Canadian Marijuana Stock Moves Higher on Supply Deal

Pure Global Cannabis (TSXV:PURE), a Canadian marijuana stock, rose after announcing supply agreements with three LPs including Supreme Cannabis  (TSXV:FIRE)

Sean Mason | July 27, 2018 | SmallCapPower

Supply agreements and a pending sales license lifted a Canadian marijuana stock Friday. Here’s some small stocks making big moves on Friday, July 27, 2018 (as of 11:30 am EST):

Pure Global Cannabis Inc. (TSXV:PURE), a Canadian marijuana stock, climbed 15% to $0.34 on Friday after announcing that its wholly-owned subsidiary, PureSinse Inc., has signed definitive supply agreements with The Supreme Cannabis Company, Inc. (TSXV: FIRE) and two other Licensed Producers, from whom PureSinse has purchased various quantities of premium-quality medical cannabis. Pure Global Cannabis added that it has now received the necessary product required to obtain a Sales License under the ACMPR, which is expected in Q3 2018.

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As well, shares of Auxly Cannabis Group Inc. (TSXV:XLY) rose 5% to $0.84 as the cannabis streaming company said it has received TSX Venture Exchange approval for the listing of 32.2 million common share purchase warrants of the Company on the TSXV as a supplemental listing. Each warrant entitles the holder to acquire one common share of the Company at an exercise price of $1.80 per share at any time before January 16, 2020.

Electrovaya Inc. (TSX:EFL), meanwhile, reported that it has agreed to sell its headquarters in Mississauga, Ontario for approximately $22.5 million, the proceeds of which will be used to pay down debt and for working capital purposes. Electrovaya stock moved up 6% to $0.255 following the announcement.

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

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