Marijuana penny stocks have corrected this morning, and most are trading red on US and Canadian markets. This morning, Koios Beverage Corp (CSE:KBEV) is booming and is seeing share percentage gains of 100%. Fire & Flower Holdings Corp (TSXV:FAF) is also trading green.
Today, we'll explore why these two cannabis penny stocks are trending upward, while the rest of the market is falling.
Koios Beverage Stock Up 100% Today
A beverage manufacturer is leading the trades today on the Canadian Securities Exchange. Last year, the Vancouver, British Columbia-based company began infusing beverages with cannabis oil. Cannabis infused beverages are a new and emerging trend within the industry. Edibles are not yet legalized in Canada yet, so Koios sells its products in over 2,000 retail locations in the US.
A week ago, the cannabis beverage company announced that it added a former Constellation Brands (NYSE:STZ) employee to its advisory board, Mr. Aussie Jiwani. This news has excited investors because the marijuana penny stock has grown 147% since. Constellation Brands is the largest beer, wine, and spirits manufacturer in North America. The addition of Mr. Jiwani is major for the company, as he brings 23 years of experience in the alcoholic beverage industry.
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According to Yahoo Finance, the marijuana penny stock is currently trading at $0.73 a share, up +$0.365 (+100.00%).
Fire & Flower Rings in the Trading Day
On February 19th, Fire & Flower Corp began trading on the TSX Venture Exchange under the 'FAF' stock ticker. This morning, the company's CEO, Trevor Fencott, joined Robert Peterman, VP of the TSX and TSXV to open the market.
This celebration is likely the reasoning behind the spike of the marijuana penny stock. FAF was the only cannabis stock on the TSXV today trading green.
According to TMXmoney, FAF is currently trading at $1.66 a share, up +$0.07 (+4.40%).
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