Most of the major cannabis stocks are up this morning. This may be due to Tilray's (NASDAQ:TLRY) announcement that it has teamed up with the maker of Budweiser, Anheuser-Busch. This morning, we'll take a closer look at two cannabis penny stocks down on the TSXV: Namaste Technologies Inc. (TSXV:N) and Canopy Rivers (TSXV:RIV).
Namaste Technologies
Namaste Technologies is a cannabis e-commerce company that operates out of Vancouver, British Columbia. The company sells vaporizers and smoking accessories through its e-commerce site. Currently, Namaste sells products to 26 different countries.
Yesterday, the cannabis penny stock gave investors a corporate update. This update has nothing to do with any new deals but was more about movements within the company's executive positions. Neil Kothari has been appointed Namaste's Chief Legal Officer (CLO). Fern Glowinsky has resigned from the Board of Directors and the company's CFO, Kenneth Ngo, will fill her vacancy.
Namaste will also appoint Meni Morin as the company's first Chief Product Officer (CPO). However, this position is still subject to board approval.
According to Yahoo Finance, N stock is dropping rapidly this morning. At press time, the cannabis penny stock is trading at $0.92 a share, down -$0.10 (-9.80%).
>> Cannabis Investing Mistakes: Should You Invest in Established or New Cannabis Companies?
Canopy Rivers
Canopy Rivers is a public investment firm, headquartered in Toronto, Ontario. The company's focus is on the cannabis sector, and it seeks minority stakes in marijuana companies.
Canopy Rivers is among the various cannabis penny stocks that are dropping on the TSXV this morning. Yesterday, the cannabis investment firm announced that its shares have received DTC full-service eligibility in the US. DTC eligibility enables shares of Canopy Rivers to be distributed, settled, and serviced through DTC's automated process.
According to Yahoo Finance, RIV is currently trading at $2.94 a share, down -$0.08 (-2.65%).
Featured Image: Depositphotos/© Wavebreakmedia
