Ashburton Ventures Hits Multi-Month High on BC Bud Collaboration
Ashburton Ventures (ABR: TSXV) traded close to a new multi-month high Thursday, rising 19.23% to close at $0.31 per share. The bounce back was enough to capture the Daily Stock Challenge Breakout award in April’s Stock Challenge.
Interest and liquidity have come back to this junior in a big way. The company’s market came alive out of nowhere on March 31st, trading 1.42 million shares between a low of $0.19 and a high of $0.27. The following day it traded to a high of $0.34 on even bigger volume of 1.85 million traded. In the three trading days since then, more than 1.3 million shares have exchanged hands in Ashburton’s market. The trading pattern of the past week or so may be a classic buy the rumor, sell the news scenario.
The news came on April 3rd and was a collaboration with a ‘BC Bud’ Depot. The title read, Ashburton to Collaborate With BC Bud Depot for Research and Development of Zeolite in Marijuana Growing.
Ashburton Ventures also announced the appointment of Matthew Harvey, Founder and CEO of BC Bud Depot to the Advisory Board for Research and Development of Ashburton’s Zeolite, under development with ZMM Canada Minerals Corp., as an additive and growth medium for medical and recreational marijuana. The company reported,
“Mr. Harvey has been a strain breeder in the cannabis industry since the 1990’s with worldwide exposure since 2004. During Mr. Harvey’s tenure at BCBD, a cannabis seed producer and creator of award-winning THC and CBD strains, BCBD has received over 23 Cannabis Cup awards, including nine international First Place awards. BCBD was in 2009 inducted to the Seed Bank Hall of Fame. Mr. Harvey has steered BCBD towards a developmental approach to cannabinoid-focused genetics utilizing laboratory analysis and scientific protocols to augment breeding programs with a focus on proprietary CBD strains.”
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In a blast from the past, in what seems like a common episode from 2014, reminiscent of junior miners that rushed into the marijuana space to benefit from the avalanche of liquidity flooding that corner of the market, Ashburton Ventures has entered this hot sector. Even in the April 3rd press release, Ashburton describes itself as “a Canadian-based junior exploration company focused on Canadian mineral projects in Quebec and British Columbia, Canada.”
Ashburton Ventures – 3 Month Chart
Ashburton Ventures Outperforms in April Stock Challenge
Long-time Pinnacle member ‘donvitodonvito1‘ selected Ashburton for April’s Stock Challenge. The member outperformed all competitors with a 9.62% combined average return on the day. Despite the move, donvitodonvito1 has not cracked the Top 20.
Two past Stock Challenge Champs led the herd at the close of trading Thursday. Member ‘IraM‘ was looking good with a 28.33% return. IraM was the second-best performer on the day with a 8.86% return. The two-time Champion and long-time member ‘releroux‘ trailed him with a 17.38% return.