Pharma Stock Rips Following Acquisition News

By: Dylan Sikes – AllPennyStocks.com News

Wednesday, May 12, 2021

A Toronto-based pharma company was halted today prior to its announcement that it has entered into a definitive acquisition agreement with Canapar Corp. for a total approximate purchase of $26.2 million. According to the release, Based in Italy, Canapar is positioned to become one of Europe's largest vertically integrated cannabis companies. Canapar's state-of-the-art extraction facility is the largest in Europe and has been custom designed to produce active compounds to be used in high-quality pharmaceutical, wellness and cosmetic products from its 1,000-hectare organic hemp production and processing platform. Shares of RAMM Pharma Corp. (CSE:RAMM) rallied on the news.

RAMM Pharma Corp is primarily engaged in the pharmaceutical and medical product business, including cannabinoid pharmacology and product formulation for cannabis-based pharmaceuticals and other cannabis-based products. The group generates revenue primarily from the sale of medical devices and consumables, sale of pharmaceutical products, and sale of cosmetics. Geographically, it derives a majority of revenue from Uruguay.

Traders were optimistic on the news as shares climbed up to $1.00/share (+8.70%) following the announcement. This move is a strong continuation of the success this stock has had over the last six months.

Copyright © 2021 AllPennyStocks.com. All rights reserved. Republication or redistribution of AllPennyStocks.com's content is expressly prohibited without the prior written consent of AllPennyStocks.com. AllPennyStocks.com shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.