock, climbed 19% to $0.57 on Monday after announcing that Canopy Growth Corporation (TSX:WEED) will take an approximate 3.4% stake in 48North at a price of $0.75 per share. 48North Cannabis has also agreed to supply a minimum of 1,200 kilograms of dried cannabis to Canopy Growth over the course of 12 months.

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As well, shares of Photon Control Inc. (TSX:PHO) slipped 6% to $1 as the developer and supplier of optical measurement technologies said its President and Chief Executive Officer Scott Edmonds has left the Company to pursue other interests.

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Fiore Gold Ltd. (TSXV:F), meanwhile, reported an updated resource estimate for its Pan open pit mine in Nevada, which showed a Measured and Indicated resource of 27.6 million tonnes grading 0.49 g/t containing 432,000 ounces of gold as well as an Inferred Resource of 7.6 million tonnes grading 0.45 g/t containing 110,000 ounces of gold. Fiore Gold stock moved up 21% to $0.345 following the announcement.

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

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