Cannabis penny stocks are mostly all trading red this morning on the TSXV. There are a few exceptions to this, of course. Organigram Holdings (TSXV:OGI) is dominating the TSXV after reporting its adult-cannabis recreational sales.
This morning, we'll take a closer look at two penny stocks plummeting on two different Canadian exchanges.
Canopy Rivers Inc. (TSXV:RIV)
Canopy Rivers is a public investment firm located in Toronto, Ontario. The company's current focus is on the cannabis sector and investing in cannabis companies in North America. This morning, this cannabis penny stock opened the market down nearly -10%.
It remains unknown at this time why the stock took such a hit. The drop may just be due to most cannabis stocks being down this morning and investors dumping them across the board. Last week, Canopy announced that it was expanding its European investments in Italy.
“We are thrilled with the progress that has been made to date at CanapaR and believe the team is ideally positioned with a European platform,” said Olivier Dufourmantelle, Chief Operating Officer of Canopy Rivers. “With a population of more than 60 million people, Italy is one of the largest cannabis markets in Europe and we are confident that CanapaR will succeed within that market.”
According to Yahoo Finance, the cannabis penny stock has corrected a bit since this morning and is trading at $3.46 a share, down -$0.08 (-2.26%).
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Isodiol International Inc. (CSE:ISOL)
Isodiol International was among the top trending cannabis penny stocks yesterday. Today, it seems the stock has corrected with the overall market trend. Isodiol is a hemp-focused distribution company headquartered in Vancouver, BC.
This week, Isodiol has received quite the bump in its shares due to the Farm Bill being passed by the House and Senate. If passed by Trump, hemp stocks may skyrocket, as hemp farming will become legal across all US states.
According to Yahoo Finance, ISOL is currently trading at $1.93 a share, down -$0.10 (-4.93%). For the week, the cannabis penny stock is up nearly 40%.
Featured Image: Depositphotos/© wrangler
