Marijuana penny stocks have kicked off Thursday in the red. The top trending marijuana penny stocks on the TSXV and CSE are all seeing significant losses early, and the cause remains unknown at this time. Not all penny stocks are seeing losses though.
Today, we'll take a closer look at two marijuana stocks that are seeing slight gains despite the bear market.
MedMen Enterprises Inc (CSE:MMEN)
MedMen Enterprises is a cannabis company that operates out of the US. The company cultivates, produces, distributes, and retails recreational and medicinal cannabis. The company currently has licenses for over 70 retail stores that are spread across 12 different US states.
MedMen announced its unaudited fiscal 2019 second-quarter revenue. Between its stores in Arizona, California, Nevada, and New York, the company brought in $29.9 million USD in revenue. This is a 40% increase from the previous quarter. The marijuana penny stock will release its audited and official results for the second quarter in February.
“California is the prize of the cannabis industry and the performance of our stores, quarter-over-quarter, is a reflection of our continued execution in our home state,” said Adam Bierman, MedMen Chief Executive Officer and Co-Founder.
At the time of writing, the marijuana penny stock is currently trading at $4.22 a share, up +$0.12 (+2.93%).
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Canopy Rivers Inc. (TSXV:RIV)
Canopy Rivers is a public investment company that operates out of Toronto, Ontario. The company makes investments in the cannabis space and seeks to gain minority stakes in these cannabis companies.
This morning, the marijuana penny stock announced it has appointed a new President. Today, Narbe Alexandrian has been appointed as the new President of Canopy Rivers. Narbe will lead the corporate development initiatives, as well as manage the day-to-day operations of the company.
“I believe that the team at Canopy Rivers has developed one of the most attractive and compelling platforms in the cannabis industry today,” commented Narbe.
According to Yahoo Finance, investors seem pleased with the company's recent move. RIV is currently trading at $4.36 a share, up +$0.01 (+0.23%), while most of the marijuana penny stocks are down on the TSXV.
Featured Image: Depositphotos © Elnur_
