Marijuana penny stocks are rebounding today after Canopy Growth (NYSE:CGC) released positive Q3 Fiscal 2019 revenue results. Most marijuana stocks are trading green today.
Today, we'll take a look at a marijuana penny stock that is having a monumental 2019 so far. This stock began trading on the TSXV last month, and it has seen exponential growth ever since.
Westleaf Inc. (TSXV:WL)
Westleaf engages in the cultivation, distribution, and sale of cannabis and cannabis products in North America. The company is headquartered in Calgary, Alberta. Westleaf began trading on the TSXV back on January 9th. Since then, the marijuana penny stock has grown 115%.
The company has made steady moves already in 2019 with a few key acquisitions. First, in late-January, Westleaf announced the 100% acquisition of Canndara Canada Inc. Canndara currently has over fifty retail cannabis locations in Canada.
Next, the cannabis company announced a 50% interest acquisition of the Delta West extraction facility in Calgary. Westleaf's acquisition was from Delta 9 Cannabis (TSXV:NINE), the fourth producer in Canada licensed to produce legal cannabis. The most recent announcement from the marijuana penny stock is in regards to its retail operations. Four days ago, Westleaf announced the opening of its Prarie Records cannabis store in Warman, Saskatchewan and an additional acquisition of a cannabis retail store in Swift Current.
"Prairie Records is going to stand out from our competitors as something distinct and will provide the customer with a unique and engaging cannabis retail experience," said Adam Coates, Westleaf's Chief Commercial Officer. "From the moment you walk through the door the customer will be greeted by a differentiated and inviting approach to cannabis retail."
Marijuana Penny Stock Movement
According to Yahoo Finance, WL is trading downwards today. At the time of writing, the marijuana penny stock is trading at $3.74 a share, down -$0.10 (-2.60%). As stated above, WL has grown over 110% since its debut on the TSXV.
If you're looking for a marijuana penny stock to watch, Westleaf might be a good one to add to the list.
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