Canadian Marijuana Stock Sprouts Higher on Outlook

The Supreme Cannabis Company, Inc. (TSXV:FIRE), a Canadian marijuana stock, rose after providing an output update

Sean Mason | January 4, 2019 | SmallCapPower

Output expectations lit a fire under a Canadian marijuana stock Friday. Here’s some small stocks making big moves on Friday, January 4, 2019 (as of 4 pm EST):

The Supreme Cannabis Company, Inc. (TSXV:FIRE), a Canadian marijuana stock, continued to move higher Friday, up 5% to $1.57 following a 13% gain on Wednesday, after announcing that it has 19 completed flowering rooms and is on track for all 25 flowering rooms to be completed in March 2019. The Company added that it expects 7ACRES to reach its estimated annual output of 50,000 kg by the middle of calendar 2019.

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As well, shares of Kinder Morgan Canada Limited (TSX:KML) plunged 70% to $4.92 as the energy infrastructure provider said it expects to generate $213 million of Adjusted EBITDA and $109 million of distributable cash flow in 2019, a significant reduction from the past two years due to the sale of Trans Mountain.

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Hudson’s Bay Company (TSX:HBC), meanwhile, reported that Richard Baker has agreed to acquire 17,953,536 of the Company’s common shares from the Ontario Teachers’ Pension Plan at a price of C$9.45 per share. Hudson’s Bay stock moved up 16% to $8.52 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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