Canadian Marijuana Stock Moves Higher on Investment News

Auxly Cannabis Group Inc. (TSXV:XLY), a Canadian marijuana stock, climbed after announcing an investment from Imperial Brands PLC

Sean Mason | July 25, 2019 | SmallCapPower

Big Tobacco’s entrance into the cannabis space sparked much interest in a Canadian marijuana stock Thursday. Here’s some small stocks making big moves on Thursday, July 25, 2019 (as of 4 pm EST):

Auxly Cannabis Group Inc. (TSXV:XLY), a Canadian marijuana stock, jumped 25% to $0.91 on Thursday after announcing that Imperial Brands PLC will invest approximately $123 million in the Company by way of a debenture convertible into 19.9% ownership of Auxly at a conversion price of $0.81 per share.

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As well, shares of Intellipharmaceutics International Inc. (TSX:IPCI) slid 28% to $0.295 as the pharmaceutical company said it has been advised by the U.S. Food and Drug Administration (FDA) that the FDA “is postponing product-specific advisory committee meetings for opioid analgesics,” including the one previously scheduled to discuss the Intellipharmaceutics New Drug Applications, “while it continues to consider a number of scientific and policy issues relating to this class of drugs.”

Namaste Technologies Inc. (TSXV:N), meanwhile, reported that it has reached settlements, in principle, of the securities class actions that were commenced against it in Canada and the U.S. in 2018. The Company added that its contribution to the settlement amounts, which are principally being funded by Namaste’s insurance, will be less than US$500,000. Namaste Technologies stock moved up 2% to $0.51 following the announcement.

Finally, theScore, Inc. (TSXV:SCR) shares rose 1.3% to $0.385 after the digital products provider for sports fans announced that it has achieved a new Q3 revenue record of $8.5 million, up from $7.2 million during the same period last year, while its social content achieved a new quarterly record with an average monthly reach of approximately 100 million users in Q3 F2019.

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

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