Canadian Cannabis Penny Stocks Rebound After a Red Legalization Day

penny stocks

Yesterday, recreational-adult use cannabis was legalized across Canada, but Canadian cannabis penny stocks were mostly trading in the red at that time.

Today, it seems the stocks have rebounded. Let’s take a closer look at two cannabis penny stocks trending today on the TSXV and their latest company movements.

Namaste Technologies Inc. (TSXV:N)

Namaste Technologies was one of the cannabis penny stocks that saw the most losses yesterday. When the market opened yesterday, N shares dropped -13.52% immediately, dropping to $2.11 a share. The Canadian cannabis e-commerce company slightly rebounded and its shares closed the day at $2.24. 

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The cannabis penny stock hasn’t released any new company news in a week. Despite the lack of announcements and new company movement, Namaste remains a top traded and moving Canadian cannabis stock.

Namaste is currently the stock with the most trades on the TSXV and is second in volume for the day. According to Yahoo Finance, the Canadian cannabis penny stock is currently trading at $2.33 +$0.09 (+4.02%).

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Delta 9 Cannabis Inc. (TSXV:NINE)

Delta 9 Cannabis is headquartered in Vancouver, BC, and it produces and sells medical cannabis. The cannabis penny stock also operates as a medical clinic that provides physician consultation services to patients seeking a medical cannabis recommendation. 

This week, Delta 9 opened its first retail recreational cannabis Superstore in Winnipeg, Manitoba. Users can order recreational cannabis through its website and orders will be delivered in four to five hours. 

“All of our retail employees have gone through extensive training with the specialists at Lift & Co.,” said Arbuthnot. “We expect there will be a lot of people coming who may never have tried cannabis, or who haven’t consumed cannabis in decades, so our training includes things like addressing the issue of impaired driving through a program from Mothers Against Drunk Driving. (MADD).”

According to Yahoo Finance, the cannabis penny stock is currently trading at $2.16 a share, up +$0.30 (+16.13%).

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