Cannabis Penny Stocks: Canadian Cannabis Stocks in the Red Today

Penny Stocks

Unless you’ve been sleeping under a rock, you know that Canada legalized recreational cannabis this past Wednesday. On the day of legalization, most Canadian cannabis penny stocks dropped big. Towards the end of the week, however, they began to rebound.

This week it seems the Candian cannabis penny stocks are starting off in the red. Let’s take a closer look at a few of these cannabis companies and their latest movements.

Namaste Technologies Inc (TSXV:N)

Namaste Technologies is a Canadian cannabis e-commerce company that operates out of Vancouver, BC. Three days ago, Namaste announced that it had filed a final short form prospectus in connection with its bought deal offering of 15,00,000 units of the Company at $3.00 per unit.

The prospectus has been filed in every Canadian province, except Quebec.

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The Company and underwriters have amended the following:

  • the units will be comprised of three-quarters of one common share purchase warrant (from one-half);
  • each whole warrant will be exercisable at $3.15 per common share (from $3.50); and
  • each warrant will be exercisable for a period of 60 months (from 48 months).

According to Yahoo Finance, the cannabis penny stock is currently trading at $1.98 a share, down -$0.24 (-10.81%).

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Auxly Cannabis Group (TSXV:XLY)

Auxly Cannabis is a cannabis streaming company that also operates out of Vancouver. The company was formerly Cannabis Wheaton Income Corp and changed its name back in June of 2018. 

This morning, the cannabis company announced it had entered into a binding interim agreement with Atlantic Cultivation. This new partnership expands the company’s cultivation portfolio and expands its retail operations into Newfoundland and Labrador. 

Christopher Crosbie, Chief Operating Officer of Atlantic, commented:

“The Atlantic Cultivation team and I are thrilled to collaborate with Auxly on this project at home. Atlantic and Auxly’s partnership was facilitated through a mutual passion and dedication to creating value in the cannabis industry and a commitment to investment in Atlantic Canada—in particular, Newfoundland and Labrador.”

Despite the positive company news, the cannabis penny stock is still trading in the red. According to Yahoo Finance, XLY stock is currently trading at $1.03 a share, down -$0.14 (-11.97%).

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