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March 28, 2024

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Veritas Pharma (VRT.C) rockets up 54% in day of big buying

Veritas Pharma (VRT.C), the medical marijuana research stock that took a two week hit as a large investor dumped his stock to market, rebounded fully today on a day of big buying that saw the stock return to its several month average.

Two weeks ago I posted a story about how the bigger investors at Veritas weren’t panicking about the price drop, and that the likelihood they’d pick up that cheap stock was strong – but not until the dumping had been completed.

Well that appears to have happened, with 1m+ in trading volume on a day with no news.

So what pushed the big jump? How about 8 million shares traded in Germany overnight?

Anyone who took the chance to pick their shares up at the $0.30 range it was sitting at for a while will be popping champagne corks today, as it touches $0.50. Personally, I grabbed some at $0.36, so the cat won’t be getting kicked tonight.

There has been no recent news at the company, other than a paid promo piece in the Financial Post a few days back that didn’t appear to move the needle at all.

But long term investors continue to view the stock as a one-year play.

I’m with them.

To listen to the podcast I recorded earlier this year with the Veritas CEO, which explains the company plans, click the play button below:

— Chris Parry

FULL DISCLOSURE: The author owns stock in Veritas, and is a consultant to the company.

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