Recreational adult-use cannabis is now legal across Canada today! Canadian cannabis stocks penny stocks were all seeing boosts a few days before legalization, but have all mostly been dumped today by investors.
It remains unknown at this time why this occurred on legalization day. Let’s take a closer look at the cannabis penny stocks trading in the red on the TSXV today.
Namaste Technologies Inc (TSXV:N)
Namaste Technologies is headquartered in Vancouver, Canada, and operates through its subsidiaries as a cannabis e-commerce company. Currently, Namaste operates in 26 different countries.
Namaste is one of the cannabis companies seeing the most trades on the TSXV today. Unfortunately, the cannabis penny stock is trading in the red today. Namaste has yet to announce any company news in a week.
According to Yahoo Finance, N stock is currently trading at $2.23 a share, down -$0.21 (-8.61%). Year-to-date, N shares are up 46.7%.
Auxly Cannabis Group Inc (TSXV:XLY)
Auxly Cannabis is also located in Vancouver and operates as a cannabis streaming company. The cannabis company provides funding for cannabis production.
It has been almost a month since Auxly put out any formal announcement of progression in its company.
The cannabis penny stock saw a sharp fall of -13% at the bell this morning but has since slightly corrected. According to Yahoo Finance, XLY is currently trading at $1.33 a share, down -$0.10 (-6.99%). Year-to-date, Auxly Cannabis stock is up +2.3%.
The Supreme Cannabis Company, Inc. (TSXV:FIRE)
Supreme Cannabis runs out of Toronto, Ontario, and is a development stage company that engages in the production of medical cannabis across Canada. The company was formerly a pharmaceutical company but switched to cannabis in December of 2017.
The latest company news put out by Supreme was two weeks ago. At the bell this morning, Supreme dropped -11%. The cannabis penny stock has almost fully recovered and according to Yahoo Finance, is currently trading at $2.00 a share, down -$0.07 (-3.38%). Year-to-date, FIRE stock is down -25.92%.
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