Cannabis companies have been the trending sector among the Canadian stock markets the past year. Blockchain penny stocks were the hot ticket in 2017, but investors have been desperate to get their hands in the emerging cannabis market this year, switching to cannabis penny stocks instead.
Canada will nationally legalize the recreational use of marijuana in just over two weeks. Surprisingly, cannabis stocks have been dropping, when many expected a sharp ramp-up ahead of national legalization.
Let's take a closer look at cannabis penny stocks rebounding on the TSXV today and their latest company movements.
Namaste Technologies Inc (TSXV:N)
Namaste Technologies through its subsidiaries acts as a cannabis e-commerce company that operates in 26 countries around the globe. The company is headquartered in Vancouver, BC—among many other cannabis penny stocks that have grown substantially this year.
Since September 24th, Namaste has been on a sharp decline with its shares down nearly -45%. Namaste has yet to release any new news this past week, so the sudden spike in its share prices is a surprise.
According to Yahoo Finance, the cannabis penny stock is currently trading at $2.15 a share, up $0.22 (+11.40%).
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Emerald Health Therapeutics (TSXV:EMH)
Emerald Health Therapeutics operates out of Victoria, British Columbia. Together with its subsidiaries, Emerald Health produces and sells medicinal cannabis.
The past five days, EMH shares have climbed on the TSXV. This morning, the penny stock announced that it had entered into a research agreement with VivaCell Biotechnologies.
“There are a rare few organizations that focus their understanding of the cannabis plant at the heart of its scientific development and strategic operations. We’re fortunate to have VivaCell as part of the Emerald Health group of companies and look forward to working on this project,” said Chris Wagner, CEO of Emerald.
Due to this announcement, EMH shares jumped up nearly 4% this morning. According to Yahoo Finance, the cannabis penny stock is currently trading at $4.97 a share, up $0.04 (0.81%).
Featured Image: Depositphotos/© vlastas
