BEV Stock Soars After Carmanah Craft Acquisition

BEV stock

BEV stock is gaining today after BevCanna Enterprises (CSE:BEV) (OTCPK:BVNNF) announced that it had acquired cannabis genetics firm Carmanah Craft Corp.

Cannabis Genetics Deal

The Canadian cannabis beverage maker announced that it had issued 8,941,176 common shares of the company at a price of $0.425 to the shareholders of Carmanah in the arm’s length transaction. The deal will give BevCanna access to an extensive range of cannabis genetics, including 50 premium cannabis strains and over 25 types of cannabis seeds, including six auto flower seed varieties. BEV stock is currently up just over 8% at the time of writing.

“This deal will dramatically increase our overall cannabis yield projections,” said Joey Bedard-Brunet, Head of Cultivation at BevCanna Enterprises.

Enter Your E-mail Address To Subscribe

* indicates required
 

“Together with the recently announced increase in our outdoor cannabis cultivable land to almost 300 acres, the acquisition of Carmanah’s proven outdoor genetics will allow BevCanna to develop into one of the largest outdoor cannabis cultivators in Canada,” said John Campbell, Chief Strategy Officer at BevCanna. BEV stock is currently trading for $0.31.

>> CLVS Stock Rockets 20% as FDA Grants Priority Review to Rubraca

A significant portion of the genetics library supplied by Carmanah is outdoor specific strains that originate from California, which has a very similar climatic growth environment to BevCanna’s operation in the Okanagan Valley in British Columbia and, therefore, is expected to significantly increase crop yield. Additionally, the genetics library includes some of the top mold-resistant, outdoor, high yielding, auto flower seeds, each expected to yield more than two kilograms per plant.

Flat Start for BEV Stock

News of the takeover has provided some signs of action in BEV stock after a relatively flat start to the year. Having traded for around $0.43 on December 26, the stock fell over 30% by New Year’s Eve and has failed to get back to those levels since. While the cannabis beverage market is expected to be worth US$2.8 billion by 2025, current regulations and the slow rollout of legalization 2.0 have hindered any substantial growth so far.

BevCanna Enterprises currently markets a THC-infused sparkling water line under the Anarchist Mountain label, while its forthcoming Lev range of fruit-flavored CBD-infused water is expected to arrive on market early this year. BEV stock currently holds a ‘Buy’ rating from Trading View.

>> Read More Cannabis News

Featured Image: DepositPhotos © Fotofabrika

Please See Disclaimer

If You Liked This Article Click To Share


Disclosure:

1) The author of the Article, or members of the author’s immediate household or family, do not own any securities of the companies set forth in this Article. The author determined which companies would be included in this article-based on my research and understanding of the sector.

2) The Article was issued on behalf of a third party, BevCanna Enterprises Inc. Market Jar Media Inc. has or expects to receive two hundred and twenty-six thousand, five hundred Canadian dollars from BevCanna Enterprises Inc.’s agency of record Native Ads Inc. for 21 days (15 business days).

3) Statements and opinions expressed are the opinions of the author and not Market Jar Media Inc., its directors or officers. The author is wholly responsible for the validity of the statements. The author was not paid by Market Jar Media Inc. for this Article. Market Jar Media Inc. was not paid by the author to publish or syndicate this Article. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. Market Jar Media Inc. requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Market Jar Media Inc. relies upon the authors to accurately provide this information and Market Jar Media Inc. has no means of verifying its accuracy.

4) The Article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Market Jar Media Inc.’s terms of use and full legal disclaimer as set forth here.. This Article is not a solicitation for investment. Market Jar Media Inc. does not render general or specific investment advice and the information on Microsmallcap.com should not be considered a recommendation to buy or sell any security. Market Jar Media Inc. does not endorse or recommend the business, products, services or securities of any company mentioned on Microsmallcap.com.

5) Market Jar Media Inc. and its respective directors, officers and employees hold no shares for any company mentioned in the Article.