Former Sunniva President Leith Pedersen selling shares (CSE: SNN)
Some readers noted that Leith Pedersen, former President of Sunniva (CSE: SNN) (OTCQB: SNNVF) was selling some of his shares.
Pedersen explained it as follows. He is no longer an officer or director of SNN so his share sales were to reduce his holding below 10% so he would no longer be an insider of the company. The trading was done on the U.S. exchange using a trading algorithm that ensured his sales were following the trend and not creating it and to ensure that his sales did not exceed a predetermined percentage of trading on any one day. Pedersen informed me that since he reduced his holding to less than 10%, he has not sold a share.
In the cannabis market we are in, everyone is suspicious of everything and react on a possible negative before considering a possible explanation. That’s one way stocks get undervalued and create opportunities for others to invest.