Marijuana Penny Stocks: Namaste Technologies Flounders After CEO Drama

penny stocks

Marijuana penny stocks are trading red across the board today. On both US and Canadian markets, major cannabis stocks are down. This is likely the cause for the correction of all penny stocks. It remains unknown at this time what the reason for correction is, but marijuana stocks were collectively trending upwards for the past six weeks.

Today, we’ll take a look at a few marijuana penny stocks that are breaking in the news today.

1933 Industries Inc. (CSE:TGIF) (OTCQX:TGIFF)

1933 Industries is a cannabis company that engages in the cultivation and production of medical marijuana in Canada and the US. The company is based out of Chilliwack, British Columbia. 1933 also produces hemp-based CBD products, a growing industry in the cannabis space. The company was formerly known as Friday Night Inc but changed its name back in September of 2018.

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This morning the marijuana penny stock provided investors with an update on its new cultivation facility in Las Vegas, Nevada. This facility will house 1933’s subsidiary, Alternative Medicine Association (AMA). The more than 76,000 sq. ft. facility will house AMA’s indoor cannabis cultivation.

“This is a very exciting time at AMA,” Master Grower Tim Spencer said in the press release. “We have made small adjustments to the design that should result in complete climate control and considerable efficiencies in production. This will keep us competitive while raising the standard for high-end cannabis in Nevada.”

According to Yahoo Finance, the marijuana penny stock is currently trading on the CSE at $0.455 a share, down -$0.01 (-2.15%).

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Namaste Technologies Inc. (TSXV:N) (OTCQB:NXTTF)

Namaste Technologies is among the top marijuana penny stocks that have lost the most in the correction. The company’s stock correction actually started long before the market took a turn.

Two days ago, Namaste announced the firing of its CEO, Sean Dollinger. His termination followed an investigation by a special committee of the Board of Directors of Namaste. The company also announced this morning that Dollinger is taking legal action against the company regarding his termination and the matter will now go before the Ontario Supreme Court of Justice Commercial List.

There is a lot of movement going on with Namaste Technologies and investors aren’t impressed. The marijuana penny stock has fallen nearly -20% since the incident. According to Yahoo Finance, N stock is trading at $1.12 a share on the TSXV, down -$0.07 (-5.88%).

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