Canadian Marijuana Stock Sags on Construction Update

Westleaf Inc. (TSXV:WL), a Canadian marijuana stock, slipped after saying construction of its cannabis extraction facility is now complete

Sean Mason | July 3, 2019 | SmallCapPower

A cannabis extraction facility announcement failed to impressed investors in a Canadian marijuana stock Wednesday. Here’s some small stocks making big moves on Wednesday, July 3, 2019 (as of 4 pm EST):

Westleaf Inc. (TSXV:WL), a Canadian marijuana stock, fell 13% to $0.55 on Wednesday after announcing the completion of construction on its wholly-owned cannabis extraction, processing and product formulation facility, The Plant by Westleaf Labs, which will have throughput capacity of up to 65,000 kilograms per year in Phase I. The Company added that the facility is now entering the final stages of the Health Canada licensing process and it expects to receive a Standard Processing license as early as Q3 2019.

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As well, shares of Burcon NutraScience Corporation (TSX:BU) eased 4% to $0.67 as the developer of plant proteins said its fiscal 2019 revenue fell to $40,000 from $49,000, while its net loss for the year narrowed to $4.8 million from $5.6 million during fiscal 2018.

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Sernova Corp. (TSXV:SVA), meanwhile, reported that in an interim analysis of its human Phase I/II clinical trial, Sernova’s Cell Pouch transplanted with islet cells showed initial safety, as well as key efficacy measures, including glucose-stimulated C-peptide, insulin production and additional clinically significant measures of glucose control in the first study patient with type-1 diabetes and severe hypoglycemia unawareness. Sernova stock moved up as much as 13% 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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