Stock roundup: MGC Pharmaceuticals and Argo Blockchain riding highs
The blockchain and cannabis stocks may be riding the retail investor wave.
With retail interest in the stock market at an all-time high and fuelled by millennial-driven investing communities like Reddit’s WallStreetBets, it’s no real surprise that disruptive, tech-driven stocks are enjoying a moment in the sun.
New kid on the block(chain)
After months of impressive stock growth, Argo Blockchain has announced it had secured a deal with ePIC Blockchain Technologies to get priority access to ePIC’s crypto mining rigs. It has also agreed an initial purchase of $8m (about £5.7 million) of mining machines, which will be delivered in the last quarter of 2021.
The London-based blockchain and cryptocurrency mining company recently passed a market cap of £1 billion, as stock investors clamour for exposure to crypto stocks. ARB shares have seen a rise of more than 5000% from their October low of 4.45p, and are now trading around £2.80.
Can-do cannabis
Australian company MGC Pharma (MXC) became the first cannabis-focused stock to ever list on the main market of the London Stock Exchange on 9 February, on the back of a year of impressive growth. MXC stocks were up more than 400% over the last quarter, after it announced it had entered an agreement with Swiss PharmaCan AG to sell and distribute its anti-inflammatory medicinal cannabis supplement line.
It’s one of a number of cannabis companies that has found recent IPO success on the LSE, along with Israeli-based vaporisation firm Kanabo Group, which saw its own shares rocket over 200% on its first full day on the London markets.