Member ‘bob parker’ has officially taken over the January 2020 Stock Challenge, having risen from third place to first with a return of 118.04%. Meanwhile, member ‘GotherL’ has swooped into second with a return of 62.77%, just a few points ahead of third place member ‘otter’ and their return of 60.48%. In other noteworthy news for Friday, True Leaf Brands broke out while Chemesis International broke down.
Although there are still two weeks left in this month’s Stock Challenge, bob parker may be able to secure his first win in Stock Challenge 2.0 if he can maintain his lead!
True Leaf Brands Breaks Out While Chemesis International Breaks Down
True Leaf Brands
True Leaf Brands Inc. had one of the biggest stock breakouts on Friday, gaining 40.63% from C$0.16 to C$0.23.
Unfortunately, True Leaf’s breakout may have been due to a case of ‘mistaken identity’. The company issued an announcement today regarding its recent trading activity,
“At the request of IIROC, True Leaf Brands . . . would like to clarify the Company is at full disclosure and there are no material changes which are generating recent activity. The Company believes this activity can be traced to a mistaken reference to True Leaf and its trading symbol in a U.S.-based news story.”
Given that price action for True Leaf picked up on January 15, the company is likely referring to a January 15 Yahoo Finance article titled, “AdvisorShares CEO says 2020 ‘could be a good year for cannabis’”, which mentioned U.S. cannabis ETF True Leaf (TRLFF).
Meanwhile, it was Chemesis International Inc. that suffered one of the biggest stock breakdowns in the second full week of the January 2020 Stock Challenge. Despite having received favourable judgement from the Puerto Rico Superior Court, San Juan, in respect to certain cannabis licenses held by its subsidiary on Friday, the company’s stock fell 16.67% from C$1.14 to C$0.95.
Today, Chemesis International announced a private placement of up to US$5,000,000,
Chemesis International Inc. is pleased to announce a non-brokered private placement (the “Offering“) of up to $5,000,000 or up to 16,393,442 units (the “Units“). Each Unit will be comprised of one common share and one common share purchase warrant (the “Warrants“). Each Warrant will be exercisable for one common share at a price of $0.405 for a period of 24 months.
Under Two Weeks Remain in the January 2020 Stock Challenge
If you haven’t already, don’t forget to sign up for February’s Stock Challenge — there are only 11 days left in this month’s Stock Challenge.