Cannabis Stock Powers Higher on Update Down Under

LGC Capital Ltd. (TSXV:LG), a cannabis stock, climbed after providing an update on its Australian medical cannabis company Little Green Pharma

Sean Mason | August 23, 2018 | SmallCapPower

An Australian medical cannabis update gave a big lift to a Canada-listed cannabis stock Thursday. Here’s some small stocks making big moves on Thursday, August 23, 2018 (as of 4 pm EST):

LGC Capital Ltd. (TSXV:LG), a cannabis stock, jumped 26% to $0.17 on Thursday after announcing that its Australian medical cannabis company Little Green Pharma has become the first Australian company to locally-grow and produce medicinal cannabis products for sale to Australian patients.

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As well, shares of Baytex Energy Corp. (TSX:BTE) rose 8% to $4.24 as the oil and gas company said it is revising its FY 2018 production guidance upward to 79K-81K boe/day from its previous outlook of 68K-72K boe/day.

Alliance Mining Corp. (TSXV:ALM), meanwhile, reported that it has signed a Letter of Intent with Jadestone Energy LLC to acquire a 100% interest in Jadestone’s Tonopah Uranium project in Nevada by making certain staged cash payments and share payments of common shares in Alliance to Jadestone over a four-year period. Alliance Mining stock moved up 100% to $0.04 following the announcement before being halted.

Finally, Emerald Health Therapeutics, Inc. (TSXV:EMH) shares gained 8% to $4.65 after the cannabis company announced that its 50/50 joint venture, Pure Sunfarms, has received its third amendment to the cultivation license from Health Canada for its Delta 3 greenhouse in British Columbia, permitting expansion of its cannabis production area by 195,000 square feet to approximately 420,000 square feet. The newly-licensed area will be in commercial production this week.

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

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