Bruce Lintons New Tech Stock Up 152% On Thursday
Yesterday Canopy Growth (WEED.T) CEO Bruce Linton went on BNN to talk about his involvement in the brand new tech stock Martello (MTLO.C). Shares of Martello, which now trades under the symbol MTLO, opened at $0.50 on Wednesday morning, giving the firm a valuation around $85.9 million. Martello completed an RTO of a Vancouver-based shell company to achieve its listing on the TSX Venture Exchange.
The market jumped on the buying opportunity this morning with over 48 million shares traded as of 2:45 PM EST. MTLO opened at $0.485 and closed at $1.11. Canopy has been one of the hottest cannabis stocks over the past few years and has gotten even more attention after a 5 billion dollar investment from Constellation Brands.
From Martello’s website:
Martello is a global leader in technology that manages the performance of real-time communications (VoIP, video, streaming) on cloud and enterprise networks.
Our powerfully simple SD-WAN and SaaS solutions transform our customer’s networks giving them confidence in the performance of real-time services on their cloud and enterprise networks.
Manhattan DA’s office drops more than 3,000 open marijuana cases
Manhattan District Attorney Cyrus Vance on Wednesday dropped more than 3,000 open marijuana possession cases dating back to the 1970’s. Vance moved to vacate 3,042 outstanding warrants and dismiss the charges before New York City Criminal Court.
The judge said the cases must be sealed within 90 days.
Tilray Continues To Go Crazy
Ever since Tilray’s (TLRY.Q) IPO back in July the stock has gone absolutely nuts. Seattle based cannabis cultivator Tilray Inc. generated $7.8 million USD revenue in Q1 of 2018 before going public and sells its products internationally, often with great price points and margins.
Tilray’s founder owns a disproportionate amount of stock and voting power, so the amount of shares in circulation for the general public is low, around 15M. With so few shares available to trade, the impact on supply and demand can be significant and share prices can move very quickly in either direction. With so much hype in the cannabis sector, these shares are changing hands constantly as retail investors swarm for the hottest recent IPO.
Aurora Acquires ICC Labs
Aurora Cannabis Inc. signed an agreement to acquire South American cannabis company ICC Labs Inc. for $290 million. Under the agreement, ICC shareholders will receive 0.2448 of an Aurora share for each ICC share, making the deal worth $1.95 per share.
Aurora says ICC has over 70 per cent market share in Uruguay, the first country to legalize cannabis for adult consumer use. ICC also holds licences in Colombia for the production of medical cannabis.
The transaction is subject to court approval and a two-thirds majority vote by ICC shareholders.
Auxly Announces Definitive International Supply Agreement With Aphria
Auxly through its wholly owned subsidiary Dosecann Inc. entered into a supply agreement with Aphria. Dosecann will have the option to purchase cannabis for distribution to certain international markets, including Mexico, Portugal, and Serbia, as well as a limited amount for distribution into the Canadian market.
Dosecann will have the option to purchase up to 20,000 kilograms of Cannabis Products on an annual basis, until such time, Dosecann will have the option to purchase up to 100 kilograms of Cannabis Products on a monthly basis. The Agreement extends until January 31st, 2022 and may be renewed for additional 12-month terms.