Based on recent news and market action in the first half of trading, here are a few marijuana stocks worth keeping an eye on in the rest of today's trading session.
Abattis Bioceuticals Inc. (CSE:ATT)(OTC:ATTBF)(FRA:115)
On Friday, Health Canada granted two new cultivation licenses, one to International Herbs Medical Marijuana’s second site and one to Experion Biotechnologies. Experion Biotechnologies is 18.75% owned by Northern Vine Laboratories, and Northern Vine Laboratories is majority owned by Abattis Bioceuticals. In midday trading Monday, shares of Abattis Bioceuticals are up more than 11% on the CSE and are up more than 17% on the OTC Markets. Volume in the company’s OTC Markets shares is already more than 3x their 30-day average volume. We’ll be watching to see how the rest of the trading day plays out given this exciting news.
This morning, General Cannabis announced that the company is acquiring a Colorado cannabis security provider for approximately $400,000 in stock. Shares of General Cannabis are shrugging of this news, trading roughly flat as of midday trading Monday. We’ll be keeping an eye to see how the market continues to react to this news of an acquisition.
India Globalization Capital Inc. (NYSE American: IGC)
Earlier, India Globalization Capitalannounced the company’s financial results for the quarter ended June 30th. The company posted a loss of $432,141 in the quarter, up from a loss of $383,566 in the comparable quarter of last year. Revenues decreased from the comparable quarter of last year due to the company’s efforts to focus on their cannabinoid therapies segment. In midday trading Monday, shares of India Globalization Capital are dropping roughly 6% on lighter than average trading volume. We’ll be keeping an eye on shares to see the continued market reaction to their recent earnings release.
iAnthus Capital Holdings Inc. (CSE:IAN)(OTC:ITHUF)(FRA:21A)
This morning, iAnthus Capitalannounced that the company has advanced $500,000 via a promissory note to Citiva Medical in connection with their proposed acquisition of the company. In midday trading Monday, iAnthus shares are falling roughly 2% on the CSE, and are rising roughly 0.5% on the OTC Markets. We’ll be watching for any additional market reaction to today’s announcement.
Shares of Umbral Energy are rising more than 10% in midday trading on the CSE. The company’s shares on the OTC Markets haven’t traded yet this morning. Earlier today, Umbral announced that the company has closed on their previously announced acquisition of an additional 25% stake in late-stage ACMPR applicant, PhyeinMed. We will be keeping an eye on shares of Umbral to see how the market continues to digest this news.
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