Marijuana penny stocks are seeing red across the board this morning on the TSXV. It remains unknown at this time what the cause was for the correction of marijuana penny stocks on the TSXV. Emerald Health Therapeutics (TSXV:EMH) and Canopy Rivers (TSXV:RIV) are both struggling today.
We'll take a closer look at these two marijuana penny stocks to see what's happening.
Emerald Health Therapeutics, Inc. (TSXV:EMH)
Emerald Health is among the top marijuana penny stocks seeing significant losses on the TSXV today. The Victoria, Canada-based medical cannabis company has had a lot of movement in its business lately.
Five days ago, Emerald announced the closing of its Emerald Health Naturals joint venture. It previously held a 51:49 joint venture with San Diego-based Emerald Health Bioceuticals, which was called Emerald Health Naturals. The announcement explains:
"Emerald has invested $5,000,000 for 51% equity ownership of EHN. EHB has granted EHN the exclusive Canadian distribution rights to EHB’s award-winning product line in exchange for 49% equity ownership of EHN."
In addition to the news five days ago, this morning the marijuana penny stock announced it has entered into a share purchase agreement with a single Canadian institutional accredited investor.
According to Yahoo Finance, EMH is currently trading at $3.07 a share, down -$0.18 (-5.54%).
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Canopy Rivers Inc. (TSXV:RIV)
Canopy Rivers is a Toronto-based cannabis investment company. It is currently among the group of top marijuana penny stocks seeing losses this morning.
Yesterday, Canopy announced that it has invested in Greenhouse Juice Company, making its entrance into the CBD market. Many cannabis companies are moving into the CBD market, as the 2018 Farm Bill was just passed in the US—which made hemp use and farming nationally legal.
“We believe CBD is poised to become a major ingredient within consumer packaged goods wellness products,” said Narbe Alexandrian, VP of Business Development for Canopy Rivers. “Over five years, Greenhouse has built a successful, well-recognized beverage brand and a state-of-the-art manufacturing facility capable of producing a wide range of products. We see high-quality, low-sugar beverages as being ideal for infusion with non-psychoactive CBD, and we believe Greenhouse’s expansion into CBD-based products will further solidify its leadership position in the health and wellness space.”
According to Yahoo Finance, RIV is currently trading at $4.48 a share, down -$0.05 (-1.10%).
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