Cannabis penny stocks are falling on the market again today. One would expect the news of Jeff Sessions resigning yesterday to potentially cause stocks to rise, but that doesn't seem to be the case. Cannabis stocks saw a slight hike after news broke that the anti-cannabis US Attorney General stepped down, but it didn't last long.
Many of the major cannabis stocks are falling on the US and Canadian markets. Today, we'll take a closer look at two cannabis penny stocks dropping rapidly on the TSXV.
Emerald Health Therapeutics (TSXV:EMH)
Emerald Health Therapeutics is based out of Victoria, BC, and together with its subsidiaries produces and sells medical cannabis across Canada. The company was formerly a pharmaceutical company but changed to cannabis in June of 2015.
Today, the cannabis penny stock is the second-highest stock being traded on the TSXV for daily trades.
Two days ago, Emerald Health announced that it had completed its first shipments of adult-use cannabis to Newfoundland and Labrador and to British Columbia.
“Emerald aims to assure its customers a secure supply of an array of products by establishing significant, diverse sources of indoor, greenhouse, and outdoor-grown cannabis and cannabinoid products. We have a strong and building foundation to achieve this goal,” said Chris Wagner, CEO at Emerald. “Our products are now available in stores and online in BC as well as Newfoundland and Labrador. Emerald is in negotiations with cannabis distribution authorities in several provinces as we continue to scale our production and sourcing efforts.”
According to Yahoo Finance, the cannabis penny stock is currently trading at $4.66 a share, down -$0.48 (-9.34%).
>> Aurora Cannabis and Canopy Growth Stocks Fall
Auxly Cannabis Group (TSXV:XLY)
Auxly Cannabis is a cannabis streaming company that operates out of Vancouver, BC. It provides funding for cannabis production. The last update the cannabis penny stock published was eight days ago, and today, it remains one of the lower performing stocks on the TSXV.
According to Yahoo Finance, XLY is currently trading at $1.01 a share, down -$0.12 (-10.62%).
Cannabis Shakedown
It remains unknown at this time what has caused the correction in cannabis penny stocks and large stocks.
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