Cannabis stocks are booming on the stock market, and cannabis penny stocks are no exception. Many investors know the bigger name cannabis companies, but many are searching for the smaller cannabis stocks that will take off.
Tilray Inc (NASDAQ:TLRY) and Aurora Cannabis Inc (TSX:ACB) have had a monumental week on the US markets, and the Canadian cannabis stocks are benefiting too.
Let's take a closer look at a cannabis penny stock and its latest company movements.
Cannabis Penny Stocks: Crop Infrastructure Corp. (CSE:CROP)
Crop Infrastructure is based out of Vancouver, Canada and invests, constructs, owns, and leases cannabis greenhouse facilities. Crop provides real estate solutions for licensed cannabis producers in California and Washington.
This morning, CROP announced that its California tenant has received additional lab results from its first crop. Humboldt Quality Assurance Laboratory received the first sample of dried 707 OG cannabis on September 14th. Crop has also been told the sample of Platinum OG Kush has been submitted for additional testing.
Crop Infrastructure Director and CEO, Michael Yorke, stated: "Following our CROP SAFE method and SOP's, CROP is pleased to announce that our tenant has achieved a concentration of 23.9% THCa. 23.9% THCa commands a higher market value and is considered premium quality."
Three days ago, Crop received an updated building permit for its 'The Dozen' project. This announcement pushed its shares even higher, as the Canadian cannabis penny stock company is steadily growing.
Crop Stock Movement
According to Yahoo Finance, CROP is currently trading at $0.47 a share, up $0.02 (4.40%). Crop's stock has grown 129% this month, but from its IPO back in mid-March, the stock is up 30.5%.
Cannabis will become nationally legalized in Canada on October 17th, and many analysts expect cannabis stocks to continue to rise until then.
However, with it being such uncharted territory—anything can happen.
Check back in for more cannabis penny stock news.
Featured Image: Depositphotos/© phongphan