Cannabis stocks and cannabis penny stocks ended last week in the red, and it seems most have opened this new week in the red as well. It remains unknown what is the cause of the correction as most US and Canadian cannabis stocks were seeing an upswing for most of the beginning of November. However, there are a handful of cannabis penny stocks trading in the green today.
Today, we’ll take a closer look at a pair of trending cannabis penny stocks and their latest company movements.
WeedMD Inc (TSXV:WMD)
WeedMD is headquartered in Aylmer, Ontario, and produces and sells medical marijuana. The cannabis company sells dried marijuana, cannabis oil, marijuana plants, marijuana seeds, and cannabis resin.
The latest news released by WeedMD was six days ago. At that time, the cannabis penny stock announced it had secured a sales license from Health Canada for a large state-of-the-art greenhouse to be built in Strathroy, Ontario.
“We are thrilled to secure approval to begin selling the medical-grade cannabis that we’ve been cultivating at our production facility in Strathroy,” said Keith Merker, CEO of WeedMD.
“The Company continues to meet its production milestones on schedule and on budget. We brought the initial 44,000 square feet of our Strathroy platform online in record time and have a further 60,000 square feet completed and just awaiting Health Canada approval. Beyond that, we are on track to have more than 500,000 square feet of cultivation online by 2019.”
According to Yahoo Finance, the cannabis penny stock is currently trading at $1.39 a share, down -$0.09 (-5.41%).
Pure Global Cannabis (TSXV:PURE)
Pure Global Cannabis is headquartered in Toronto, Ontario. The cannabis company engages in the research and development of medical marijuana products that are condition specific. Pure Global produces these products and delivers them to health care providers.
The cannabis penny stock is among a handful of those trading in the green today on the TSXV. Four days ago, Pure Global announced that it had hired Ross J. Hendry as its Vice President of Sales and Marketing. Hendry spent more than a decade in the Canadian alcohol beverage industry working with companies such as Budweiser, Jack Daniel’s, and J.P. Wiser’s.
According to Yahoo Finance, PURE is currently trading at $0.25 a share, up +$0.02 (+6.38%).
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