Recreational adult-use cannabis will become nationally legalized tomorrow in Canada. The country will become the second nation across the globe to do so, just behind the Netherlands. Canadian cannabis penny stocks have been booming this year, and just recently began to rise as time inched closer to national legalization.
While one would expect Canadian cannabis penny stocks to be flourishing today, that's not the case at the moment. Let's take a look at some of these penny stocks and their latest market movements. These are the top three highest trading companies on the TSXV currently.
Namaste Technologies Inc. (TSXV:N)
Namaste Technologies is based out of Vancouver, BC, and operates as a cannabis e-commerce company. Namaste operates in 26 different countries.
The Canadian cannabis company hasn't had any new news in about a week—most likely prepping for the potential rise in demand when legalization commences.
According to Yahoo Finance, N stock is trading in the red this morning. At press time, the cannabis penny stock is currently trading at $2.63 a share, down -$0.19 (-6.74%).
Auxly Cannabis Group Inc. (TSXV:XLY)
Auxly Cannabis is also headquartered in Vancouver and operates as a cannabis streaming company. Auxly provides funding for cannabis production and holds contractual rights to the operation of cannabis facilities. The cannabis penny stock was formerly known as Cannabis Wheaton Income Corp and changed its name back in June of 2018.
Auxly hasn't had any recent company updates in nearly a month.
According to Yahoo Finance, the cannabis penny stock is currently trading at $1.43, down -$0.03 (-2.05%).
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Aleafia Health Inc. (TSXV:ALEF)
Aleafia Health is operated out of Concord, Ontario, and acts vertically as an integrated cannabis company in Canada. Aleafia Health is involved in the medical cannabis space and provides patients consultations to see if they are a candidate for medical cannabis.
It remains unknown at this time how the legalization of recreational cannabis will effect Aleafia. Six days ago, Aleafia announced it had extended its retail and brand joint-venture with Serruya Family by two weeks.
According to Yahoo Finance, the cannabis penny stock is currently trading at $3.45 a share, down -$0.05 (-1.43%).
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