Cannabis penny stocks started out the week on such a high, but correction is inevitable. To start the new month, some cannabis stocks are trading in the red today, but not all.
Let's take a closer look at two cannabis companies and their latest announcements and stock movements.
Namaste Technologies Inc. (TSXV:N)
Namaste Technologies is a cannabis e-commerce company that operates out of Vancouver, BC. This morning, Namaste announced its wholly-owned subsidiary, Cannmat Inc, just signed a product acquisition agreement with Custom Cannabis Inc.
Cannmart will purchase tested and packaged cannabis products from Custom Cannabis to offer on its company's online marketplace.
Jeff Nielsen, CEO of Custom Cannabis, said:
"From seed to extraction, everything we do considers the needs of patients who rely on finely-crafted medical strains for the treatment of their conditions. We're excited to know that patients seeking medical cannabis crafted by expert growers can access the Custom Cannabis brand in a digital marketplace that aligns with our patient-first philosophy. We're pleased to have reached this Agreement with Namaste."
Despite the positive news about its subsidiary, the cannabis penny stock is trading in the red today. According to Yahoo Finance, N shares are currently trading at $1.73, down -$0.09 (-4.95%).
>> Cannabis Penny Stocks: WeedMD and Namaste Technologies Continue Trending Upward
Emerald Health Therapeutics, Inc (TSXV:EMH)
Emerald Health is based out of Victoria, BC, and together with its subsidiaries produces and sells medical cannabis across Canada. The Canadian cannabis company hasn't released any announcements in over two weeks but is one of the top positively trading cannabis stocks on the TSXV today.
The last company news was on October 16th, where Emerald Health announced it had filed 17 provisional US patent applications for its cannabis dosage forms and formulations.
“We expect significant potential cannabis market growth by offering adult users and medical consumers consistent product characteristics, dosing regimens, and alternative methods of consumption, with safety enhanced through GMP-compliant production and enhanced product utility achieved through knowledge of science. Emerald’s filing of these patent applications is an important step,” said Chris Wagner, CEO of Emerald.
According to Yahoo Finance, EMH is currently trading at $4.07 a share, up +$0.19 (+4.90%).
Featured Image: Depositphotos/© mmaxer
