Cannabis stocks have seen tons of movement on the Canadian market the past few months, as national recreational legalization is just weeks ago. American investors have been buying into the booming Canadian cannabis penny stocks, just trying to get their foot in the door of the emerging industry.
Canadian cannabis companies are popping up everywhere, and companies from all different sectors are trying to pivot into the marijuana industry to gain public attention. For investors, it can be tricky to tell which cannabis companies are legit and which are just trying to ride the hype.
Today, two Canadian cannabis penny stocks opened the day in the red. Let's take a closer look at these companies in regards to their backgrounds, latest company announcements, and stock movements.
Namaste Technologies Inc. (TSXV:N)
Namaste Technologies is based out of Vancouver, Canada, and operates a cannabis e-commerce company. Namaste operates and distributes cannabis-related products in 26 different countries around the globe.
Yesterday, RMMI Corp. (CSE:RMMI) announced that its wholly-owned subsidiary Rocky Mountain Marijuana Inc. has just signed a medical cannabis supply agreement with Namaste.
Rocky Mountain will supply medical cannabis to Cannmart, a wholly-owned subsidiary of Namaste and online marketplace for medical cannabis.
Despite the positive news yesterday, N opened the market in the red. According to Yahoo Finance, Namaste shares are currently trading at $2.59, down -$0.28 (-9.76%).
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Emerald Health Therapeutics, Inc. (TSXV:EMH)
Emerald Health Therapeutics is a cannabis penny stock that operates in Victoria, British Columbia. Through its subsidiaries, Emerald Health produces and sells medical cannabis in Canada.
The company was formerly T-Bird Pharma Inc but pivoted and changed its name to Emerald Health back in June of 2015.
Yesterday, Emerald Health announced it will purchasing its CBD oil from Emerald Health Hemp Inc. Emerald Health Hemp operates in Manitoba and Prince Edward Island.
“We see non-smoked, non-psychoactive CBD consumption as a major growth opportunity in both the medical and adult-use market in Canada, and our Factors Group alliance uniquely positions us with the largest biomass extraction and softgel encapsulation facility in Canada to produce value-added products to serve this market,” said Chris Wagner, CEO of Emerald.
Emerald is another Canadian cannabis penny stock that announced positive news yet opened the market today in the red. According to Yahoo Finance, EMH is currently trading at $4.58 a share, down -$0.19 (-3.98%). It remains unknown why the Canadian cannabis stocks have corrected this morning, but it might just be due to typical market corrections.
Check back in for more cannabis penny stocks.
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