Cannabis penny stocks are dropping on the TSXV again today. Yesterday, 48North (TSXV:NRTH) shot up after a major announcement, while the rest of the cannabis stocks dropped. It remains unknown at this time what is causing investors to short cannabis stocks this week.
Today, we’ll take a closer look at two cannabis companies in the red today and one that’s trading green.
The Supreme Cannabis Company, Inc. (TSXV:FIRE)
The Supreme Cannabis Company is a medical cannabis producer, headquartered in Toronto, Ontario. Yesterday, it was announced that its wholly-owned subsidiary, 7ACRES, received the Brand of the Year award for 2018 in the Canadian Cannabis Awards.
Despite the positive news, the cannabis penny stock is trending downward today. According to Yahoo Finance, FIRE is trading at $1.48 a share, down -$0.06 (-3.90%).
VIVO Cannabis Inc. (TSXV:VIVO)
VIVO Cannabis is another Canadian cannabis stock that is trading in the red today. VIVO is headquartered in Napanee, Ontario, and it manufactures and distributes medical cannabis. The company was formerly ABcann Global but changed its name back in August of 2018.
Yesterday, the cannabis penny stock announced that its wholly-owned subsidiary received an award at the Canadian Cannabis Awards. Canna Farms received the Licensed Producer of the Year for 2018 at the awards ceremony.
Dan Laflamme, President of Canna Farms, said:
“It is great to be recognized for being good at what you love to do. This award is a recognition of the Canna Farms team—talented people that deliver the highest quality product with exceptional customer service.”
According to Yahoo Finance, VIVO is currently trading at $0.79 a share, down -$0.05 (-5.95%).
Aleafia Health Inc. (TSXV:ALEF)
Aleafia Health is trending the highest among all the cannabis penny stocks on the market today. Aleafia is headquartered in Concord, Ontario, and it works in the medical cannabis industry—specifically on the clinical side.
The company hasn’t released any news in over a week, but investors are buying up the penny stock. According to Yahoo Finance, ALEF is currently trading at $1.41 a share, up +$0.02 (+1.44%).
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