And if you think that’s ironic (with 420 being a common term to describe marijuana), you’re not far wrong. It would appear a lot of investors from last Friday, when the company was trading at around $2.50, set their sell triggers to $4.20 on a lark and have perhaps been caught unaware that the stock has hit it so soon. 5.3m volume shows a lot of interest remains in the stock, but it hasn’t been able to break out of the irony zone at this point and, late in trading took a $0.20 dive, remaining up 11% on the day.
Some experts thought $2 was a fair buy-in target, but the company is scaling fast and has first mover advantage. Any price under $4 is going to tempt buyers. A potential competitor to Tweed is Medican Inc (MDCN), which is an OTC penny stock that doesn’t show in the data, but word on the street is it’s looking for a 50% stake of IHMML, which is seeking to buy two medical marijuana grow facilities that will have around 700,000 sq. ft. of grow space. That’s around four times the size of Tweed’s operation.
Of course, US penny stocks with non-binding LOIs with other US penny stocks who want to get government approved in Canada provides all sorts of potential weirdness going forward, so assuming you can actually trade in these tickers, use your common sense and do all sorts of due diligence.
West Point Resources (TSX:V.WPO, Stock Forum) took a step out into the light today, appointing STI Pharmaceuticals CEO Andrew Davies to an Advisory Board role.