Marijuana penny stocks are rebounding today on US and Canadian markets. Marijuana stocks started dropping at the end of last week, and yesterday things began turning around. A few major cannabis companies have released big movements this week, pushing up investor confidence.
Today, we'll take a look at a pair of marijuana penny stocks that have released news recently and are trending green.
Auxly Cannabis Group Inc. (TSXV:XLY)
Auxly Cannabis Group operates as a cannabis streaming company in Vancouver, British Columbia. The company provides funding for cannabis productions and holds minority equity in cannabis facilities. The company was formerly known as Cannabis Wheaton but changed its name back in June of 2018.
This past month, the marijuana penny stock began to drop significantly in its share price. Year-to-date, XLY shares are down nearly -20%. Today's announcement by Auxly is turning things around. Early this morning, the cannabis streaming company announced additions to its executive team.
Auxly Cannabis Group appointed Brian Schmitt as its new Chief Financial Officer, Carla Nawrocki as its new Vice President of Investor Relations, and Jason Sonshine as VP of Strategy. This news has given investors confidence, which boosting the penny stock.
Chuck Rifici, Chairman and CEO, noted:
“We are delighted that Brian, Jason, and Carla have joined the Auxly family and look forward to their insight and contributions as we continue to execute on our strategic plan. We are very pleased with the strength of the management team that we’ve assembled here at Auxly.”
According to Yahoo Finance, XLY is currently trading at $0.72 a share, up +$0.01 (+1.41%).
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High Tide Inc. (CSE:HITI)
Today, High Tide is among the top trading marijuana penny stocks on the CSE. High Tide operates as a vertically-integrated Canadian cannabis company. It operates ten franchises and nine corporate smoking accessories retail outlets across Canada. High Tide also retails cannabis products.
This morning, the penny stock is booming after the company's announcement yesterday. High Tide released news that it has been selected to assist in an opening of a retail cannabis store in Hamilton, Ontario. This deal is still subject to regulatory approval, but it's given investors confidence in the credibility of the company.
"We are delighted to have been approached by the Second Winner in Ontario. Our decade of operational expertise and knowledge of the cannabis consumer, among other factors, have positioned us favorably to those seeking industry partners," stated Raj Grover, President and CEO of High Tide. "The Second Winner was looking for the support of an experienced player in the Canadian cannabis marketplace, which continues to validate us as the partner of choice in Ontario."
At press time, HITI is trading at $0.58 a share, up +$0.08 (+16.00%).
Featured Image: Canva
