It’s been a while since Emblem Cannabis (EMC.V) hit the public markets as one of the big five, making early investors who bought in at $1.15 per share wealthy and setting up the slipstream countless other weedcos have used to burst onto the markets at speed in the months since.
But as big as Emblem’s debut was, it quickly became a mystery.
Why was it sliding? Why did it keep sliding? Why was there no news? Why, when everything else was jumping about, was Emblem so quickly forgotten by the market?
Today? The market remembered.
It’s not based on news. the most recent Emblem news release was March 20, when it announced it was up to over 2000 patients.
PARIS, ONTARIO (Marketwired – March 20, 2017) – Emblem Corp. (TSXV:EMC) (“Emblem” or the “Company”) is pleased to announce that the Company has successfully ramped up its patient acquisition program resulting in a total of 2,091 active and pending patients (net of expired and disabled registrations) having registered since the opening of its patient fulfillment website in late November, 2016. Patient acquisition has been progressively accelerating with 49 patients registered in November, 157 in December, 437 in January, 691 in February and 553 in March to date with a further 246 registrations pending verification.
The greater weed market is having a good day, with rumours afoot that the federal government wants to get weed legislation passed sooner than originally announced.
Plenty of cannabis companies are doing well on the stock side in the wake of that, but none have come close to the boingyness of Emblem’s 21% price jump Monday, which added an extra $50 million to the market cap.
International Cannabis Corp (ICC.V) is up 17% at the time of writing, Abattis Bioceuticals (ATT.C) (which we don’t talk about because we disbelieve) is up 17% on news it has a new CEO (which may make it worth talking about at some point). InMed (IN.C) continues its crazy train upwards ride, up 11%. Emerald Health is gaining new fans as it runs up 12%. supreme (SL.C) is up 8%, Cronos (MJN.V) up 7%.
And Wildflower (SUN.C), which nobody seems able to explain right now, continued its recent reign of fire with another 23% lift. Who would have seriously bet on Wildflower hitting $0.90 just a few weeks after it left $0.30?
Worth noting: Canopy (WEED.T), Aphria (APH.T), and Aurora (ACB.V) aren’t exactly moving the needle as the smaller companies run. This tells me the market is back to looking for value, rather than pack mentality and following the leader.
Emblem is, straight up, cheap. It has been for some time, a fact we pointed out just last week.
It’s still cheap, even after this morning’s upward move. It’d be a lot more likely not to stay that way if the company gets some news out…
— Chris Parry
FULL DISCLOSURE: Emblem Cannabis is an Equity.Guru marketing client
Chris, you’re such a fricken tease…
Benoit, you know you like it that way. 🙂
I miss the good old days when you used to send private emails to members only…