48North Cannabis Corp. (TSXV:NRTH) (OTC:NCNNF) is up 13% on the TSXV today and remains a top trader on the Canadian exchange! The cannabis company announced its positive Fiscal Q2 2019 earnings early this morning, a move that is likely the cause for the spike.
48North Cannabis Earns $2.4 Million
48North released its Q2 Fiscal 2019 results this morning for the three and six months ending December 31, 2018. The Toronto-based cannabis company saw a +88% increase in revenue over the last quarter, bringing in $2.4 million compared to the previous $1.3 million.
Within Q2, 48North acquired its second licensed producer, Good & Green. The acquisition sought to make the company "one of the largest and lowest-cost producers of dried cannabis and cannabis oil."
>> Tilray Stock: Mega Hemp Deal Could Mean Mega US-Hemp Growth
In addition to the acquisition, 48North Cannabis closed its $3 million non-brokered private placement with Canopy Growth Corporation (TSX:WEED) (NYSE:CGC). In total. the cannabis company closed $10 million, but only $3 million came from Canopy Growth. The other $7 million came from a leading US-based private investment fund. 48North used the capital to support the expansion of its company. Some of the funding was already allocated to its 100-acre farm and large-scale extraction
"48North successfully achieved all of the milestones it targeted in Q2. These included: sustained revenue growth; closing both the Good & Green acquisition and the $10,000,000 private placement," said Alison Gordon, co-CEO of 48North.
48North Cannabis Stock Movement
According to Yahoo Finance, NRTH is currently trading at $1.05 a share, up +$0.12 (+12.90%). The cannabis stock has seen a high of $1.12 a share on the market today. For the week, NRTH is up +28%, and for the month, the cannabis stock is up 72%.
On the OTC, the cannabis stock is seeing even larger percentage gains. At the time of writing, NCNNF is trading at $0.84 a share, up +$0.13 (+19.66%). For the week, 48North's stock is up +35%, and for the month, it is up +87%.
>> Read More Cultivation & Retail News
Featured Image: Canva
