Canopy Rivers and WeedMD are taking top billing in the markets
As with all stocks, marijuana penny stocks have seen a certain amount of volatility recently. The good news is that almost the entire marijuana stock industry has been on a bull run since the start of the year and most indications are that this is going to continue. While there have been some corrections this week, two penny stocks are staying solid and performing much better than their competitors.
Canopy Rivers has stayed on the bull since 2019 awoke. It has since risen 27% – in just five days – and rose 12.94% in 24 hours. Part of the jump has been due to the company announcing a new investment in the technology-drive data company, Headset.
Canopy made its investment in Headset during the cannabis vertical’s Series A funding round. The company said at the time, “We are very excited to be diversifying our portfolio with our investment in Headset, a best-in-class technology platform delivering cannabis-related business intelligence in real-time.”
Also staying on top is WeedMD, Inc. The Ontario-based company produces and sells medical marijuana and also provides research and development in conjunction with Revive Therapeutics. It produces and sells a variety of cannabis-based products, including dried marijuana, marijuana seeds, cannabis resin and cannabis oil.
WeedMD announced yesterday that it had inked a new supply deal with the Manitoba province in Canada. The company’s head of Sales and Marketing, Brett Moon, stated, “With our recent production capacity expansion, we are thrilled to announce the addition of another provincial partner at a time when high-quality cannabis is in full demand across Canada.”
Moon added, “Our branded products are widely-recognized by Canada’s discerning consumers and an additional supply opportunity directly supports our strategy for capturing and increasing recreational market share. We look forward to working with the MBLL and Manitoba’s retailers while remaining committed to fulfilling our supply agreements with provincial distribution agencies across the country.”
The announcement pushed up WeedMD’s stock, which has now risen more than 30% this month. Both WeedMD and Canopy are looking at a bright future and are getting off to a great start.