Cannabis penny stocks are a hot commodity on the stock market as of late. Most of them are new cannabis companies just starting out, and with the cannabis space growing rapidly, who knows what might happen.
Let's take a closer look at one cannabis penny stock that is moving on the market today.
Crop Infrastructure Corp. (CSE:CROP)
Crop Infrastructure is a cannabis penny stock that is based in Vancouver, British Columbia. Today, the company announced that it received an updated building permit from the state of Washington.
Crop Infrastructure invests, constructs, owns, and leases greenhouse facilities and licensed cannabis producers and processors.
The company has completed 90% of the construction of the first six purpose-built indoor canopies. The six canopies take up around 44,000 square feet. The new building plans include an upgraded access road and new staff facilities, including a restroom and a break room.
Each completed phase of the cannabis penny stock company's plans will be leased to licensed growers. The company's current site is zoned for 176,000 square feet of canopy space. Ultimately, Crop hopes to move up to 12 indoor grow facilities.
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Crop Infrastructure CEO, Michael Yorke, stated:
“Once the project is completed this will serve as our CROP SAFE production model for all our future builds across the globe. We intend to have strict replication of our growing procedures to get the best return from every square foot of growing space and the lowest cost possible for our tenants.”
CROP Stock Movement
According to Yahoo Finance, the cannabis penny stock is moving on the market today. At press time, CROP is trading at $0.385 a share, up $0.030 (+8.45%).
Check back in for more updates on cannabis penny stocks.
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