The Canadian market continues to have a strong year as COVID-19 cases decrease while vaccinations trend upwards.
In line with this, the S&P/TSX Composite Index remains steady with an 11.39 per cent increase year-to-date, while the Canadian dollar remains steady at US$0.83/C$1.00.
Thanks to a steady market week, stories that caught the attention of our TMH investor audience ranged from cannabis and technology to healthcare and resources.
Here’s a closer look at those stories and what might have moved the share prices of these companies.
On Monday (May 17), cannabis giant HEXO (HEXO) announced its intentions to acquire 48North Cannabis Corp. (NRTH) for $50 million.
According to the terms of the agreement, HEXO will acquire acquire all of 48North’s issued and outstanding common shares in an all-share transaction.
“As we continue down our path towards achieving a top two position in Canada by adult-use sales, we are looking forward to welcoming the 48North team into the HEXO family,” Sebastien St-Louis, CEO and co-founder of HEXO Corp., said in a release.
Shares of HEXO were down 4.17 per cent over the week to $7.01 as of 12:39 p.m. EDT on Friday (May 21). Meanwhile 48NOrth Cannabis’ shares dipped 16.67 per cent to $0.15 as of 11:51 a.m. EDT on Friday.
PyroGenesis (PYR) started the week off strong with the release of its Q1 2021 financial results, noting its revenue increased 771 per cent year-over-year to $6.3 million.
As a result, the company remains confident that it will be able to execute its 2021 growth strategies, which include pursuing merger and acquisition opportunities.
“The statistic I find most revealing in terms of what we have done in the past 12 months, and where we may be going is the fact that we posted 40% more revenues in this quarter alone than we did for the entire year in 2019, a year that saw us post a net loss of over $9 million,” P. Peter Pascali, CEO of PyroGenesis, said in a release. “We believe that the company has never been better positioned and is well placed to build upon this trend for the foreseeable future.”
Shares of PyroGenesis were up 22.69 per cent over the five-day trading period to $6.38 as of 12:51 p.m. EDT on Friday.
PharmaTher (PHRM) announced early in the week it had received US Food and Drug Administration (FDA) approval for its investigative new drug application (IND) to advance Ketamine into a Phase 2 clinical trial.
The purpose of the Phase 2 trial, which is expected to begin in Q3, will be to evaluate the efficacy and efficiency of the drug in treating levodopa-induced dyskinesia in patients with Parkinson’s disease.
“The FDA’s acceptance of our IND application for Ketamine to treat Parkinson’s disease is a significant milestone for us. The FDA IND is our first of many we will aim to obtain, and we are one of the few psychedelics-focused biotech companies that have an IND approved by the FDA for a recognized psychedelic drug,” Fabio Chianelli, CEO of PharmaTher, said in a release.
Shares of PharmaTher soared over 85 per cent over the week to $0.39 as of 1:07 p.m. EDT on Friday.
Vanadium One (VONE) made headlines during the week when the company announced it had expanded mineral resources at its Mont Sorcier Iron-Ore Vanadium Project in Quebec.
The updated resource estimate now includes results from Vanadium One’s 2020 drill program which focused on defining the eastern extension of the North Zone as well as some infill in the North Zone.
“We are very pleased to have accomplished our drilling target to significantly expand the Mineral Resources at Mont Sorcier, with over 0.95 billion tonnes in the Inferred category and over 0.11 billion tonnes in the Indicated category, adding further support and confidence to the project’s inherent viability,” Cliff Hale-Sanders, president and CEO of Vandium One, said in a release.
Shares of Vanadium One dipped 10.71 per cent to $0.25 as of 1:04 p.m. EDT on Friday.
Green River Gold Corp. (CSE:CCR) prepares for prospecting and a Soil Geochemical Survey on its Kymar Silver Property
Our last top story of the week comes from Green River Gold Corp. (CCR), which announced it is gearing up to begin field operations at its Kymar Silver Property.
The 2021 exploration program will focus on boots-on-the-ground exploration and will also include a compilation of historical data, geochemical surveying, prospecting, limited backpack diamond drilling, and a UAV-DEM geophysical survey.
“The company’s management team and advisors believe that the work program designed for the 2021 season on the Kymar Silver Project is well designed to confirm the historical results encountered on the Property and identify targets for future evaluation while adding value to our land package,” Perry Little, president and CEO of Green River, said in a release.
Shares of Green River remain unchanged over the week at $0.07.