Delta 9 Cannabis Inc (OTCMKTS:DLTNF) Stock Continues to Trade in a Range

Investors are now increasingly on the lookout for cannabis stocks they can get into following the slight revival that has been seen in the industry this year so far.

Market Action

On Tuesday, DLTNF stock  fell 1.75% at $0.3144 with more than 7k shares, compared to its average volume of 12K shares. The stock has moved within a range of $0.3139 – 0.3200 after opening the trade at $0.32.

Renewal of its Normal Course Issuer Bid for Common Shares and Convertible Debentures

One of the stocks that could be looked into at this point is that of Delta 9 Cannabis Inc (OTCMKTS:DLTNF). Although it is true that the stock is trading within a range at this point in time, it should be noted that it was in the news yesterday and investors ought to take a look at the development. The company announced yesterday that its application for the renewal of its normal course issuer bid had been approved by the Toronto Stock Exchange.

This was a significant development for the company and a closer look at the details paints a clearer picture. By way of this approval, Delta 9 will be able to pick up as many as 6,827,032 shares of the company’s common stock and that will represent as much as 10% of the public float. In addition to that, the company will also have the option to purchase a total of $1,180,000 in principal amount of 8.5% unsecured convertible Delta 9 debentures.

Traders Note

DLTNF stock is trading below the 200-Day and 20-Day Moving averages of $0.39 and $0.32 respectively. PRKR, the stock is trading below the 20-Day moving average of $0.32. The stock is up 5% in the past 3-month.

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