The major stock exchanges in the US opened in the red this morning, pulling most of the other smaller markets down with them. Today, most cannabis stocks and cannabis penny stocks are seeing losses.
Let's take a closer look at two cannabis penny stocks trending on the TSXV and their latest movements.
Emerald Health Therapeutics (TSXV:EMH)
Emerald Health is a medical cannabis company headquartered in Victoria, British Columbia. Together with its subsidiaries, Emerald produces and sells medical cannabis throughout Canada.
Yesterday, the cannabis company announced that it had received conditional approval from the TSX Venture Exchange in regards to its joint venture to be called 'Emerald Health Naturals' (EHN). Currently, Emerald Health Therapeutics has a 51:49 joint venture with the San-Diego based Emerald Health Bioceuticals and the name change was approved. Emerald Health will invest $5 million for 51% ownership of EHN.
At press time, the cannabis penny stock is trading at $3.56 a share, down -$0.18 (-4.81%).
Namaste Technologies (TSXV:N)
Namaste Technologies operates out of Vancouver, BC, and through its subsidiaries, operates as a cannabis e-commerce company. Currently, Namaste sells its cannabis products in 26 different countries.
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Yesterday, the cannabis e-commerce company announced the launch of its Craft Cannabis Program. This new program launched by Namaste is intended to provide support for craft cultivators who apply with the company as micro-cultivators. Namaste is already partnered with Cannmart Inc and Cannmart has already stated it will launch a Craft Cannabis section on its website.
The announcement elaborates on the new program by saying:
"Each Micro Cultivator will be allowed to grow cannabis up to 200 square meters (2152 square feet) of total canopy space. Each Micro Processor will be allowed to process up to 600kg of cannabis from their facility. By securing Supply Agreements with Micro Cultivators, Cannmart will provide its patients with access to many strains which have not yet been available in the regulated market. Cannmart's Craft Cannabis Program offers significant value for future Micro Cultivators not only by providing regulatory and financial support but also by providing a sales channel directly to consumers, with a healthy margin and national exposure."
According to Yahoo Finance, the cannabis penny stock is trading at $1.47 a share, down -$0.01 (-0.68%).
Featured Image: Depositphotos/© BiancoBlue
