Marijuana Penny Stocks Plummet: Canopy Rivers and Flowr Corporation

penny stocks

Some marijuana penny stocks are taking a nosedive today on the TSXV. The major US stock markets are closed today in observance of the Martin Luther King Jr. federal holiday. So let's instead take a look at some of the stocks on the Canadian markets!

Canopy Rivers Inc. (TSXV:RIV)

Canopy Rivers is a Canadian-based investment firm that operates out of Toronto, Ontario. The company primarily invests in cannabis companies in North America. 

It has been a monumental month for the cannabis investment company. Canopy's shares have risen over 31% since the beginning of the New Year. The marijuana penny stock has made momentous investments these past three weeks that have caused investors to get excited about the company—thus getting them to buy RIV stock.

Canopy Rivers is making a strong push into the global CBD and hemp industry lately. Four days ago, the company announced a milestone achieved by one its investments.  The company Canopy invested in just opened its new extraction and CBD processing facility in Sicily. 

“It was a great day for Canapar, Sicily and the European hemp industry,” said Sergio Martines, CEO of Canapar. “The regulatory landscape in Italy and Europe is creating exciting opportunities for hemp and its derivatives. The size and scale of this extraction and processing facility, our growing hemp resources, as well as various partnerships, ideally position Canapar to pursue these opportunities.”

It remains unknown at this time why Canopy Rivers is in the group of marijuana penny stocks that are dropping today. It may just be that investors are putting their money elsewhere.

According to Yahoo Finance, RIV is trading at $4.10 a share, down -$0.021 (-4.87%).

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The Flowr Corporation (TSXV:FLWR)

The Flowr Corporation cultivates and produces medical cannabis in Canada. The company started trading on the TSX Venture Exchange back in late September 2018. Since its opening on the market, the marijuana penny stock has dropped significantly in share price. The stock is down almost -50%. 

Recently, Flowr signed a monumental deal in Canada, but its shares have yet to reflect this positive movement. On January 9th, the marijuana company announced it signed a supply agreement with Shoppers Drug Mart. Shoppers is arguably one of the largest pharmacies across Canada. 

The company's shares saw a slight rise after the announcement, but have since fallen. It remains unknown at this time why its shares have continued to fall this month.

According to Yahoo Finance, FLWR stock is trading at $3.69, down -$0.034 (-8.44%).

 

Featured Image: Depositphotos © salamiss

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