Cannabis penny stocks are tumbling on the TSXV today. Cannabis stocks, in general, have been up and down this week. The Dow is down today, which may be what's causing the declining cannabis stocks.
Today, we'll take a closer look at a few cannabis penny stocks trending on the TSXV and their latest movements.
WeedMD Inc. (TSXV:WMD)
WeedMD is headquartered in Aylmer, Ontario, and it produces and sells medical marijuana. This morning, the Canadian cannabis company reported its Q3 2018 earnings. Despite the positive earnings report, WMD shares are seeing red.
WeedMD brought in $2.0 million in revenue in Q3 2018. This is a 461% increase year-over-year. For the first three quarters of 2018, the cannabis penny stock brought in $5.2 million, which is a 784% increase from last year.
“The third quarter was another strong growth period for WeedMD. We increased revenues by more than 450% compared to the prior year and rapidly ramped up production capacity at our state-of-the-art hybrid greenhouse. Through strategic additions to our highly experienced management team, we strengthened our production, sales, marketing, and business development capabilities,” said Nichola Thompson, Interim CFO of WeedMD
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According to Yahoo Finance, WMD shares are trading at $1.40 a share, down -$0.03 (-2.10%). Despite its monumental growth in revenue in 2018, its share prices don't reflect its growth. In six months, WMD shares are down -27%, and year-to-date, the cannabis penny stock is down -44.9%.
Aleafia Health Inc. (TSXV:ALEF)
Aleafia Health is a vertically integrated cannabis company located in Concord, Ontario. Three days ago, Aleafia posted its Q3 revenue, showing that the company had a 36% increase in revenue from its previous quarter. Despite the good news, its shares are down as well.
“As the company has achieved a number of important milestones, we are extremely encouraged by our third quarter results. It has been a transformative period for Aleafia. Our first cannabis sale marks the beginning of our cultivation expansion with Aleafia producing 98,000 kg of dried flower on an annual run rate basis,” said Aleafia Chairman Julian Fantino.
According to Yahoo Finance, the cannabis penny stock is currently trading at $1.93 a share, down -$0.06 (-3.02%).
Featured Image: Depositphotos/© AndrewLozovyi
