CBD Stock Climbs on Distribution Deal

Charlotte’s Web Holdings, Inc. (TSX:CWEB), a hemp CBD stock, moved higher after announcing a U.S. distribution deal with The Kroger Co

Sean Mason | July 29, 2019 | SmallCapPower

A distribution agreement with a big U.S. grocery chain powered a Canada-listed hemp CBD stock Monday. Here’s some small stocks making big moves on Monday, July 29, 2019 (as of 4 pm EST):

Charlotte’s Web Holdings, Inc. (TSX:CWEB), a hemp CBD stock, jumped 10% to $21.95 on Monday after announcing that The Kroger Co., America’s largest grocery retailer, has begun carrying Charlotte’s Web products in multiple states with a plan to roll out to a total of 1,350 store locations in 22 states.

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As well, shares of Diamond Estates Wines & Spirits Inc. (TSXV:DWS) gained 28% to $0.205 as the winemaker said it has entered into a strategic relationship with Lassonde Industries Inc, by which Lassonde will purchase 36.9 million Diamond Estates common shares at a price of $0.19 per common share, resulting in a 19.9% ownership stake in Diamond Estates. The Company added that Lassonde Beverages Canada will deploy its sales team to build and expand Diamond Estates’ market share in grocery stores across Canada.

Engagement Labs Inc. (TSXV:EL), meanwhile, reported that it has entered into a  new alliance and joint product with MRI-Simmons, a provider of insights on the American consumer and their media behavior. Engagement Labs stock moved up 15% to $0.075 following the announcement.

Finally, Pistol Bay Mining Inc. (TSXV:PST) shares rose 11% to $0.05 after the junior explorer announced that it has entered into an option agreement with Northbound Capital to acquire a 100% right, title and interest in and to 104 mining cells located in the Cabin Bay Township in the Red Lake Mining District, Ontario, southeast of Great Bear Resources’ recent discovery.

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

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