Adult-use recreational cannabis will be nationalized across Canada in just a week. It was expected that Canadian cannabis companies would see positive stock movement in the ramp-up to legalization. However, this does not seem to be the case for a number of cannabis penny stocks.
On the whole, the cannabis industry has seen positive movement these past few months, especially on the Canadian exchanges.
Let’s take a closer look at three cannabis penny stocks that are in the red today on the TSXV.
Vivo Cannabis (TSXV:VIVO)
Vivo Cannabis is headquartered out of Napanee, Ontario, and manufactures and distributes medical cannabis. The company changed its direction and name back in August 2018.
The last company news for VIVO was released five days ago, and it was regarding the company’s collaborative research project with Loyalist College.
According to Yahoo Finance, the cannabis penny stock is currently trading at $1.23 a share, down -$0.10 (-7.52%).
The Supreme Cannabis Company (TSXV:FIRE)
The Supreme Cannabis Company is located in Toronto, Ontario, and is a developmental stage company that engages in the production of medical cannabis across Canada. Supreme Cannabis was formerly a pharmaceutical company that changed its name and direction back in December of 2017.
The latest news published by Supreme Cannabis was eight days ago and it was in regards to some unsecured convertible debentures.
According to Yahoo Finance, the cannabis penny stock is trading at $2.02 a share, down -$0.09 (-4.27%).
Namaste Technologies (TSXV:N)
Namaste Technologies is headquartered in Vancouver, BC, and through its subsidiaries, operates as a cannabis e-commerce company.
Yesterday, Namaste published an official response to false ‘research reports’ that have been recently published by Citron Research Inc.
The report said:
“Citron is engaged in the practice of short-selling securities for its own financial gain. Citron has previously published false and misleading information in respect to the Company as a means to manipulate the Company’s share price […] The Company is prepared to pursue any legal remedies it deems necessary to protect its rights and its reputation and shall continue to respond strongly to false and defamatory statements such as those mentioned in these publications.”
According to Yahoo Finance, Namaste shares are currently trading at $2.00 a share, down -$0.08 (-3.85%).
Cannabis Penny Stock Wrap Up
It remains unknown at this time why these three cannabis penny stocks are down. It may just be an inevitable market correction.
Featured Image: Depositphotos/© gunnar3000