Cannabis penny stocks are up and down this morning on the CSE and TSXV. As the year winds down, trades will begin to slow as they usually do during the holidays. Today, we'll take a look at two penny stocks that are trading high early.
Let's dig deeper!
MedMen Enterprises Inc. (CSE:MMEN)
MedMen Enterprises is headquartered in Culver City, California, and together with its subsidiaries, operates as a cannabis company in the US. As of December 2018, the company has licenses in over 70 retail stores, in 12 different states.
This morning, MMEN is among the top cannabis penny stocks to dominate the Canadian markets. The company hasn't had an announcement in over a week. At that time, MedMen Enterprises announced it had closed its San Francisco Bay dispensary acquisition.
According to Yahoo Finance, the cannabis penny stock is trading at $4.03 a share, up +$0.08 (+2.03%). MMEN opened the market up 3.5% but has slightly corrected since.
OrganiGram Holdings Inc. (TSXV:OGI)
OrganiGram Holdings is the top trending cannabis penny stock this morning on the TSXV. Most cannabis penny stocks are now trading red on the Canadian exchange, as time passes. OrganiGram Holdings is headquartered in Moncton, New Brunswick. The cannabis company through its subsidiaries produces and sells medical marijuana to physicians and individuals.
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Four days ago, OrganiGram announced its fiscal year-end numbers. However, these results do not include its revenue for adult-use recreational cannabis.
"The importance of 2018 can not be overstated for Organigram as well as the industry," said Greg Engel, Chief Executive Officer of OrganiGram. "We are incredibly proud of our ability to meet the challenges of scaling our business in preparation for the adult recreational use market. We are pleased with our progress to date and believe that we have performed well in a highly competitive space while always maintaining a sustainable cost structure. Ultimately, it is our view that our Moncton Campus will be seen as a crown jewel in the industry as it is able to produce consistent, high-quality indoor grown product at scale to support our brands with the lowest dried flower cultivation costs reported to date in Canada."
While the company's shares have slid the past month, OrganiGram Holdings brought in $12.4 million in revenue for its fiscal 2018, up 131% from the previous fiscal year.
According to Yahoo Finance, OGI is currently trading at $4.78 a share, up +$0.03 (+0.63%). The cannabis penny stock opened the market up almost 1.3% but has since slightly corrected.
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