Cannabis penny stocks rebounded yesterday, after a rough week on the market. Recreational adult-use cannabis became legal across all of Canada last week and investors dumped cannabis stocks almost simultaneously.
Towards the end of last week, stocks began to slightly rebound, only to fall even further this past Monday and Tuesday. Today it seems investors remain confident in cannabis stocks.
Let’s take a closer look at the top trending cannabis penny stocks on the TSXV.
Namaste Technologies Inc. (TSXV:N)
Namaste Technologies is headquartered in Vancouver, BC, and operates as a marijuana-focused e-commerce company. It currently is the second top-traded cannabis company on the TSXV, just under OrganiGram Holdings (TSXV:OGI).
This morning, Namaste announced that it has officially closed its bought deal. The announcement explains:
“A total of 17,250,000 units of the Company (Units’) were sold at a price of $3.00 per Unit (the Issue Price’) for gross proceeds of $51,750,000.”
The warrants will begin trading on the TSX Venture Exchange on Money, October 29th, under the Symbol (N.WT.A).
At the time of writing, the cannabis penny stock is trading at $2.05 a share, up +$0.31 (+17.82%).
The Supreme Cannabis Company, Inc. (TSXV:FIRE)
The Supreme Cannabis Company is headquartered in Toronto, Ontario, and engages in the production of medical cannabis across Canada. The company previously operated as a pharmaceutical company but switched to marijuana in December of 2017.
The latest news published by the cannabis penny stock was six days ago. It seems the stock is trending upward due to a cannabis market upward trend.
According to Yahoo Finance, FIRE is currently trading at $1.58 a share, up $0.03 (+1.94%).
Auxly Cannabis Group Inc. (TSXV:XLY)
Auxly Cannabis is also headquartered in Vancouver, BC, and operates as a cannabis streaming company. The company provides funding for cannabis production and holds minority stakes in cannabis facilities.
Three days ago, the cannabis penny stock announced its retail expansion into Newfoundland and Labrador. Despite the positive news, the stock fell -17% on Tuesday.
At press time, XLY is currently trading at $1.03 a share, up +$0.04 (+4.04%).
Featured Image: Depositphotos/ Wavebreakmedia
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