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Stocks of Empower Clinics Inc. (CSE: CBDT) improved by 2.30 per cent on Friday, March 19, after the company announced that it raised C$12 million from its warrants offering, nearly C$ 1.5 million more than the expected gross amount.
The company is also in talks with the distribution partners across Canada for their COVID-19 saliva test kit, informed Chairman & CEO Steven McAuley. He added that the home-based COVID test could meet the requirements of the executive travel directives.
This COVID stock could rise on the back of cash availability and its PCR test success against COVID-19 mutants.
Let us jump into its Canadian Securities Exchange-listed stock’s performance:
Empower Clinics Inc. (CSE: CBDT)
The healthcare company offers health and wellness care solutions through its telemedicine and medical diagnostics labs. It is digitally operating across the US and Canada. Its current market cap is C$ 272 million.
It has swelled by 212.28 per cent this year, and it has a 30-day average volume of 14 million shares. It has zoomed nearly 2,443 per cent in one year, outpacing the S&P TSX Composite Index that has delivered a 1,541 per cent return in the same period.
The healthcare penny stock price stands at C$ 0.890, down 64.40 per cent versus its 52-week high of C$ 2.50 per piece (registered on February 22, 2021).
It has yielded an extraordinary growth of 3,460 per cent compared with its 52-week low 0f C$ 0.025 per common share (posted on March 30, 2020). Its return on equity has soared to 223.83 per cent.
Empower Clinics' One-Year Stock Performance Chart. (Source: Refinitiv)
In the nine months ended on September 30, 2020, the company reported total revenue of 2.30 million, up 67 per cent against 1.41 million for the same period in 2019.
Empower Clinics announced on February 25, that is planning to build three integrated healthcare centers in Ontario to generate C$ 2.56 million to C$3.60 million in annual revenue from each center. These centers will be specialized in dermatology and cardiology.
