Canadian Tech Stock Jumps on Cannabis Investment

EnWave Corporation (TSXV:ENW), a Canadian tech stock, climbed after announcing a license agreement and investment from Aurora Cannabis Inc. (TSX:ACB)

Sean Mason | April 26, 2019 | SmallCapPower

An Aurora Cannabis investment and licensing deal powered a Canadian tech stock higher Friday. Here’s some small stocks making big moves on Friday, April 26, 2019 (as of 4 pm  EST):

EnWave Corporation (TSXV:ENW), a Canadian tech stock, surged 14% to $2.12 on Friday after announcing a royalty-bearing commercial license agreement that grants Aurora Cannabis Inc. (TSX:ACB) the exclusive rights to EnWave’s patented Radiant Energy Vacuum drying technology for the production of cannabis materials in the European Union, excluding Portugal. Aurora Cannabis will also make a $10 million strategic equity investment in EnWave, representing approximately 4.91% of the Company’s issued and outstanding common shares.

For Our Complete Coverage Of Canadian Marijuana Stocks Click Here      

As well, shares of Sherritt International Corporation (TSX:S) fell 29% to $0.26 as the miner said its first-quarter 2019 results were impacted negatively by a 70% decline in realized cobalt prices, in addition to disappointing collections of its Cuban overdue receivables.

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ZoomerMedia Limited (TSXV:ZUM), meanwhile, reported second-quarter revenue that rose to $13.3 million from $11.4 million a year ago, while swinging to a quarterly profit of $1.3 million from a net loss of $584,000 during the same period last year. ZoomerMedia stock popped 540% to $0.16 following the announcement.

Finally, MAX Resource Corp. (TSXV:MXR) shares rose as much as 9% after the junior explorer announced a sample analysis and exploration update for its Choco Gold and Platinum Project in Colombia, which the Company says continues to show free gold + free platinum in most of the samples processed following on-going analytical testing of the 25kg to 50kg samples.

Ubika Research/SmallCapPower has received compensation from Max Resource Corp. to provide analyst research coverage. For full disclosure please visit here >>

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

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