One stock we recently profiled with a prediction of near-term gains was Beleave Inc (OTCMKTS: BLEVF). That piece appeared about 10 days ago, and turns out to have been quite a prescient outlook. In all, we have seen as much as 30% in gains for shareholders involved in the name since that time, including a strong, high-volume breakout above its major moving averages in an impressive sprint higher.
Helping to fuel that action, the company just announced that its wholly-owned subsidiary Beleave Kannabis Corp. has received its approval and provider number to service those who have qualified for cannabis coverage through Medavie Blue Cross including the Canadian veteran community. According to the release, “with over 1,000,000 card holders Medavie Blue Cross is one of Canada’s leading Blue Cross plans and although each card holder’s benefits may differ, cannabis coverage is available to patients approved by Blue Cross.”
Beleave Inc (OTCMKTS: BLEVF) is a biotech company focused on the production of medical marijuana in Canada. The Company’s wholly-owned subsidiary, First Access Medical Inc., has received a license to cultivate medical marijuana at its facility pursuant to the Access to Cannabis for Medical Purposes Regulations outlined by Health Canada.
The Company is actively working towards its sales license, the development of patents through research with Canadian institutions and the research and development of smoke harm reduction products.
In short, Beleave Inc., together with its subsidiary, First Access Medical Inc., operates as a medical cannabis company in Canada. The company cultivates and sells cannabis for medical purposes.
Beleave Inc. is headquartered in Flamborough, Canada.
According to company materials, “Beleave Inc. is a biotech company and Beleave’s wholly-owned subsidiary Beleave Kannabis Corp. (formerly First Access Medical Inc.) is a licensed producer pursuant to the ACMPR. Beleave’s purpose-built facility is located in Hamilton, Ontario.”
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As noted above, we have been looking for strength in this stock this month, and it hasn’t disappointed. One of the key catalysts to emerge as fuel for the rise was the company’s announcement this week that its wholly owned subsidiary Beleave Kannabis Corp. has received its approval and provider number to service those who have qualified for cannabis coverage through Medavie Blue Cross including the Canadian veteran community.
“We aim to help provide ease of access to those with Blue Cross coverage allowing patients to cut a multitude of steps typically needed to make a claim,” commented Beleave CEO Andrew Wnek. “Our team is ready to accept new patients and are confident in our ability to provide the highest quality service to all patients including our country’s respected servicemen and women.”
As noted in the release, Medavie is a non-profit Canadian Medical care insurance company headquartered in Moncton, New Brunswick. The Company was named one of Canada’s Top 100 Employers by Maclean’s magazine and is the only non-profit medical insurance organization in Canada to receive this honor.
Recent action has seen 24% added to share values of the name over the past week of action. In addition, the listing has seen interest climb, with an increase in recent trading volume of nearly 790% above the average volume levels in play in this stock over the longer term. It pays to take note of this fact given the stock’s somewhat limited trading float of about 39 million shares.
Currently trading at a market capitalization of $60.7M, BLEVF has a significant war chest ($10.7M) of cash on the books, which is balanced by virtually no total current liabilities. The company is pre-revenue at this point. This may be a very interesting story and we will look forward to updating it again soon. Sign-up for continuing coverage on shares of $BLEVF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $BLEVF, either long or short, and we have not been compensated for this article.