MYM Nutraceuticals Inc (CNSX:MYM) (OTCMKTS: MYMMF) lead the cannabis sector’s uninspiring aggregate gains today—this time by default. Aside from select small cap names, the market has ground to a standstill, in what can only be described as a “dull” and “lifeless” market.
There were pockets of life below the $500 million market cap threshold, however. Yesterday’s big winner MYM Nutraceuticals again paced the top performers list, jumping $0.18 to $1.58/share (↑12.86%). The bulk of gains were realized from a powerful morning continuation gap, to a short-term price objective we predicted yesterday. The action in MYM is likely the impetus for much of the short covering/bottom picking materializing in the small cap sector, as sellers scurry away from the ask en masse.
Another notable winner was Cannex Capital Holdings. Shares in the Washington State LP and edibles leader climbed $0.10 to $1.20/share (↑9.09%). The interesting aspect to today’s trade is the volume profile, which exploded around midday and carried aggregate volume to its highest point in almost a month. The cause appears to be technical buying above the recent channel, as no news surfaced to account for the move.
We recently highlighted Cannex’s business profile, as they attempt to extend the Washington cannabis dominance to California.
Cannex Capital CEO Anthony Dutton outlines the company’s plans in regard to transplanting their leadership position in Washington State onto California.
Rounding out the Top 5 percentage gainers were an array of beaten-down small cap issues. Volume generally trended above average in these names, in dichotomy to its mid/large cap peers.
|MYM Nutraceuticals Inc||1.58||0.18||12.86%||5.74m|
|Maricann Group Inc.||1.74||0.17||10.83%||1.40m|
|Hiku Brands Company Ltd.||1.65||0.16||10.74%||793.63k|
|Namaste Technologies Inc.||1.5||0.14||10.29%||4.52m|
|Abcann Global Corporation||1.51||0.13||9.42%||855.50k|
Various Knickknacks From Around The Sector
– Excluding the TSX Exchange failure, which halted trading for most of the afternoon on April 27, Canopy Growth Corp. registered its volume day since October 26, 2017. Only 1,380,550 shares traded hands today, besting the 987,620 shares traded 6.5 months ago.
– At 2,950,128 shares, Aurora Cannabis Inc. also finished with its lowest volume since November 2, 2107. This includes the TSX outage day of April 27, and is roughly 70% lower than its 3-month average.
– CannaRoyalty Corp. experienced a strong intraday rebound off morning weakness. After falling almost nine percent, peak-to-trough, the burgeoning California operator (profiled here) pared losses. For the day, CannaRoyalty lost $0.14 to $4.73/share (↓2.87%), leaving its strong technical picture intact.
It appears market participants decided to “shake the tree” and pry loose shares from some weak hands. Judging by the non-existent spike in volume profile near the day’s lows, the maneuver wasn’t apparently successful.
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