It appears that the owners of Double Diamond Farms aren’t exactly bullish on the prospects for their joint venture partner Aphria Inc (TSX: APHA) (NASDAQ: APHA). Both Chris and Benjamin, regarded as owners of Double Diamond as per a 2018 news release issued by Aphria in conjunction with their announced strategic relationship, have sold the entirety of the common shares they own in the issuer.
The reported stock sale occurred via 2492309 Ontario Ltd, a numbered company that is evidently jointly owned by the two Mastronardi’s. A total of 496,690 shares in Aphria were sold by the numbered co, resulting in gross proceeds of $3,000,007.60 as reported to Sedi yesterday.
The stock sale follows a similar transaction that occurred back in November 2019, when another numbered company, 1808278 Ontario Inc, that is jointly owned by the Mastronardi brothers sold a total of 275,788 common shares for proceeds of 1,838,678.596. A day earlier, the same numbered company had sold 176,700 common shares of the issuer for proceeds of $1,173,111.30.
Essentially, a pattern has emerged in connection with any granting of rights that the duo receive from Aphria. Once granted, the rights are typically converted to common shares and then sold off within a two week time period – which may provide some insight into the long term expectations the brothers have for Aphria as a whole.
Aphria Inc last traded at $6.14 on the TSX.
Information for this briefing was found via Sedar, Sedi and Aphria Inc. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.