Major US stocks are down this morning after Chinese stocks fell earlier in the day. Not a good start to the year for the major players, but marijuana penny stocks are trading green in Canada! Today, we'll take a closer look at the major movers in the marijuana penny stock space and their latest announcements.
The Supreme Cannabis Company (TSXV:FIRE)
The Supreme Cannabis Company is a medical cannabis company that operates out of Toronto, Ontario. The company operated as a pharmaceutical company but changed its name and direction back in December of 2017.
This morning, the marijuana penny stock gave its investors an update on its 7ACRES property. 7ACRES is a federally licensed producer of cannabis that runs its operations inside a 342,000 square-foot facility. This facility is located in Kincardine, Ontario.
Supreme Cannabis announced that as of the end of 2018, 7ACRES has completed 19 flowering rooms and should complete 25 by March 2019. The marijuana company expects 7ACRES to reach its estimated annual output of 50,000 kg by mid-2019.
John Fowler, President of Supreme Cannabis, said:
"In our view, 7ACRES sets the international standard for cannabis cultivation and allows us to grow craft-quality cannabis at scale. We believe consumer behaviour has validated our thesis that people prefer higher-quality flower and are willing to pay more for it, and as the market expands for derivative products such as vape pens and edibles we expect consumers will prefer products extracted from the highest quality inputs."
Today, Supreme Cannabis is seeing the most dollar-gains among all the marijuana penny stocks on the TSXV. According to Yahoo Finance, FIRE is currently trading at $1.37 a share, up +$0.05 (+3.79%).
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AgraFlora Organics International Inc. (CSE:AGRA)
AgraFlora Organics is a cannabis company that operates out of Vancouver, British Columbia. Its stock is among the top trading marijuana penny stocks on the CSE this morning. The company was formerly PUF Ventures Inc but changed its name in November of 2018.
This morning AgraFlora announced it has secured high-quality propagation plants for its outdoor facility in Edmonton, Alberta.
"With the first phase of the retrofit of the 2,200,000 sq. ft. greenhouse complex scheduled for completion mid-2019, we are taking the necessary steps of establishing a customer base for our medical cannabis flower and propagating plants," said Derek lvany, President and CEO of AgraFlora Organics International.
He continued:
"Cabbay Holdings is Propagation Services Canada's first propagation customer and follows on the recently announced medical cannabis supply agreement with Namaste Technologies. 2019 is shaping up to be a banner year for AgraFlora and we will continue to expand the pipeline of premium customers for our high-quality cannabis products."
According to Yahoo Finance, the marijuana penny stock is trading at $0.19 a share, up +$0.024 (+14.72%).
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