Cannabis Extraction Stock Climbs on Services Agreement

Neptune Wellness Solutions Inc. (TSX:NEPT), a cannabis extraction stock, jumped after agreeing to provide extraction services to Tilray Inc

Sean Mason | June 7, 2019 | SmallCapPower

A big Tilray services deal lifted a cannabis extraction stock Friday. Here’s some small stocks making big moves on Friday, June 7, 2019 (as of 4 pm EST):

Neptune Wellness Solutions Inc. (TSX:NEPT), a cannabis extraction stock, surged 27% to $6.77 on Friday after announcing a definitive agreement to provide extraction and purification services to Tilray Inc. Under the terms of the agreement, the minimum volume of biomass to be processed over the three-year term is 125,000kg, of which the first year is expected to represent 20% of total volumes.

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As well, shares of Troubadour Resources Inc. (TSXV:TR) slid 11% to $0.085 as the junior explorer said it will no longer be proceeding with the acquisition of Privateer Gold Mines as announced on March 5, 2019.

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Western Resources Corp. (TSX:WRX), meanwhile, reported that its wholly-owned subsidiary, Western Potash Corp., has entered into a lump-sum agreement with Stuart Olson Prairie Construction to be the General Contractor for the construction of the Company’s Milestone Phase I Potash Project in Saskatchewan. Western Resources stock moved up 13% to $0.13 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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