Canada made history this week when it became the second country to legalize adult-use recreational cannabis nationally. On legalization day, cannabis stocks and cannabis penny stocks were all being dumped on both the Canadian and US markets.
However, most of these stocks recovered yesterday, but it seems some have corrected again today. Let’s take a closer look at a few of these Canadian cannabis penny stocks that are up and down today.
The Supreme Cannabis Company (TSXV:FIRE)
The Supreme Cannabis Company is based in Toronto, Ontario, and engages in the production of medical cannabis in Canada. The company was formerly a pharmaceutical company and switched to cannabis in December of 2017. Supreme Cannabis Company was incorporated in 1979.
This morning, the cannabis penny stock announced it has completed a $100 million bought deal convertible debenture offering. Despite the news, the stock is down today.
According to Yahoo Finance, FIRE is currently trading at $1.90 a share, down -$0.08 (-4.04%).
WeedMD Inc. (TSXV:WMD)
WeedMD is headquartered in Aylmer, Ontario, and produces and sells medical marijuana. Three days ago, WeedMD announced that it has signed an agreement for a pilot project to convert a popular Toronto-based medical cannabis center into a WeedMD cannabis education center.
“When I started down the path of cannabis advocacy over 10 years ago, there was a limited number of trusted and knowledgeable influencers in the space but my long-standing relationship with the crusaders that planted the first seeds at WeedMD comes full-circle today as we partner to advance the need for cannabis education,” said Amy Brown, General Manager of WeedMD’s Education Centre.
According to Yahoo Finance, the cannabis penny stock is currently trading at $1.79 a share, down -$0.04 (-2.19%).
Delta 9 Cannabis Inc. (TSXV:NINE)
Delta 9 Cannabis is one of the penny stocks that is trading up on the market today. On legalization day, the Vancouver-based medical cannabis company opened its first retail store in Winnipeg, Manitoba.
Customers can also purchase cannabis products on the company’s website and have the products delivered to them within Winnipeg city limits.
The cannabis penny stock has made positive progress on the TSXV in the last six months. At press time, NINE shares are currently trading at $2.14, up +$0.07 (+3.38%). In the past six months, the penny stock has grown 44.59%.
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