Marijuana penny stocks are trading up and down today on the TSXV. Many of the major cannabis stocks are seeing green today, after falling substantially yesterday across the board.
Today, we'll take a look at a pair of penny stocks dominating the TSX Venture Exchange. What has caused them to rise so substantially? Let's find out!
Pure Global Cannabis Inc. (TSXV:PURE)
Pure Global Cannabis operates as a life sciences company that is headquartered in Toronto, Ontario. The company, through its subsidiary, PureSinse Inc, produces and sells cannabis for various industries.
The morning, the marijuana penny stock is up nearly 10%. Yesterday, the company announced big news, which caused its stock to rise. Pure Global Cannabis announced that it has entered into a definitive agreement to purchase all of the outstanding shares of SPRQ Health Group Corp, or Spark.
Spark is a Brampton-based cannabis clinic that helps patients obtain safe access to medical cannabis. This agreement is expected to close today. Currently, Spark has over 2,500 active patients. Pure Global also announced its partnership with HelloMD. HelloMD holds a unique white-label telehealth service.
"Innovative companies like PureSinse focus on developing and distributing next-generation cannabis products to patients. Our goal is to help them acquire and support those patients by simplifying access to advise from licensed practitioners," said Larry Lisser, HelloMD's SVP of Business Development. "Our turnkey approach to cannabis telehealth services makes it easy for our partners to rapidly deploy and start serving patients right away."
According to Yahoo Finance, the marijuana penny stock is trading at $0.305 a share, up +$0.03 (+10.91%).
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Khiron Life Sciences Corp. (TSXV:KHRN)
Khiron Life Sciences develops cannabis products for medical purposes out of Toronto, Ontario. Khiron is currently leading all the marijuana penny stocks on the TSXV for most percentage gains.
This morning a joint venture between Dixie Brands and Khiron Life Sciences was announced. Dixie is one of the cannabis industry's leading consumer packaged goods companies. The new venture will be split 50/50.
Alvaro Torres, Co-founder and CEO of Khiron Life Sciences, said:
"This joint venture is a combination of two companies coming together to bring great brands with highly complementary products, distribution capabilities and expertise. The joint venture gives us important access to expand the reach of our Kuida® cosmeceutical brand into the U.S. market, and by introducing a proven set of product formulations, we can more effectively leverage the infrastructure and relationships we are putting in place across Latin America."
According to Yahoo Finance, the marijuana penny stock is trading at $2.22 a share, up +$0.25 (+12.69%).
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