Newstrike Brands Ltd. (TSX:HIP) saw a massive stock jump yesterday. Its stock shot up over 20% from $0.44 to its peak of $0.59. It is currently settled around the $0.54 mark and look like it will continue to climb.
What's Going On with Newstrike Brands?
The only disclosed news which might account for the stock hike is that Newstrike has retained LodeRock Advisors Inc. for strategic investor relations and capital markets communications services.
Jay Wilgar, CEO, and Chairman of Newstrike made the announcement yesterday with the following statement:
"We are pleased to announce that we have engaged LodeRock as our professional advisors...With their expertise, Newstrike can accelerate the communication of our compelling growth plan as we continue to execute on our business model. LodeRock will assist us with increasing our profile as we enter into a legalized adult-use cannabis market and beyond."
Who Are LodeRock Advisors?
LodeRock Advisors is comprised of senior capital market communications executives. Its aim is to develop and implement communications programs that help companies achieve their capital market goals and arrest the full potential of the company's public listing. The stock price is considerable proof that investors seem to be excited about its involvement with Newstrike, and the value it could add to the company's long-term growth.
But the partnership does not come cheap. The price for ongoing strategic communication services is a healthy $10K a month!
Newstrike
Newstrike has iconic Canadian musicians the Tragically Hip as partners. It is developing a diverse network of cannabis brands including its pioneering brand Up Cannabis, a licensed producer of cannabis cultivation and selling.
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Who Else Is in the Green?
The company isn't the only Cannabis stock achieving gains today. Organigram Holdings Inc.(TSXV:OGI) (OTC:OGRMF) rose 7.84% yesterday and today, the company has announced its financial results for the three and nine-months periods much to investors delight.
Alongside that CV Sciences (OTC:CVSI), Inc. rose 9.26% closing yesterday at $2.95 USD per share. The company remains at the $2.95 mark at the time of writing but looks set to climb further.
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