(Image Credit - Sam Valadi via. Flickr)
This morning, THC Biomed Intl Ltd. (CSE:THC)(OTC:THCBF) announced that the company has received their license to sell dried marijuana from Health Canada. For quite a while, THC Biomed has been supplying starting materials to registered patients wishing to grow their own medication, as well as other licensed producers that are just starting out. That being said, this new license opens up a significantly larger market for them and the stock price is reacting accordingly (and maybe even some more).
Related: You Can't Grow Cannabis Without Starting Materials
In midday trading today, shares of THC Biomed are up more than 80% (no, that's not a typo, 80%) on both the CSE and the OTC Markets! Volume in the company's OTC Markets shares is already more than 9 times its 30-day average volume!
Given this move that could be described as epic, it's worth having a look at the short interest in shares of THC Biomed, given that a short squeeze might be in the works here. According to the CSE's short interest statistics as of August 15th, 62,000 shares of THC Biomed are held short. This is a small percentage of the company's float, making it appear that today's move isn't a short squeeze, but rather people who are just plain bullish on THC Biomed.
Despite today's move, shares of THC Biomed are still down roughly 35% year-to-date. We'll be watching to see how shares of THC Biomed trade going forward given today's big move, and news of their sales license.
Learn more about THC Biomed by checking out the company's marijuana stock profile in our Canadian L.P. database. To view more marijuana stocks, check out our main marijuana stock database. Be sure to subscribe to our Canadian L.P. newsletter, so you never miss an important update from one of Canada's 54 LPs. Don't forget to connect with The Daily Marijuana Observer on Facebook, Twitter, StockTwits, and Instagram.
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