Cannabis companies have come back in favour among many investors this year due to expectations about favourable policies under the Joe Biden administration and on Monday, it was the Lowell Farms Inc stock which emerged as a notable cannabis stock gainer. There was no news about the company yesterday but the Lowell Farms (OTCMKTS:LOWLF) stock soared by as much as 14.50% amidst strong interest.
Lowell Farms is one of the better known operators among vertically integrated cannabis companies. The company’s operations are primarily focussed on the state of California. The last major news regarding the company was in early May when Lowell Farms announced its financial results for the first fiscal quarter.
For the quarter that ended on March 31, 2021, the company managed to generated revenues of $11 million, which reflected a year on year jump of 17% and sequential jump of 20%. On the other hand, the adjusted EBITDA for the quarter came in at $4.6 million, which was around the same as the figure in the prior year period. Last but certainly not the least, the company’s operating expenses came in at $4.2 million and that reflected a considerable reduction from the $5.4 million in operating expenses in Q1 2020.
Market Reaction:
On Monday, LOWLF stock jumped 14.72% to $1.28 with more than 1.71 million shares, compared to its average volume of 159k shares. The stock has moved within a range of $1.1200 – 1.3500 after opening the trade at $1.12 Over the past 52-week, the stock has been trading within a range of $0.5000 – 2.1490.
 Stock Gains Further Momentum: Now What?){kind=link}