The early years of the legal cannabis industry have been a bumpy road, but there are signs that the future could be bright and leafy green. As the COVID-19 pandemic has kept many consumers in their homes, cannabis usage has gone up. While most cannabis businesses are still trying to turn a profit, many are showing signs of high potential. Let’s take a look three cannabis penny stocks with high volume.
3 Cannabis Penny Stocks With High Volume: MassRoots Inc (OTCPK:MSRT)
MassRoots is the largest social network focused on the cannabis community. The website offers cannabis industry news, strain information, dispensary listings, and more. The Colorado-based MassRoots has an estimated 900,000 users and its advertising portal has an estimated 1,000 clients.
After a terrible 2019, MassRoots’ stock has been relatively stable throughout this year. The company’s stock sits at just $0.002650 as of closing on September 10, with a market cap of $1.308 million. MassRoots’ volume, however, sits at 6,093,107, signalling the possibility of a rising tide for the company.
In the company’s September 2020 Shareholder Update, MassRoots reported that the company had implemented a series of cost-saving measures meant to make the company cash-positive in the coming months. These included a remote-operations plan meant to reduce monthly expenses, the renegotiation of contracts with service providers, and monetizing MassRoots’ existing media assets.
3 Cannabis Penny Stocks With High Volume: GreenGro Technologies (OTCPK:GRNH)
Based in California, GreenGro Technologies is a manufacturer and retailer of eco-friendly indoor and outdoor cannabis cultivation equipment for the consumer and commercial farming markets. The company offers modular automated hydroponic grow-rooms, portable grow-containers, greenhouses, hydroponic and aquaponics supplies, and cultivation consulting services.
GreenGro’s stock price took a dip in February and has remained relatively stable since. As of closing on September 10, GreenGro had a stock price of $0.002650 and a market cap of $1.013 million. The company has an impressive volume, however, of 4,148,700.
In July, GreenGro CEO Matthew Burden was interviewed on NBC and Fox News on his company’s plans to develop a 160-acre hemp farm and research facility. The company will convert a property in Nevada into its new facility while it obtains a Nevada Industrial Hemp Grower, Handler, and Seed Producer License.
3 Cannabis Penny Stocks With High Volume: The Green Organic Dutchman (TSX:TGOD) (OTCQX:TGODF)
The Green Organic Dutchman Holdings Ltd. is an Ontario-based licensed cannabis producer focused on the health and wellness market. The company sells dried flower, concentrates, teas, dissolvables, and more, with a focus on organically produced, eco-friendly products. The company also sells hemp CBD products in Europe through its HemPoland subsidiary.
As of September 10, The Green Organic Dutchman had a share price of $0.325 and a market cap of $124.996 million, along with a volume of 1,056,000
In May, The Green Organic Dutchman successfully launched its new Highly Dutch brand in Quebec. In its August Corporate Update, the company said that it would be expanding the brand throughout Canada in late September. On August 12, the company announced that it had brought in a total revenue of $4.83 million in the second quarter, a 58% increase over the first quarter this year.
Takeaway
While each of these three cannabis penny stocks dropped significantly in 2019 and early 2020, their high volumes and positive company news could make them stocks to watch in the second half of 2020.
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