Cannabis penny stocks in Canada and the US have been all over the news lately. Canada will nationally legalize the use of recreational marijuana in three weeks. US states are mostly all evaluating how the cannabis industry can boost their economy and annual revenue by way of taxation.
Recreational cannabis is legal in nine US states as well as Washington DC currently. Medical marijuana is legal in 30 US states by way of a prescription written by a physician.
With this new shift, cannabis companies are popping up everywhere, and new cannabis penny stocks are being listed weekly.
Let's take a look at two cannabis stocks today, Namaste Technologies Inc and Crop Infrastructure Group, and their latest movements.
Namaste Technologies Inc (TSXV:N)
Namaste Technology is based in Vancouver, BC, and runs a cannabis e-commerce company. Namaste just announced this morning that it has appointed PricewaterhouseCoopers LLP (private) as its new auditor. PWC is replacing MNP LLP (private) as Namaste's auditor.
After this announcement, the penny stock dropped significantly this morning. At press time, Namaste's stock shares are trading at $3.44 a share, down -$0.30 (-8.02%).
It remains unknown at this time why this news has caused investors to lose confidence in the company.
In the last five days, N shares are up 17%, and for the month, Namaste's stock is up 81.05%.
Crop Infrastructure Corp (CSE:CROP)
Crop Infrastructure is also based in Vancouver. This cannabis penny stock invests, constructs, leases, and owns greenhouse facilities giving real estate solutions for licensed cannabis products in the US.
This morning, Crop announced that its subsidiary, Elite Ventures Group LLC, has just signed a three-year lease agreement for 800 additional acres of agricultural property.
>> Maricann Group is No More! Company Rename
CROP CEO, Michael Yorke, stated:
“CROP is preparing for the upcoming Hemp Farming Act of 2018 which would remove hemp’s controlled substance designation, thus legalizing the crop under federal law, and allowing CBD isolate to be sold across all 50 states and exported internationally. As we enter the next phase of project development in Nevada we look forward to building our GMP extraction facility and introducing our made in America CBD Isolate to infuse in to our recently announced CannaDrink beverages and licensed topical lines.”
This news puts Crop in a better position for the upcoming years, so it isn't clear why the penny stock has fallen substantially this morning.
According to Yahoo Finance, CROP is currently trading at $0.59 a share, down -$0.07 (-10.61%).
Positive news from both Crop Infrastructure Corp and Namaste Technologies was announced today, so it may just be the bearish cannabis stock market today that has dragged these companies' stock shares down.
Check back in for more updates on cannabis penny stocks!
Featured Image: DepositPhotos/© bloomua
