Marijuana penny stocks have been trading up and down all week. FONE, VIVO, and KHRN stood out from the rest of its peers on the Canadian market this week. Today, we'll take a closer look at why each of these companies' shares have seen so much growth in the past few days.
Flower One Holdings Inc. (CSE:FONE)
Toronto-based Flower One Holdings has had a major announcement the last week that is likely the cause for its spike in share price. On Valentine's Day, the cannabis company announced that it entered into a licensing agreement with CannAmerica Brands Corp (CSE:CANA). Since the announcement, the marijuana penny stock has been rising steadily.
CannAmerica is a leader in the emerging North American edibles market. Flower One will now manufacture, distribute, and sell CannAmerica's signature fruit juice gummies and super soft gummies. These edibles will be sold to all cannabis retailers in the state of Nevada.
At the time of writing, the marijuana penny stock is trading at $2.25 a share up +$0.14 (+6.64%) on the CSE. For the week, FONE is up 42.40%.
VIVO Cannabis Inc. (TSXV:VIVO)
VIVO Cannabis has seen a rise in its share price this week, but today the penny stock seems to have corrected. Nonetheless, VIVO is seeing more percentage gains this week than most of its peers.
On Tuesday, the Napenee, Ontario-based medical cannabis manufacturer announced the appointment of a new Vice President. Gary McMullen will assume his position of new VP of VIVO Cannabis on March 4th, 2019. This news is likely the cause of the penny stock's spike in share price.
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At the time of writing, VIVO is trading at $0.99 a share, down -$0.04 (-3.88%). For the week, the marijuana penny stock is up 13%.
Khiron Life Sciences Corp. (TSXV:KHRN)
Khiron Life Sciences is another marijuana penny stock that has seen exponential gains this past week. The Toronto-based cannabis company hasn't had new news released in over two weeks. At this time, it remains unknown what the cause of the spike in KHRN is.
According to Yahoo Finance, KHRN is currently trading at $4.00 a share, up +$0.07 (+1.78%). For the week, KHRN is up 39%.
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