Marijuana Penny Stocks in Green: Harvest One Sees 123% Growth

penny stocks

Marijuana penny stocks are up and down today as we kick off the first day of March! Harvest One Cannabis Inc. (TSXV:HVT) (OTCQX:HRVOF) just released its Q2 2019 financial results, and its stock is dominating the TSXV. The Flowr Corporation (TSXV:FLWR) (OTC:FLWPF) is trading high on the OTC after the company released news about an expansion in its edibles products. 

Harvest One Sees 123% Increase in Revenue

This morning, Harvest One released its Q2 2019 revenue to investors, showing net revenue of $3.7 million. The company saw an increase of over 123% from its previous quarter, which was $1.7 million. Harvest One states that its spike in revenue came from its supply agreements with British Columbia, Manitoba, Ontario, and Saskatchewan. 

There were various highlights in the quarter that contributed to Harvest One’s sales growth. At the end of Q2, the marijuana penny stock states it had a ‘robust’ cash balance of $41 million. Harvest also announced that it signed a multi-year extraction and production agreement with Valens GroWorks Corp (CSE:VGW) (OTCQB:VGWCF) this quarter. Harvest One’s subsidiary, United Greeneries, will ship bulk quantities of dried cannabis to Valens over an initial three-year term. 

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The marijuana penny stock has slightly corrected on the TSXV as the morning has progressed. At the time of writing, HVT is trading at $0.72 a share, up +0.09 (+14.29%). Harvest’s shares aren’t quite as high on the OTCQX. At the time of writing, HRVOF shares are trading at $0.52 a share, up +$0.04 (+8.71%).

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The Flowr Corporation Colabs with Chef Ryan Reed

The Flowr Corporation is among the top trading marijuana penny stocks on the OTC this morning! The Toronto-based cannabis company made a big announcement this morning regarding its edible production. Flowr has hired celebrated Canadian chef Ryan Reed to develop signature edible cannabis products for the company.

Edibles are not yet legal in Canada, but legislation surrounding the products is expected to pass before October 17th, 2019. A few Canadian-based cannabis companies are getting a jump-start on the market, and that’s exactly what The Flowr Corporation is doing. Chef Reed is a past winner of Iron Chef and Chopped. In 2011, Chef Reed was rated Victoria’s 2011 Chef of the Year.

“I’m thrilled to join the Flowr Family. It’s an honour and a pleasure to join a company that is ride or die on technique, quality and innovation,” said Chef Reed.

At the time of writing, the marijuana penny stock is trading at $4.22 a share on the OTC, up +$0.16 (+3.96%).

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