Marijuana penny stocks are up and down today on the CSE and TSXV. Yesterday, most were seeing losses as trading resumed on US markets after markets were closed Monday. Today, TerrAscend Corp (CSE:TER) and Valens GroWorks (CSE:VGW) are seeing gains on the CSE. Both companies have signed large deals recently, which may be the cause of the spike in shares.
Today, we'll take a closer look at these two marijuana penny stocks and their latest announcements.
TerrAscend Expands into Hemp
TerrAscend Corp is a biopharmaceutical and wellness company that engages in the cultivation and sale of medical cannabis. The company is based out of Mississauga, Ontario.
Over a week ago, the cannabis company announced its acquisition of Grander Distribution. Grander is a US-based hemp company. It produces and distributes innovative hemp-derived wellness products. Grander's whole-hemp extracts are made in the US and are sold in over 10,000 retail locations across the globe.
This acquisition was a positive one for TerrAscend as the hemp industry in the US will continually grow because of the new Farm Bill.
According to Yahoo Finance, the marijuana penny stock is continuing to climb in its share price today. At press time TER is trading at $7.48 a share, up +$0.36 (+5.05%). It remains on the list of top marijuana penny stocks trading today on the CSE.
>> CBD Stocks: Who Should You Watch in 2019? CARA, ISOL, and TGIF?
Valens GroWorks Expands with Sundial Growers
Valens GroWorks is a biotechnological company that researches phytopharmaceutical material. The company has a specific focus on cannabis and cannabis-related products. Valens also conducts analytical laboratory testing of cannabis.
Today, Valens is among the top trading marijuana penny stocks on the CSE. Two days ago, the biotechnological company announced that it signed a multi-year cannabis extraction agreement with Sundial Growers.
Under this new agreement, Sundial will ship bulk quantities of dried cannabis to Valens over a three-year period.
"We are very excited for the opportunity to utilize our extraction services to support Sundial Growers' team in delivering innovative, high-quality consumer packaged goods to the Canadian market," said Tyler Robson, Valens GroWorks CEO.
According to Yahoo Finance, the marijuana penny stock is trading at $2.51 a share, up +$0.13 (+5.45%).
Featured Image: Depositphotos © Bullyphoto
