The Investment Industry Regulatory Organization of Canada will cancel all trades of Nabis Holdings Inc. executed between January 27 and February 2, according to Bloomberg. This comes after the micro-cap entity’s stock surged from a penny to nearly a dollar over the course of the week. 

Nabis Stock’s 9,500% Rally in Vain as Canadian Regulator Cancels Trades
  • Short-selling on Nabis was also ruled ineligible.
  • IIROC considers the interest of maintaining a fair and orderly market as the basis of its decision to cancel trades
  • Canadian-focused cannabis stocks have been on a surge, with the Horizons Marijuana Life Sciences Index ETF up 73% this year.
  • Nabis, a Canadian investment company in the cannabis sector, has a market value of C$3.6 million after its surge and has about 3.7 million shares outstanding.
  • On Tuesday, Nabis said one of its companies, Perpetual Healthcare Inc., got a dual license in Arizona to sell cannabis products to consumers and medical clients and is also settling an earlier lawsuit. 

Nabis closed for trading on February 2 at $0.96