Cannabis Penny Stocks Start the Week in the Red

penny stocks

Cannabis penny stocks are dropping this morning on the TSXV. Towards the end of last week, these stocks were rebounding after seeing major losses last Tuesday and Wednesday. Let's take a closer look as to why these cannabis penny stocks are dropping and their latest company news.

WeedMD Inc. (TSXV:WMD)

WeedMD is headquartered in Aylmer, Ontario, and the company produces and sells medical marijuana. WeedMD currently has a research and development supply and collaboration agreement with Revive Therapeutics (TSXV:RVV).

WeedMD's last public update was five days ago regarding its proprietary genome tracking program to protect cannabis genetics and intellectual property.

“This is significant for our industry and our discerning consumers/customers that expect consistent products to be delivered. We are proud to be the first company in Canada that can stand behind its products in a way that is transparent and verifiable,” said Keith Merker, CEO of WeedMD. 

According to Yahoo Finance, the cannabis penny stock is currently trading at $1.40 a share, down -$0.11 (-7.28%).

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VIVO Cannabis Inc. (TSXV:VIVO)

VIVO Cannabis is headquartered in Napanee, Ontario, and it manufactures and distributes medical cannabis across Canada. 

The cannabis penny stock last released a company announcement nearly a week ago. VIVO announced it had agreed to a $5 million investment in National Access Cannabis Corp. The investment was geared towards advancing the roll-out of retail cannabis across Canada.

“VIVO sees great benefit in investing in and establishing strong relationships with leading recreational retail players in Canada, as represented by our two previously announced strategic investments and partnerships in the sector earlier this year. We believe that the retail side of the industry has great potential and with our strong cash position, we chose to make another strategic investment in a leading cannabis retailer,” stated Barry Fishman, CEO of VIVO.

According to Yahoo Finance, the cannabis penny stock is trading at $0.98 a share, down -$0.07 (-6.67%).

Most cannabis penny stocks are dropping on the TSXV today, and most haven't had recent updates in a few days. It seems it's just a broad investor sell-off of cannabis today that is to blame for all the red.

Featured Image: Depositphotos/© leungchopan

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