With only four trading days left in this month’s Stock Challenge, member ‘turtle_named_Mack’ is back in first place again! Talk about a comeback. That said, turtle_named_Mack’s return could be short-lived—both second place member ‘bob4001’ and third place member ‘Brian Crich’ are only a few percentage points away from closing in on first-place…
Auxly Cannabis Group Spikes As Medallion Resources Falls
Auxly Cannabis Group Inc.—today’s biggest Stock Challenge breakout— traded over 10 million shares today, soaring 24.66% from C$0.73 to C$0.91. The Vancouver-based cannabis firm announced today that it had struck an R&D partnership with multinational tobacco company Imperial Brands PLC.
Via Globe Newswire,
“Imperial Brands PLC . . . will invest approximately $123 million in Auxly by way of a convertible debenture and grant Auxly global licences to Imperial Brands’ vaping technology and access to its vapor innovation business, Nerudia . . .”
On the topic of its new partnership with Imperial Brands, Hugo Alves, President of Auxly, commented,
“This investment from Imperial Brands will enhance Auxly’s ability to continue to deliver on our business plans and accelerate our growth initiatives to expand our portfolio of branded derivative products . . . The timing is ideal as we prepare to bring our portfolio of innovative cannabis products to the Canadian market following the legalization of edibles, extracts and topicals later this year.”
Imperial Brands’ investment into Auxly Cannabis is a welcome sign for Canada’s cannabis industry, as investments of this calibre can act like a catalyst for the industry as a whole.
While Auxly Cannabis had a strong trading day, Medallion Resources Ltd. did not. The company fell 18.18% from C$0.17 to C$0.14 today, having recently provided confirmation that management was not aware of any undisclosed material information.
Via Medallion Resources,
“Medallion Resources . . . at the request of the Investment Industry Regulatory Organization of Canada (“IIROC”), announces that its management is not aware of any undisclosed material information relating to the Company that may be contributing to the recent increase in its trading activity.”
Only five trading days remain in this month’s Stock Challenge, and right now it’s anyone’s game…