Cannabis penny stocks have rebounded this morning after a brutal day on the market yesterday. Investors started widely dumping many cannabis stocks on both the US and Canadian markets. Most Canadian stocks saw double-digit percentage losses in the morning, but towards the end of the day, started to slowly rebound.
This morning, there is green all around. Let’s take a closer look some cannabis penny stocks and their latest movements on the TSXV.
Canopy Rivers Inc. (TSXV:RIV)
Canopy Rivers is a public investment firm that is headquartered in Toronto, Ontario. Canopy focuses on investing in cannabis companies, seeking to make minority stakes in these companies.
Yesterday, Burce Linton, CEO of Canopy Rivers, was featured on the View from the C-Suite’ video interview series. The interview was filmed on October 15th but debuted yesterday. In this interview, Linton told the story of how Canopy Rivers came about.
According to Yahoo Finance, the cannabis penny stock is currently trading in the green at $4.54 a share, up +$0.01 (+0.22%).
Delta 9 Cannabis Inc. (TSXV:NINE)
Delta 9 Cannabis is headquartered in Vancouver, BC, and produces and sells medical cannabis across Canada. Recently, the company has dipped its toes into the recreational marijuana market, since it was legalized just last week.
Delta 9 opened its first retail location in Winnipeg, Manitoba on legalization day, October 17th. This morning, the cannabis penny stock announced its sales since legalization day. Delta 9 logged close to 9,600 transactions in the first week of recreational cannabis being legalized. Its revenues since closing yesterday total $736,124.
The majority of the marijuana company’s revenues have been from the sale of dried cannabis flower.
“The first day of legal recreational cannabis sales blew away all of our expectations,” said John Arbuthnot, Chief Executive Officer. “We launched online sales of cannabis just after the stroke of midnight on October 17, and in the first minute logged more than 100 sales to customers in Manitoba. By 4 a.m., we had sold out all the product set aside for online sales, but even that was nothing compared to the experience at our first retail store in Winnipeg.”
Delta 9 logged 1,583 online orders, sent by both Canada Post and Pineapple Express for same day delivery in Winnipeg.
Due to this announcement, the company is seeing the most percentage gains among all of the cannabis penny stocks on the TSXV today. According to Yahoo Finance, NINE is currently trading at $1.65 a share, up +$0.14 (+9.27%).
Featured Image: Depositphotos/ Malchev
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