The final countdown on cannabis legalization has begun in Canada—with just under two weeks until its kickoff. Cannabis penny stocks have been mostly on the decline lately, and investors are scratching their heads.
Cannabis companies are making new developments and signing partnerships almost every week—trying to keep up with demand. However, it seems some investors aren't as convinced and are moving their money elsewhere.
Let's take a closer look at a few Canadian cannabis companies down on the TSXV today and their latest company movements.
Vivo Cannabis Inc. (TSXV:VIVO)
Vivo Cannabis is located in Napanee, Ontario, and manufactures and distributes medical cannabis. The company changed its named and direction back in August 2018.
This morning, the cannabis company announced it entered into an agreement with Pharmascience Inc to develop products containing cannabis. This partnership is aimed at producing products that will make it easier for patients to use medical cannabis.
Despite the positive announcement, VIVO shares are trading in the red. According to Yahoo Finance, the cannabis penny stock is trading at $1.44 a share, down -$0.03 (-2.04%).
Auxly Cannabis Group Inc. (TSXV:XLY)
Auxly Cannabis operates out of Vancouver, Canada, as a cannabis steaming company. The cannabis penny stock provides funding for cannabis production and holds contractual rights and minority equity interest relating to the operation of cannabis facilities.
The company was formerly known as Cannabis Wheaton Income Corp. Auxly hasn't had any public news released in nearly two weeks. Yet, its stock is down today.
It may just be investors are following the downtrend of Canadian cannabis companies today. According to Yahoo Finance, XLY is trading at $1.10 a share, down -$0.01 (-0.90%).
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Aleafia Health Inc. (TSXV:ALEF)
Aleafia Health is headquartered in Concord, Ontario, and operates vertically as an integrated cannabis company. Yesterday, Aleafia announced it is offering an options grant of 2,000,000 stock options.
Despite the positive news, ALEF shares didn't budge. According to Yahoo Finance, the cannabis penny stock is currently trading at $3.00 a share, down -$0.09 (-2.91%). In the last five days, ALEF shares are down -14.04%.
Check back in for more news on cannabis penny stocks!
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