Cannabis Penny Stocks: Aleafia Health Stock Drops While the Rest Shine

penny stocks

Cannabis stocks have been riding high these past few weeks on Canadian and US markets. Today, Aleafia Health (TSXV:ALEF) has dropped on the TSXV, but many other cannabis penny stocks are trading green. 

Let’s take a closer look at the top trading Canadian cannabis stocks on the TSXV today.

Aleafia Health Inc. (TSXV:ALEF)

Aleafia Health is headquartered in Concord, Ontario, and operates as a vertically integrated cannabis company in Canada. 

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This morning the cannabis company announced that it would like to hold a special meeting of shareholders on December 6th, in Woodbridge, Ontario. At that time, the penny stock execs will discuss the potential movement towards listing on NASDAQ.

“Asking shareholders to approve a range for a possible share consolidation will provide management the flexibility to adjust the number of shares, but only if necessary, to achieve the minimum bid price requirements to complete our NASDAQ listing process,” said Aleafia CEO Geoffrey Benic. “Management believes that listing on the NASDAQ will help to broaden our shareholder base, increase appeal to institutional investors, provide shareholders with better liquidity and, ultimately increase shareholder value, allowing Aleafia to rapidly accelerate our business strategy.” 

This morning, ALEF stock on the TSXV has dropped rapidly. At press time, the cannabis penny stock is trading at $2.45 a share, down – $0.28 (-10.26%). It seems Aleafia investors don’t believe this transition would be good for the company, hence the dropping stock.

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The Supreme Cannabis Company (TSXV:FIRE)

The Supreme Cannabis Company engages in the production of medical cannabis across Canada. It is headquartered in Toronto, Ontario. 

The last company news released about the company was on October 19th. At that time, Supreme announced the completion of its $100 million bought deal convertible debenture offering.

According to Yahoo Finance, the cannabis penny stock is trading at $1.94 a share, up +$0.08 (+4.30%). At this time, it is among one of the highest trading cannabis stocks on the TSXV today.

Featured Image: Depositphotos/© voronin-76