Cannabis penny stocks are up and down this morning on the TSXV. Hemp stocks are booming, as the House of Representatives just pushed along the Farm Bill to President Trump to sign. This is a great accomplishment for the cannabis industry—especially so when the bill is fully passed.
Today, we'll a closer look at two cannabis penny stocks that are dominating the market this morning.
Aleafia Health Inc. (TSXV:ALEF)
Aleafia Health is a vertically integrated cannabis company that operates out of Concord, Ontario. The company provides medical consultation services to patients dealing with chronic pain and other disabling illnesses.
This morning the cannabis company is one of the top cannabis penny stocks trading on the TSXV. Aleafia Health was highlighted on CFN Media, and the press seems to have boosted its stock. The article published this morning highlighted Aleafia's 50,000 recurring patients and 22 medical clinics.
In addition to its clinics, the publication highlights that Aleafia has also moved into the cultivation space to produce its own products for its clinics.
“As the company has achieved a number of important milestones, we are extremely encouraged by our third quarter results,” said Chairman of Aleafia, Julian Fantino. “It has been a transformative period for Aleafia. Our first cannabis sale marks the beginning of our cultivation expansion with Aleafia producing 98,000 kg of dried flower on an annual run rate basis. We look forward to soon supplying our growing base of over 50,000 patients.”
At press time, Aleafia is among the list of top cannabis penny stocks. According to Yahoo Finance, ALEF is currently trading at $1.55 a share, up +$0.12 (+8.77%).
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Valens GroWorks Corp. (CSE:VGW)
This morning, Valens GroWorks is one of the top cannabis penny stocks trading on the Canadian Securities Exchange (CSE). Valens GroWorks is a biotech company based out of Vancouver, British Columbia. The biotech company produces cannabis and cannabis-related products.
This morning, the company announced its multi-year cannabis extraction agreement with cannabis giant Canopy Growth (TSX:WEED) (NYSE:CGC). Canopy Growth believes the first product shipment for extraction will occur before the end of 2018.
"Diversifying our extraction supply capabilities with Valens, a company positioning itself as a specialized extractor, increases our ability to supply a consistent, high-quality inventory of oils for products such as Softgels," said Mark Zekulin, President and Co-CEO of Canopy Growth. "We're also excited to see Valens progress in its licensing capabilities so that it can add its products to our CraftGrow program, increasing the diversity of high-quality cannabis products available for medical and recreational customers in 2019."
According to Yahoo Finance, the cannabis penny stock is trading at $1.53 a share, up +$0.08 (+6.21%).
Featured Image: Depositphotos/© welcomia
