Insiders are Buying at These 3 Canadian Cannabis Producers

One of the biggest votes of confidence an executive of a public company can give his or her stock is the purchase of stock on the open market. Management at GTEC Holdings (TSXV: GTEC) (OTC: GGTTF), Heritage Cannabis (CSE: CANN) (OTC: HERTF) and Supreme Cannabis (TSXV: FIRE) (OTC: SPRWF) have all bought shares in early 2019.

GTEC CEO Norton Singhavon has been a consistent buyer of the stock since it began trading publicly last year, and he bought additional shares after the company terminated its merger agreement with Invictus MD Strategies (TSXV: GENE) (OTC: IVITF). Singhavon bought 40K shares on the 16th, according to Canadian Insider, paying $0.555 per share and bringing his total direct ownership to 10.91 million shares. He also owns 208K shares indirectly. Since August, he has purchased about 1 million shares.

Like Singhavon, Heritage Cannabis CEO Clint Sharples has been a persistent buyer. Last week, he bought 95K shares between $0.185 and $0.19. Since September, he has bought over 700K shares.

The most aggressive buying was at Supreme Cannabis, where CEO Nav Dhaliwal, President John Fowler and CFO Dimitre Naoumov all bought last week. Adding to the significance of the purchases by the trio is that the buys took place at a substantial premium to the 52-week low of $1.15 set in late December:

Supreme is expected to report Q2 financials in February and just announced that it will be uplisting from the TSX Venture to the TSX.

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Exclusive article by Alan Brochstein, CFA
Alan Brochstein, CFA
Based in Houston, Alan leverages his experience as founder of online communities 420 Investor, the first and still largest due diligence platform focused on the publicly-traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. At New Cannabis Ventures, he is responsible for content development and strategic alliances. Before shifting his focus to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst following over two decades in research and portfolio management. A prolific writer, with over 650 articles published since 2007 at Seeking Alpha, where he has 70,000 followers, Alan is a frequent speaker at industry conferences and a frequent source to the media, including the NY Times, the Wall Street Journal, Fox Business, and Bloomberg TV. Contact Alan: Twitter | Facebook | LinkedIn | Email

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