Cannabis stocks are trading higher today. Well, at least, MYM Nutraceuticals Inc. (CNSX:MYM) is, at least. Here’s what’s been going on!
What Happened Friday?
Despite not actually announcing anything significant today, MYM Nutraceuticals Inc. is trading up more than 10% already in the session. For those who don’t know, MYM Nutraceuticals Inc. is a Vancouver-based cannabis company that has applied to become a licensed cannabis producer. It is known primarily for its involvement in acquiring, growing, and building businesses in the cannabis industry.
Currently, MYM Nutraceuticals is trading at $2.71 on the Canadian Securities Exchange. This puts the stock up $0.30, or 12.45%. It opened the day at $2.38 and has received 1,460 stock trades already. So, what caused the stock to shoot up today? Well, the company may not have released any news today, but it has been quite active throughout the past two weeks.
Let’s start with last week. On February 20, MYM Nutraceuticals reported that it closed its non-brokered private placement of 5,000,0000 units valued at $2.00 per unit for gross proceeds of $10,000,000. Then, on February 26, the company announced that it finalized its purchase of Budly Cannabis’ home delivery app software. A few days later MYM Nutraceuticals announced that it had appointed a new chief financial officer.
So perhaps investors are still on a high from all of these announcements, and that’s why the stock is trading up today. Regardless of the reason, MYM Nutraceuticals has made it on the CNSX top percent gainer list. As a result, I think it’s fair to say the company and its shareholders are going to go into the weekend with high spirits.
Meanwhile, the rest of the Canadian cannabis industry appears to be doing rather well. That is, with the exception of Global Cannabis Applications (CNSX:APP) which is trading down nearly 10%.
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