Cannabis Retail Stock Moves Higher on Licensing News

Fire & Flower Holdings Corp. (TSXV:FAF), a cannabis retail stock, climbed after receiving Retail Operator Licences for its stores in Ottawa and Kingston

Sean Mason | March 22, 2019 | SmallCapPower

An operator license announcement was good news for investors in a cannabis retail stock Friday. Here’s some small stocks making big moves on Friday, March 22, 2019 (as of 4 pm EST):

Fire & Flower Holdings Corp. (TSXV:FAF), a cannabis retail stock, gained as much as 9% on Friday after announcing that stores operating under the Fire & Flower brand in Ottawa and Kingston have received both Retail Operator Licences and Retail Store Authorizations from the Alcohol and Gaming Commission of Ontario.

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As well, shares of Wajax Corporation (TSX:WJX) slid 17% to $16.26 as the integrated distribution system operator said its fourth-quarter revenue rose 3.8% to $389.8 million, while EBIT for the quarter decreased $4.3 million to $11.5 million.

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Integrated Asset Management Corp. (TSX:IAM), meanwhile, reported that it has agreed to be acquired by Fiera Capital Corporation for $55.5 million in cash and $18.5 million of Fiera Capital Class A subordinate voting shares. Integrated Asset Management stock popped 22% to $2.58 following the announcement.

Finally, Invictus MD Strategies Corp. (TSXV:GENE) shares rose 12% to $0.94 after the Canadian cannabis company announced that its licensed producer, AB Labs Inc., has received a medical sales and processing license from Health Canada effective March 16, 2019, which allows for the sale of final packaged flower, plants and seeds to retailers, distributers and 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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