Marijuana Penny Stocks Rebound: MedMen and Aleafia Health

penny stocks

Marijuana penny stocks are shining green on the stock market this morning, as the week comes to a close! Companies have begun their discussions about plans moving into 2019 and company announcements are flooding in.

Today, we’ll take a closer look at two marijuana penny stocks trending and their latest company movements. 

MedMen Enterprises Inc. (CSE:MMEN)

MedMen Enterprises is gaining momentum today on the market after its shares continued to slide the past five days. Today, MMEN is among the top trading marijuana penny stocks on the CSE. It remains unknown at this time what has caused its share correction.

Two days ago, the cannabis company released a response to a shareholder lawsuit. 

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The following is a statement by Daniel Yi, the marijuana penny stock’s senior vice president of corporate communications:

“These are frivolous claims, and it appears the judge agrees. Today, a Los Angeles Superior Court denied the plaintiffs’ request for a temporary restraining order and preliminary injunction. Despite the agreement reached by an independent committee to safeguard the best interests of our shareholders, including MMMG and the funds, the plaintiffs; Omar Mangalji and Brent Cox, now seek special treatment. The committee decided to lock up more than 90 percent of the shares owned by the three entities at least until November 25, 2019.”

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According to Yahoo Finance, the marijuana penny stock is currently trading at $4.43 a share, up +$0.19 (+4.48%). 

Aleafia Health Inc. (TSXV:ALEF)

Aleafia Health is another Canadian cannabis company trending high on the TSXV today. The company is a vertically integrated cannabis company that provides medical consultation services to patients dealing with chronic illnesses. 

Last week, Aleafia announced the completion of Phase 1 construction of its Niagra Greenhouse facility. The company also submitted the facility’s evidence package to Health Canada, marking the final stage in the cultivation license application process. It is still pending approval from Health Canada. This positive news in cultivation could be the reason the penny stock is trading up today.

According to Yahoo Finance, ALEF is currently trading at $1.66 a share, up +$0.02 (+1.22%).

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