Canadian Marijuana Stock Powers Higher on Operational Results

Zenabis Global Inc. (TSX:ZENA), a Canadian marijuana stock, climbed after announcing Q1 2020 financial results

Sean Mason | May 19, 2020 | SmallCapPower

Rising revenue and cost savings lifted a Canadian marijuana stock Tuesday. Here’s some small stocks making big moves on Tuesday, May 19, 2020 (as of 4 pm EST):

Zenabis Global Inc. (TSX:ZENA), a Canadian marijuana stock, jumped 80% to $0.135 on Tuesday after announcing Q1 2020 net cannabis revenue that increased 18% quarter over quarter to $12.6 million, while recording Adjusted EBITDA of $2.3 million in the quarter compared to an EBITDA loss of $10.4 million during Q4 2019. The Company added that cost reductions have, so far, yielded savings of approximately $10 million per quarter.

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As well, shares of Guyana Goldfields Inc. (TSX:GUY) surged 39% to $1.31 as the junior gold miner said Silvercorp Metals has sweetened its takeover offer for GUY to C$0.25 in cash plus 0.1849 of a Silvercorp common share for each Guyana Goldfields share held.

Kootenay Silver Inc. (TSXV:KTN), meanwhile, reported assay results from the first six holes completed as part of its 2020 drill program at the Columba silver project in Mexico, which included 15.65 meters averaging 166 grams per tonne (g/t) silver. Kootenay Silver stock moved up 20% to $0.295 following the announcement.

Finally, Radient Technologies Inc. (TSXV:RTI) shares climbed 31% to $0.255 after the manufacturer of cannabinoid-based ingredients, formulations and products announced that it has filed a provisional patent application covering the use of a combination of cannabinoids, terpenes and zinc as a means of preventing infection of coronavirus, mitigating the symptoms of coronavirus, and lowering infectiousness of COVID-19 patients.

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

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