Cannabis penny stocks opened the market in the green but quickly corrected. This week, most have seen monumental losses. There are, however, a few that have seen positive movement. Today, we'll take a look at OrganiGram Holdings (TSXV:OGI) and WeedMD (TSXV:WMD), which are seeing major losses.
OrganiGram Holdings Inc.
OrganiGram Holdings, through its subsidiaries, produces and sells medical marijuana to physicians and patients in Canada. The cannabis company is headquartered in Moncton, New Brunswick.
This past month, the cannabis penny stock has seen its shares drop nearly -30%. Last week, OrganiGram was named a silver winner in the Company of the Year in the Best in Biz Awards. The cannabis company was placed in the East Canada category. The Best in Biz Awards is the only independent business awards program judged each year by prominent editors and reporters from top-tier publications in North America.
Despite its silver award, OrganiGram shares are still dropping. At press time, the cannabis penny stock is trading at $4.89 a share, down -$0.0200 (-0.41%).
WeedMD Inc.
WeedMD produces and sells medical marijuana in Canada. The cannabis company is headquartered in Aylmer, Ontario. WeedMD's products include dried marijuana, cannabis oil, marijuana plants, marijuana seeds, and cannabis resin.
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The latest news released by WeedMD was over a week ago. The cannabis penny stock announced that it had exported its product to Israel. However, the company didn't ship marijuana overseas to Pharmocann; instead, it sent its genetics to add to the Pharmocann library.
“We are delighted that Pharmocann, one of the world leaders and advocates in the medical cannabis community, has selected WeedMD’s genetics to strengthen its robust genetics library. Israel has been researching and advancing medical cannabis for well over 50 years, and Pharmocann has been providing high-quality products to medical patients for over a decade,” said Keith Merker, CEO of WeedMD. “Widely lauded for its breakthrough developments in cannabis treatments, we welcome the Pharmocann team to WeedMD’s expanding list of international genetics customers.”
According to Yahoo Finance, the cannabis penny stock is currently trading at $1.11 a share, down -$0.14 (-11.20%).
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