Resource Stock Climbs on Marijuana Shift

Canabo Medical Inc. (CVE:CMM), a former resource stock, powered higher after announcing the acquisition of medical clinics involved in cannabinoid treatments

Sean Mason | November 9, 2016 | SmallCapPower

Another resource stock decided to go the marijuana route Wednesday. Here’s some small stocks making big moves on Wednesday, November 9, 2016 (as of 4 pm EST):

Resource stock Canabo Medical Inc. (CVE:CMM), formerly Four River Ventures Ltd., surged 110% to $1.05 on Wednesday after announcing the acquisition of Canabo Medical Corporation, which operates medical clinics for evaluating the suitability of, prescribing, and monitoring cannabinoid treatments for patients suffering from chronic pain and disabling illnesses.

As well, shares of Primero Mining Corp. (TSE:P) slid 25% to $1.30 as the precious metals miner called its third-quarter operating results from the San Dimas mine in Mexico “extremely disappointing,” while reducing its 2016 production guidance to between 170,000 and 190,000 gold equivalent ounces.

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Silver Standard Resources Inc. (TSE:SSO), meanwhile, reported better-than-expected Q3 financial results, increasing its production guidance at the Pirquitas mine to between 9.5 million and 10.5 million ounces of silver and decreasing cash costs guidance to between $9.00 and $9.50 per payable ounce of silver sold. Silver Standard Resources stock moved up 10% to $16.16 following the announcement.

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