Canadian Cannabis Stock Climbs on Distribution Deal

Pure Global Cannabis Inc. (TSXV:PURE), a Canadian cannabis stock, moved higher after announcing a partnership with Velvet Management

Sean Mason | March 20, 2019 | SmallCapPower

A Canada-wide distribution agreement powered a Canadian cannabis stock Wednesday. Here’s some small stocks making big moves on Wednesday, March 20, 2019 (as of 4 pm EST):

Pure Global Cannabis Inc. (TSXV:PURE), a Canadian cannabis stock, jumped 16% to $0.22 on Wednesday after announcing a partnership with Velvet Management Inc, which will be the Canada-wide sales and distribution agent for Pure Global’s wellness, recreational, and craft cannabis products to be sold through provincially-licensed stores and online retailers.

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As well, shares of Cipher Pharmaceuticals Inc. (TSX:CPH) slipped 13% to $1.47 as the specialty pharmaceutical company said its Chief Financial Officer, Stephen Lemieux, has resigned effective March 29, 2019, to pursue other career opportunities.

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Cardinal Energy Ltd. (TSX:CJ), meanwhile, reported that production for 2018 averaged 20,858 boe/d, an 11% increase over 2017, while general and administrative costs per boe fell 11% in 2018. Cardinal Energy stock moved up 16% to $2.70 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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