Cannabis penny stocks are opening the market in the green again today. Since recreational cannabis was legalized in Canada on October 17th, investors have been sporadically selling off cannabis shares.
Last week, these stocks took a huge hit, but it seems they have fully recovered at the start of this week. Today, we’ll take a closer look at WeedMd and Namaste Technologies, and their latest company announcements and stock movements on the TSXV.
WeedMD Inc (TSXV:WMD)
WeedMD is headquartered in Aylmer, Ontario, and it produces and sells medical marijuana. Currently, the cannabis company has a research and development supply and collaboration agreement with Revive Therapeutics Ltd (TSXV:RVV).
This morning, WeedMD announced it has signed a multi-year retail sales distribution deal with Lifford Cannabis Solutions. Lifford will expand WeedMD’s products to the cannabis retail markets in British Columbia and Alberta.
Brett Moon, SVP, Sales and Marketing at WeedMD, said:
“Lifford’s strong foundation, coupled with cannabis advocate Lisa Campbell’s expertise and influence will bring WeedMD tremendous value and additional exposure in western Canada’s cannabis markets—ensuring strategic product placement and nation-wide success.”
According to Yahoo Finance, the cannabis penny stock is trading at $1.44 a share, up +$0.04 (+2.86%).
Namaste Technologies Inc. (TSXV:N)
Namaste Technologies is based out of Vancouver, BC, and through its subsidiaries, operates as a cannabis e-commerce company.
This morning, the cannabis penny stock released a statement regarding its UK medical cannabis strategy. Namaste is still seeking compliance with UK federal regulations, but it plans on launching a UK version of its innovative telemedicine application, NamasteMD.
This telemedicine app and technology is currently available on the Apple Store, Android Store, and on a desktop via NamasteMD.com. In addition to the UK release, the cannabis penny stock released its revenue earnings today.
The highlights of Namaste’s financial earnings are as follows:
- Q4-2018 revenue was consistent to Q4-2017 despite divestiture of the US revenue.
- Without the impact of inventory provision taken in Q4-2017, gross profit for Q4-2018 was an improvement of $631 thousand, comparing Q4-2018 against Q4-2017. This resulted from better cost controls during the quarter.
- Australia Q4-2018 revenue increased by approximately 3% compared to Q4-2017 without the impact of foreign exchange.
- Revenue from Brazil increased by 151% comparing Q4-2018 against Q4-2017.
- Revenue from Canada increased by 196% comparing Q4-2018 against Q4-2017.
It seems sales in Brazil, Canada, and Australia pushed Namaste’s revenue up. On a year-over-year basis, Namaste brought in $18.6 million in net revenue, which is a 69% increase.
According to Yahoo Finance, the cannabis penny stock is trading at $1.91 a share, up $0.10 (+5.52%).
Featured Image: Depositphotos/© gunnar3000