Marijuana Penny Stocks to Watch: MariMed and GrowGeneration

penny stocks

Marijuana penny stocks are up and down this morning on both US and Canadian exchanges. At the end of last week, stocks were dropping, and it seems only a few have rebounded this morning. It remains unknown at this time why these stocks have corrected.

Today, we’ll take a look at a pair of marijuana penny stocks that are trading green. If you’re looking to add a few penny stocks to your portfolio, you may want to put these two on your watchlist.

MariMed Inc. (OTCQB:MRMD)

MariMed is a cannabis consultation company that is located in Newton, Massachusetts. The company consults for design, operation, funding, development, and optimization of cannabis cultivation.

This morning the marijuana penny stock announced that it has converted its initial $30 million purchase of debentures into GenCanna common stock. Back in November 2018, MariMed closed an agreement with GenCanna Global USA.

Capitalize off Cannabis
Sign up now to start receiving our investing insights for FREE!

 

Bob Fireman, CEO of MariMed, said:

“MariMed will continue to be a source of capital and experience for GenCanna as it looks to expand its hemp cultivation to more than 10,000 acres, as well as to develop new facilities to process the biomass. In return, GenCanna will provide MariMed Hemp with a dedicated supply of the finest GMP-quality CBD for new brands of CBD products to be introduced by MariMed Hemp.”

According to Yahoo Finance, the marijuana penny stock is trading at $4.02 a share, up +$0.02 (+0.55%).

GrowGeneration Corp. (OTCQX:GRWG)

GrowGeneration is based out of Denver, Colorado. The company operates retail hydroponic stores. The company offers various products for farming such as lighting, plant nutrients, hydroponic equipment, and soil. The company previously served home growers of organic fruits and vegetables but now has its place in the cannabis industry.

>> Namaste Stock: A Week After CEO Setback, Is Stock Recovering?

Year-to-date, the marijuana penny stock is up nearly 50%. This morning, the company announced that it has acquired Reno Hydroponics. Reno will now be GrowGeneration’s 23rd store. This news has put GrowGeneration as one of the top marijuana penny stocks on the OTC.

Darren Lampert, CEO of GrowGeneration, said:

Reno becomes GrowGen’s 2nd location in Nevada and the company’s 23rd store. As a recreational legal market, Reno is a prime area for GrowGen, with an increasing number of dispensaries and cultivators. We continue to enter markets, where the cultivation laws are conducive to growing, and where GrowGen can strategically locate its operations, in areas where there are a high concentration of growers. Our growth plan is working.”

According to Yahoo Finance, the marijuana penny stock is currently trading at $3.37 a share, up +$0.13 (+4.01%).

Featured Image: Canva