For MYM Nutraceuticals Inc (CNSX:MYM) (OTCMKTS: MYMMF) and alike small cap peers, today was a day of revolt. After getting pummeled mercilessly over the past few sessions, several names experienced sharp reversals. The end result: the small cap cannabis took an uncommon leadership position in the sector today.
First off, we start with colossal winner MYM Nutraceuticals, currently up $0.39 to $1.39/share (↑39.00%). This morning, the company provided an update regarding their Sublime Culture Inc. ACMPR production facility located in Laval, Quebec. MYM reaffirmed the Sublime Culture ACMPR license application is currently in queue awaiting final review from Health Canada. The company further confirmed it was satisfied that is “has provided Health Canada with all the necessary information in order for them to move ahead with the license application.”
MYM Nutraceuticals had previously submitted a Confirmation of Readiness (COR) for licensing to Health Canada on December 15, 2017. Phase two of the project in Laval would see grow capacity almost quadruple, from 10,000 ft2 to 37,000 ft2.
Turns out, the corporate update was exact panacea MYM Nutraceuticals needed to turn around their stock price.
Given the pronounced reversal, heavy volume and overhanging catalyst which is full ACMPR approval, more upside potential could be had over the next few sessions. Volume finished is already at 8,749,436 shares, which is 11-times the average daily 3-month volume. Certainly, with a strong close and lofty volume profile, further price extension to the resistance zone is a good bet.
InMed Pharmaceuticals Inc. is another beaten-down small cap cannabis stock which soared today. Inmed rose $0.17 to $1.10/share (↑18.28%), in the absence of specific news. The strong price action is likely associated with sellers cashing in their chips and leaving, following MYM’s lead. Volume was rather impressive, currently at 763,095—on pace to finish at six week highs. After a 47.34% decline—peak to trough— since March 26, it appears sellers have vacated the space for now.
The story is similar for Namaste Technologies Inc. Playing follow-the-leader with MYM Nutraceuticals, shares have risen ↑12.82% without a catalyst. Namaste had cratered ↓59.14% since peaking at $2.57/share on March 19. Sellers have simply squeezed as much blood from this stone, and have moved on to greener pastures.
Namaste Technologies Inc CEO Sean Dollinger talks about the company’s future prospects, upcoming exchange listings, competition with Amazon, and more
Whether or not the stage is set for a sustained rally in each issue is questionable. Given the volume profile, strong close and other variables, MYM Nutraceuticals may have more upside leeway. But to stop the hemorrhaging, you first have to stop the bleeding. That’s what several small cap cannabis issues have done today.
CannaRoyalty Continues to Shine
As profiled yesterday on Midas Letter, CannaRoyalty Corp. continued its breakout, touching $4.89/share (↑3.68%) intraday (2:45pm). While the company has disseminated a couple of informational press releases this week, the main catalyst appears to be the realization that CannaRoyalty can indeed make an impact in the lucrative California market. Money is rotating into the name in anticipation of the company’s California build-out and execution strategies.
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Top 10 Canadian Cannabis % Leaders (2:45pm)
|MYM Nutraceuticals Inc||1.41||0.41||41.00%||8.88m|
|InMed Pharmaceuticals Inc.||1.09||0.16||17.20%||760.55k|
|Namaste Technologies Inc.||1.31||0.14||11.97%||5.83m|
|Isodiol International Inc.||0.77||0.08||11.59%||7.07m|
|The Hydropothecary Corporation||4.91||0.25||5.36%||1.43m|
|Abcann Global Corporation||1.39||0.04||2.96%||438.09k|
|Hiku Brands Company Ltd.||1.45||0.04||2.84%||290.30k|
|Aurora Cannabis Inc.||8||0.22||2.83%||4.79m|
|OrganiGram Holdings Inc||4.46||0.11||2.53%||433.23k|
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