A group of cannabis penny stocks is booming on the market today. In three weeks, Canada will nationally legalize the use of recreational cannabis, and Canadian and US cannabis companies are scrambling to get ready.
Investors are steadily watching the market and skimming the cannabis companies for their potential to bring them their greatest returns. Many cannabis stocks have already had steady movement in 2018.
Let's take a closer look at a cannabis company making moves on the stock market today.
The Supreme Cannabis Company Inc (TSXV:FIRE)
The Supreme Cannabis Company is based out of Toronto, Ontario. It is a development stage company that engages in the production of medical cannabis in Canada. Originally, it was known as Supreme Pharmaceuticals Inc but shifted gears to cannabis and changed its name back in December of 2017.
This is a fairly common tactic used by companies when a specific market starts to catch the attention of governments and the media. The same thing happened last year when blockchain became the hot new technology and blockchain penny stocks skyrocketed.
The cannabis penny stock's shares saw a significant rise in price after the company announced its transition into the marijuana industry. For most of 2018, however, FIRE shares were on the decline—until just recently.
This morning, Supreme Cannabis announced a major partnership that caused FIRE to spike on the market.
This announcement detailed its pact with Tilray Inc (NASDAQ:TLRY). It entered into a $12 million CAD agreement that its subsidiary, 7ACRES, would supply dried cannabis to Tilray Canada, a subsidiary of Tilray. Tilray currently distributes cannabis to tens of thousands of patients in 12 countries.
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"We are excited to be entering into this agreement with Tilray, an organization – like Supreme Cannabis – that focuses on the end user and demands leading quality assurance standards," said John Fowler, President of The Supreme Cannabis Company. "Tilray has built an industry-leading global medical distribution platform, which has resulted in robust demand for high quality cannabis products. We are happy to provide 7ACRES premium products alongside Tilray's well-regarded and existing lineup to support medical patients around the world."
Supreme Cannabis Penny Stock Movement
According to Yahoo Finance, FIRE is trading at $2.25 a share, up $0.09 (4.17%). The cannabis penny stock has seen a significant rise this past month and is making major moves in the cannabis industry with its Tilray partnership.
Check back in for more news from cannabis penny stocks.
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