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Shares of Primo Nutraceuticals Inc. (OTC:BUGVF) enjoyed a 313% climb Thursday.
What Happened: The Vancouver-based company opened the day at about 93 cents a share, was trading at $7.00 a share by 9:55 a.m. ET and closed at $2.50.
Why It Matters: Primo specializes in the production, processing, retail and study of cannabis and non-cannabis natural health products — including psilocybin mushrooms. And Thursday, a new bill in California proposed the legalization of possession of certain psychedelics.
Under the new legislation, the possession of magic mushrooms, LSD and DMT would be legal, and also people with criminal records in relation to the possession or use of these psychedelics could ask for expungement.
Last year, Primo partnered with MedCan Biotechnologies, a company that specializes in chemical and genetic analysis of psilocybin mushrooms.
Also Thursday, psychedelics company MindMed (NEO: MMED) (OTCQB: MMEDF) agreed to buy health company HealthMode for $32.5 million.
The fact that health-related psychedelics grabbed headlines Thursday likely led to the pop in Primo's share price.
What's Next: Stay tuned for Primo's closing a deal for Colorado-based Full Spectrum Biosciences Inc.
The transaction would include FSB's websites for CBD, CBG, and Hemp oil extract products, including RehabRx and Hemp Pops, as well as its current inventory and sales and distribution channels.
The price tag remained undisclosed.
Primo CEO Richard Cindric called it a "major milestone for the company."
Primo Nutraceuticals previously did business as Bougainville Ventures before rebranding in 2019.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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