Canadian Cannabis Stock Surges on Strategic Investment

Fire & Flower Holdings Corp. (TSXV:FAF), a Canadian cannabis stock, sprouted higher after announcing a nearly $26 million investment from Alimentation Couche-Tard

Sean Mason | July 24, 2019 | SmallCapPower

A big investment from Alimentation Couche-Tard lifted a Canadian cannabis stock Wednesday. Here’s some small stocks making big moves on Wednesday, July 24, 2019 (as of 11:30 am EST):

Fire & Flower Holdings Corp. (TSXV:FAF), a Canadian cannabis stock, climbed 18% to $1.35 on Wednesday after announcing a nearly $26 million investment from Alimentation Couche-Tard Inc., which would give the Canadian convenience store giant a 9.9% ownership stake in the Company. Fire & Flower added that it has received conditional approval to up-list its common shares for trading on the Toronto Stock Exchange.

For Our Complete Coverage Of Canadian Marijuana Stocks Click Here     

As well, shares of CannTrust Holdings Inc. (TSX:TRST) sank 20% to $2.76 as the Globe & Mail reported that Company Chairman Eric Paul and CEO Peter Aceto were made aware of the illegal grows six months before they were discovered by the regulator.

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American Manganese Inc. (TSXV:AMY), meanwhile, reported that improved RecycLiCo Pilot Plant results were achieved with a 99.93% purity (previously 99.88%) from the second production of recycled NMC cathode material. The Company’s goal is to provide an environmentally-friendly solution to the lithium-ion battery recycling industry. American Manganese stock moved up 17% to $0.275.

Finally, Scandium International Mining Corp. (TSX:SCY) shares rose 19% to $0.16 after the scandium project developer announced that its Australian subsidiary, EMC Metals Australia Pty Ltd., has been granted a new mine lease by the New South Wales Department of Planning, Industry and Environment, pertaining to the Nyngan Scandium Project.

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

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