Marijuana penny stocks are shining green this morning as the week winds to a close. Most of the major cannabis stocks are also trading high in both the US and Canadian markets.
Today, we'll take a closer look at two marijuana penny stocks trending on the CSE and TSXV.
MedMen Enterprises Inc. (CSE:MMEN)
MedMen Enterprises is headquartered in Culver City, California, and operates as a cannabis company in the US. The company cultivates, produces, distributes, and retails recreational and medicinal marijuana. As of December 2018, MedMen has licenses in 70 retail stores in the US, across 12 different states.
MMEN stock has had an explosive past five days on the market, with shares growing nearly 30%. The last investor update by MedMen was well over a week ago. At that time, the marijuana penny stock announced a definitive business agreement with PharmaCann, LLC. According to this agreement, the combined company will now go by New MedMen.
It remains unknown what the cause is for the spike in MMEN stock, but it may just be investor confidence in the cannabis industry as a whole.
According to Yahoo Finance, MMEN stock is trading at $4.68 a share, up +$0.08 (+1.74%). MedMen is currently leading the marijuana penny stocks on the CSE this morning for most trades.
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Namaste Technologies Inc. (TSXV:N)
Namaste Technologies has also had an explosive January so far. At press time, N stock has grown nearly 40% the last few days on the TSXV and OTC. It remains unknown at this time why the stock has skyrocketed this week as the cannabis e-commerce company hasn't released any corporate updates in two weeks.
The biggest update for the company was when its wholly-owned subsidiary, CannMart Inc, signed a supply agreement with AgraFlora Organics (CSE:AGRA) on December 13th.
Today, Namaste Technologies is leading the top marijuana penny stocks on the TSXV for both volume and trades. According to Yahoo Finance, N is currently trading at $1.16 a share, up +$0.11 (+10.48%).
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