Cannabis Stock Moves Sharply Higher on Takeover Deal

Nuuvera Inc. (TSXV:NUU), a cannabis stock, got a lift after agreeing to be acquired by Aphria Inc. (TSX:APH)

Sean Mason | January 29, 2018 | SmallCapPower

Consolidation in Canada’s marijuana sector continued Monday, sending a cannabis stock to new heights. Here’s some small stocks making big moves on Monday, January 29, 2018 (as of 4 pm EST):

Nuuvera Inc. (TSXV:NUU), a cannabis stock, climbed 10% to $7.73 on Monday after agreeing to be acquired by Aphria Inc. (TSX:APH) for $8.50 per Nuuvera share, or a total transaction value of approximately $826 million. Nuuvera shareholders will receive $1 in cash plus 0.3546 of an Aphria share for each Nuuvera share held.

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As well, shares of Northern Dynasty Minerals Ltd. (TSX:NDM) fell 20% to $1.50 as the U.S. Environmental Protection Agency, in a surprise move, reversed its stance and maintained restrictions on Northern Dynasty’s proposed Pebble Mine copper and gold mine project in Alaska.

Ballard Power Systems (TSX:BLDP), meanwhile, reported that it expects to record annual revenue of approximately $120 million, along with positive Adjusted EBITDA for fiscal 2017. Ballard Power stock moved up 34% to $4.96 following the announcement.

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Finally, Kennady Diamonds Inc. (TSXV:KDI) shares jumped 16% to $3.20 after the diamond junior announced that it has agreed to be acquired by Mountain Province Diamonds Inc. (TSX:MPVD) in an all-stock transaction. Kennady shareholders will receive 0.975 of a Mountain Province common share for each Kennady common share held.

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

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