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.

Written By:

Chris Parry

A multi-Webster Award winner for excellence in BC journalism, Parry is the founder and publisher of Equity.Guru, which he built with the specific plan to blend old school reporting with stock promotion, in a way that puts the emphasis on truth, high standards, and ethics. Parry is a veteran of TV, radio, and print, and consults with public companies to help them figure out their storylines, lay down achievable milestones, and improve their communication with shareholders, while also posting regular deep dive analysis of companies in the public spotlight.

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