Activities in Australia will mean a fresh push for Canadian cannabis stocks
Companies like The Green Organic Dutchman are likely to profit from this trend.
The Green Organic Dutchman Holdings Ltd. (TSX: TGOD), a Canadian cannabis stock, climbed 11% to $ 0.36 on Friday after announcing that it had signed an exclusive distribution agreement with Australian distributor LeafCann for international exports to Australia and New Zealand. The company added that it plans to launch its highly Dutch brand across Canada in the second half of September after "strong sales" in Quebec. The shares of OceanaGold Corporation (TSX: OGC) also fell 6% to $ 3.05 as the gold mine claims its 2020 production forecast for the Haile gold mine in the United States is between 135,000 and 175,000 ounces of gold lowered, which was due to "the ongoing challenges of COVID-19". Just Energy Group Inc. (TSX: JE) meanwhile reported that its shareholders have approved a recapitalization plan that will add more than $ 100 million in equity to the company and reduce its net debt and preferred stock by $ 520 million. JE also managed to generate earnings of $ 0.43 per share for the first quarter after posting a loss of $ 1.82 per share the previous year. Just Energy shares rose 28% to $ 0.51 after the announcement. Finally, Burcon NutraScience Corporation (TSX: BU) shares rose 12% to $ 2.47 after the vegetable protein company announced that its joint venture company, Merit Functional Foods Corporation, was investing $ 30 million Dollar received from Bunge Limited to bring Burcon's pea and canola protein ingredients to market.