Cannabis penny stocks have become a hot ticket on the Canadian stock market. In two weeks, Canada will nationalize adult-use recreational marijuana. This is what has caused the spike in interest of Canadian cannabis penny stocks from investors these past few months.
Most Canadian cannabis companies have seen monumental gains in their stock these past six months. However, with so many new companies shifting to the marijuana industry, it can be tough to keep up.
Let's take a closer look at three cannabis penny stocks and why they are in the red on the market today.
Cannabis Penny Stocks: Integrated Cannabis Company Inc. (CSE:ICAN)
Integrated Cannabis is headquartered in Vancouver, British Columbia, and does its business as iCannaCo. iCannaCo focuses on the development, manufacturing, distribution, and marketing of botanically-based consumable products in Canada.
The company was formerly known as CNRP Mining Inc and changed its focus and name back in June of 2018.
Five days ago, the cannabis penny stock announced it signed a co-development and marketing agreement with GTEC Holdings (TSXV:GTEC). The company has yet to have any other recent news, so it remains unknown at this time why ICAN stock has dropped dramatically today. With so many Canadian cannabis stocks down, it may just be due to the market.
According to Yahoo Finance, ICAN is currently trading at $1.59 a share, down -$0.19 (-10.67%).
Cannabis Penny Stocks: Namaste Technologies Inc. (TSXV:N)
Namaste Technologies is also headquartered in Vancouver and operates through its subsidiaries as a cannabis e-commerce company. Currently, the penny stock is operational in 26 different countries.
Namaste's latest news was released six days ago, as it announced a supply agreement with RMMI Corp (CSE:RMMI) but N stock only continued to fall. Despite the positive news, the penny stock has had a rough week and a half on the market, dropping nearly -50%.
According to Yahoo Finance, N is currently trading at $2.14 a share, down -$0.18 (-7.76%).
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Cannabis Penny Stocks: Crop Infrastructure Corp. (CSE:CROP)
Unlike the last two cannabis companies, Crop Infrastructure has had a ton of recent news lately that hasn't seemed to positively affect its share prices. Based also out of Vancouver, Crop invests, constructs, owns, and leases greenhouse facilities to licensed cannabis producers.
Yesterday, CROP announced it was expanding into Italy. In addition to the announcement, the company released an Investment pitch video this morning.
Despite the efforts, it seems investors aren't sold. According to Yahoo Finance, CROP is currently trading at $0.485 a share, down -$0.045 (-8.49%).
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