Cannabis penny stocks are up and down this morning on both the Canadian Securities Exchange (CSE) and TSX Venture Exchange (TSXV). Today, we'll take a closer look at HempCo Food and Fiber Inc. (TSXV:HEMP) and MedMen Enterprises Inc. (CSE:MMEN).
Both cannabis penny stocks are making big moves in the space and investors are taking notice. Let's dive in!
HempCo Food and Fiber Inc.
HempCo Food and Fiber Inc. is headquartered in Burnaby, British Columbia. The cannabis penny stock manufactures and distributes hemp food products for both animal and human consumption. HempCo distributes its products in Canada, the US, Europe, and Mexico.
On May 15th of this year, Aurora Cannabis Inc. (TSX:ACB) (NYSE:ACB) acquired 52.7% ownership of HempCo.
Two days ago, HempCo announced its strategic plan to accelerate growth and support the Canadian hemp industry. The cannabis company laid out a five-prong strategy for its investors, and it seems the rest of the industry took notice. HEMP is currently seeing the most trades on the TSXV today, beating out the rest of the cannabis penny stocks on the market.
"We believe that a united effort by all Canadian stakeholders in the hemp industry, will result in sustained growth," said Diane Jang, CEO. "As one of the leaders in the Canadian hemp industry, we believe that we have the team, infrastructure, networks and assets to successfully execute on our strategy, strengthen our competitive position on the global market and support the Canadian hemp industry."
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According to Yahoo Finance, HEMP is currently trading at $1.56 a share, up +$0.16 (+11.43%).
MedMen Enterprises Inc.
MedMen Enterprises operates out of Culver City California and operates as a cannabis company in the US. As of yesterday, the company has now reached 70 dispensaries—operating out of 12 different states.
MedMen announced it has closed the acquisition of its San Francisco Bay dispensary. The deal value was not disclosed, but the Emeryville dispensary is expected to open in 2019.
According to Yahoo Finance, the cannabis penny stock is trading at $4.75 a share, up +$0.03 (+0.64%).
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