The Green Organic Dutchman
Many cannabis-sector stocks are rallying today. The Canadian cannabis frim Aphria (APHA) reported 63% sequential growth in its second-quarter revenue today, which triggered a rally in its stock. At 12:35 PM, APHA was trading with 6.5% gain for the day. At the same time, rival Canadian cannabis company The Green Organic Dutchman (TGODF) surged 10%. Let’s find out what could be driving the gains in TGODF.
What could be driving the gains?
On Tuesday, The Green Organic Dutchman appointed two new members of its board of directors—Dr. Caroline MacCallum and Jacques Dessureault. The company said in a press release that Dr. MacCallum “is one of the world’s most prominent experts in cannabinoid-based medicine.” The cannabis producer added that the second newly appointed director, Dessureault, “had an extensive pharmaceutical career including significant experience in life sciences, over-the-counter, natural health, and technology industries.”
The Green Organic Dutchman’s chairman, Jeff Scott, reflected optimism on the new appointments as they bring extensive experience to the company, which is nearly in its production ramp-up phase.
After the news, TGODF saw a strong price rally, as it surged 7.1% and 5.5% on Wednesday and Thursday, respectively, before today’s 10% gains.
Optimism in other major cannabis stocks today, partly after Aphria’s positive results, could have raised investors’ hopes in TGODF, too, which could be what fueled The Green Organic Dutchman stock rally today.
Today at 12:58 PM, other cannabis stocks Aurora Cannabis (ACB), Tilray (TLRY), and Cronos (CRON) were trading with 7.7%, 23.3%, and 4.7% gains, respectively.