Marijuana penny stocks are falling this morning on the TSXV, despite shinning green yesterday when major US markets were crashing. There are a select few stocks that are trading green, but these companies released updates this morning.
Today, we'll take a look at a marijuana penny stock that is dominating the TSXV today. It released a major announcement that is putting itself on the map in the US cannabis industry. Let's get into it!
Marijuana Penny Stocks: Emerald Health Therapeutics Inc
Together with its subsidiaries, Emerald Health (TSXV:EMH) (OTCQX:EMHTF) produces and sells medical cannabis in Canada. The company was formerly a pharmaceutical company that switched to cannabis in June of 2015.
This morning, Emerald announced major news regarding its joint-venture partner Emerald Health Bioceuticals (EHB). EHB has launched its Endo products in Whole Foods Markets across the US. This new product line was launched in Canada this year. In December, the joint venture between the two, called Emerald Health Naturals (EHN), received Canadian distribution rights to sell this product line.
Endo was developed to support the body's endocannabinoid system (ECS). The line does not contain cannabis. This announcement is likely the cause of the spike of the marijuana penny stock today.
Emerald Health Therapeutics President and Executive Chairman Avtar Dhillon explained:
“With 60% of cannabis users also being users of natural health products, we have a two-pronged opportunity in Canada to build a stand-alone market for the Endo product line for cannabis non-users as well as achieve Emerald brand recognition among cannabis users in channels unable to carry cannabis products. Natural health product stores, pharmacies, and even grocery stores may all be potential outlets for the Endo product line. We look forward to offering the proprietary Endo products to Canadian consumers this year.”
Marijuana Penny Stock Movement
According to Yahoo Finance, EMH is currently trading on the TSXV at $3.42 a share, up +$0.08 (+2.40%). Emerald Health is currently among the top trading marijuana penny stocks on Canadian and US markets.
Are you excited about seeing Emerald Health in Whole Foods?
Featured Image: Depositphotos © designer491