Cannabis Penny Stocks: Namaste Technologies and Aleafia Health Rebound Today

penny stocks

Cannabis penny stocks and the major cannabis stocks all had a rough start to the week. Since Canada legalized recreational cannabis on October 17th, there have been various spurts of investor sell-offs. Today, however, it seems most of the stocks are rebounding. Let's take a closer look at Namaste Technologies and Aleafia Health today and their latest company movements.

Cannabis Penny Stocks: Namaste Technologies Inc (TSXV:N)

Namaste Technologies is headquartered in Vancouver, BC, and operates as a cannabis e-commerce company. Currently, the cannabis company operates in 26 different countries.

Just this morning, Namaste announced that its wholly-owned subsidiary, Cannmart Inc, has signed a medical cannabis agreement with Maple Leaf Green World (OTCQX:MGWFF). Cannmart will purchase medical cannabis from Maple Leaf which it will offer on its online platform. 

Sean Dollinger, President and CEO of Namaste Technology, said:

"We're pleased to announce this Agreement with Maple Leaf. These supply agreements with ROFR's attached will guarantee supply to Cannmart and enhance our product offering. We are well positioned for growth having launched Cannmart and by securing additional supply for the future. We're very much looking forward to offering Maple Leaf's high-quality cannabis products in out [sic] platform and anticipate this to be a long-term arrangement. By leveraging our technology platforms, expertise in e-commerce and incredible customer service, our focus is on providing a unique and personalized user experience."

According to Yahoo Finance, the cannabis penny stock jumped up on the market this morning but has quickly corrected. At press time, N stock is trading at $1.75 a share, down -$0.01 (-0.57%).

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Cannabis Penny Stocks: Aleafia Health Inc. (TSXV:ALEF)

Aleafia Health is headquartered in Concord, Ontario, and operates as a multi-faceted cannabis company with a specific focus on medical cannabis. Aleafia has multiple clinics and licensed professionals that consult patients to see if they are eligible for medical cannabis treatment.

This morning, Aleafia announced that a division of its company, Aleafia Labs, has commenced a joint study with Guided 420 Genetics Inc. Initially, it will be a 200 patient study that will focus on the development of medical cannabis patient screening tools in the areas of THC-CBB sensitivity and metabolism. 

“Effective genetic screening tools have the potential to dramatically improve patient outcomes through more accurate dosing and treatment targeting,” said Aleafia Chief Medical Officer Dr. Michael Verbora. “This includes application in opioid replacement therapy and chronic illness treatment such as those currently used for cancer.”

According to Yahoo Finance, the cannabis penny stock shares also jumped up this morning as the market opened, but have slightly corrected. At press time, ALEF is trading at $1.99 a share, down -$0.01 (-0.50%).

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