Global equity markets continued to rally due to a decline in new cases of COVID-19 in almost all of the hardest hit nations and continued vaccine rollout.
The U.S. is currently administering over 1.8M doses per day, up from 1.4M in the prior week. We estimate that 50% of the population will be vaccinated by August 2021 vs our previous estimate of October.
Gold prices typically fall when there is a decline in global economic uncertainties. We expect prices to strengthen in H2-2021 as inflation kicks in from a global economic recovery.
HEXO Corp. (TSX: XESO) announced that it will acquire Zenabis (TSX: ZENA) for $235M, to gain exposure to Europe’s cannabis market. This acquisition reflected an EV/R multiple of 2.6x, much lower than the industry median of 13x for large players. This acquisition is in line with our previously stated outlook of 2021 being a year of consolidation in the cannabis sector.

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Companies Mentioned:

American Manganese Inc. ,Gran Colombia Gold Corp,Lake Resources N.L.,FPX Nickel Corp.,ION Energy Ltd.,Corvus Gold Inc.,Southern Silver Exploration Corp.,Doubleview Gold Corp. , Azincourt Energy Corp., Sonoro Gold Corp.,Renforth Resources Inc.,Falcon Gold Corp.,Colibri Resources Corporation,South Star Mining Corp.,Braveheart Resources Inc.,C3 Metals Inc.,Kidoz Inc.,Banxa Holdings Inc.,Clean Seed Capital Group Ltd.,Inner Spirit Holdings Ltd.,Namaste Technologies Inc.,FinCanna Capital Corp.,Delta 9 Cannabis Inc.,Grown Rogue International Inc.