Marijuana penny stocks have corrected today, after a strong few days on the market. A few of the major cannabis stocks have taken a hit, which may be dragging the penny stocks down. However, there are a few marijuana penny stocks that are trading green!
Today, we'll take a look at two companies trading up and down on the TSXV and CSE.
Canopy Rivers Inc. (TSXV:RIV)
Canopy Rivers is a public investments company that is based out of Toronto, Ontario. The investment firm prefers to invest in the cannabis sector and seeks minority stakes in its investments.
This morning, Canopy is among a small group of marijuana penny stocks that are trading green. The cannabis company announced its latest investment a few hours ago, which is what likely pushed its shares up. Canopy Rivers has recently invested in Headset Inc, a data and analytics service provider for the marijuana industry. The investment firm got in the company's series A round of funding and subscribed for $4.0 million CAD.
Narbe Alexandrian, VP of Business Development for Canopy Rivers, said, “We are very excited to be diversifying our portfolio with our investment in Headset, a best-in-class technology platform delivering cannabis-related business intelligence in real-time.”
He continued:
“As companies compete to capture mind share in this nascent space, understanding the levers that influence purchase decisions and ultimately guide price and brand success is critical. We believe that Headset has established a strong leadership position in the data and analytics space, enabling brands, retailers, marketers and investors to gain key insights about the cannabis market in real-time.”
According to Yahoo Finance, the marijuana penny stock is currently trading at $3.59 a share, up +$0.04 (+1.27%).
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MedMen Enterprises Inc. (CSE:MMEN)
MedMen Enterprises is a US-based cannabis company that saw steep growth at the start of the new year. This morning, its shares have corrected some, following the market trend. MedMen is headquartered in Culver City, California, and with its subsidiaries cultivates, distributes, and retails recreational and medicinal cannabis.
MedMen is among the marijuana penny stocks that are dropping on the markets today. The latest news released by the company was just under two weeks ago, which may be the cause of its slight correction.
According to Yahoo Finance, MMEN is currently trading at $4.45 a share, down -$0.09 (-1.98%).
Featured Image: Depositphotos © linavita
