Today we’re looking at two hot cannabis penny stocks right now, Pure Global Cannabis (TSXV:PURE) and Valens Groworks (CSE:VGW). What’s going on with these companies?
Let’s dig in!
Cannabis Penny Stocks: Pure Global Cannabis
Pure Global Cannabis (TSXV:PURE) is a life science cannabis company. What does that mean? It means the company focuses on creating premium cannabis products for medical, wellness, and recreational purposes.
This cannabis penny stock is trading up and up today! At the time of writing, PURE is trading for $0.19, which puts the stock up $0.03 or 23.33%. According to Yahoo Finance, the stock’s day range has been between $0.15 and $0.19, while it’s 52-week range has been between $0.11 and $0.52—making today’s stock price closer to the lower end (last achieved in January of this year).
But has the cannabis penny stock been doing anything as of late to explain why it’s growing so much today?
The answer, simply put, is—no, not really. Not recently at least.
This isn’t to say that Pure Global hasn’t been busy. Most recently, announced about a month ago, the cannabis penny stock brought on Ross J. Hendry as its Vice President of Sales and Marketing. Hendry is a former alcoholic beverage industry man and has a large dose of experience in branding. Perhaps Pure Global is looking to get into the cannabis drinks industry?
Cannabis Penny Stocks: Valens Groworks
Valens (CSE:VGW) is a biotech company focusing on cultivating medical strain cannabis.
This cannabis penny stock is also trading well today—for no immediately obvious reason. At the time of writing, VGW is trading for $1.54, putting the stock up $0.19 or 14.07%. According to Yahoo Finance, Valens has traded between $1.39 and $1.54 today, while its 52-week range has been between $0.98 and $3.35—putting today’s price about in the middle of that range.
Much like with Pure Global, Valens hasn’t announced anything super recently that would directly explain its stock hike for the day. However, on December 13th, the cannabis penny stock did announce that it had entered into a multi-year extraction agreement with Canopy Growth (TSX:WEED) (NYSE:CGC), which is some pretty exciting news.
Are you impressed by these cannabis penny stocks today? Let us know in the comments below!
Featured image: DepositPhotos © olly18