Cannabis penny stocks have been falling this week after broad investor sell-offs occurred on both the US and Canadian markets. However, not all cannabis stocks have seen large losses this week. Today, we'll take a closer look at The Supreme Cannabis's latest announcement and 48North Cannabis, which has been seeing major gains this week.
48North Cannabis Corp (TSXV:NRTH)
Most Canadian cannabis stocks are seeing major losses this week, except for a small group. 48North Cannabis saw a major price share breakthrough this week after it released big news.
48North is headquartered in Toronto, Ontario, and focuses on female health and wellness. This week, the cannabis company announced its acquisition of Good & Green. In addition to the acquisition, 48North announced it has fulfilled a $10 million private placement with Canopy Growth Corporation (TSX:WEED) (NYSE:CGC).
When investors caught wind of this update, the cannabis penny stock shot up. According to Yahoo Finance, NRTH is currently not seeing any losses or gains on the TSXV. For the week, the cannabis penny stock has grown nearly 35%.
The Supreme Cannabis Company, Inc. (TSXV:FIRE)
The Supreme Cannabis Company is among those cannabis stocks that have dropped significantly on the market this past week. The medical cannabis company is headquartered in Toronto, Ontario. This morning, the cannabis penny stock announced it has entered into a partnership with Khalifa Kush Enterprises, LLC.
This agreement was made to develop and launch a lineup of premium cannabis products to sell in international markets.
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Wiz Khalifa, principal of KKE, said:
"Canada is a very important place to me with the idea for 'Kush and Orange Juice' being created in Toronto, it's the perfect start for the international expansion of Khalifa Kush. My team and I have spent the past year finding a partner that shares our vision, values and passion for cannabis. The team at Supreme Cannabis understands the importance of high quality cannabis and how to produce high quality cannabis at scale. I am very excited to be working with them to bring Khalifa Kush quality products to Canada and other international markets."
According to Yahoo Finance, the cannabis penny stock is currently trading at $1.33 a share, up $0.020 (+1.53%).
Featured Image: Depositphotos/© OtnaYdur
