Cannabis penny stocks are a hot commodity this year.
The state of California legalized recreational marijuana at the very beginning of the year, and the cannabis market has flourished ever since. Canada is set to nationally legalize recreational marijuana on October 17th, and most Canadian cannabis companies are profiting big.
Investors are frantically searching for the cannabis penny stock that will take off. Let's take a closer look at one cannabis penny stock and its latest movement.
Crop Infrastructure Corp. (CSE:CROP)
Crop Infrastructure had a monumental rise in its stock back in March of this year but has since fizzled off. The company is based in Vancouver, Canada and was previously Fortify Resources Inc. The company changed its name and the direction of the company back in March.
Crop invests, constructs, owns and leases the greenhouses to licensed cannabis producers. Crop owns properties in both California and Washington state. The cannabis real-estate company currently owns a property that consists of 44,000 square feet of canopy.
Today, the company announced that it is developing new cannabis-infused soft drinks. A pivot from its usual business ventures.
Cannabis-Infused Beverages
These cannabis-infused drinks are said to be a zero calories, non-GMO, ketogenic-friendly line of soda. Crop will also introduce tea and coffee versions of these drinks.
CROP Infrastructure CEO, Michael Yorke, commented on the new deal in the official press release said:
"The cannabis-infused beverages market has attracted the attention of world class beverage companies as legalization spreads. We see it as a tremendous opportunity for CROP Infrastructure's branding & IP portfolio and as an axillary opportunity for each of our cultivation tenants Globally."
The global carbonated soft drink market is expected to reach over $605 billion by the year 2025. This pivot might possibly be a move to help save Crop's cannabis status.
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Crop Stock Movement
According to Yahoo Finance, the latest announcement from Crop has backfired. At press time, CROP is currently trading at $0.34 a share, down $0.05 (-12.82%).
Where do you think this cannabis penny stocks company will go next?
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