2 marijuana penny stocks to keep an eye on

658 0

2019 is the year for marijuana stocks and two are already seeing a strong push

Analysts have predicted that 2019 could bring a lot of positive growth for marijuana stocks. Only a couple of days into the new year, two penny stocks trading on the TSX Venture (TSXV) exchange are seeing strong results that could be an indication of what’s to come. The first is Namaste Technologies and the second is Canopy Rivers.

Namaste is an eCommerce company out of Vancouver that specializes in cannabis products. It is traded on TSXV under the ticker symbol “N” and was one of the most active stocks on the Canadian exchange last year. It ended down by December 31, but is already making jumps as much as 40%. Curiously, no one can identify the source of the improvements – Namaste hasn’t issued any public update for two weeks. That update came as one of its wholly-owned subsidiaries, CannMart Inc., announced that it was suspending all dried cannabis from Bonify Inc. in relation to a recall issued by Health Canada. As of this writing, it has climbed 9.52% in the past 24 hours and sits at $1.15.

Canopy Rivers, ticker symbol RIV on the TSXV exchange, has been performing exceptionally well since the start of the new year. The cannabis investment firm out of Toronto is in the green and its price has increased by 5% between January 2 and 3. As of today, its price has increased 4.78% to $3.51. As is the case with Namaste, Canopy hasn’t made any new announcements in the past two weeks and its last update came through a press release that stated that the company’s shares had received “DTC full service eligibility in the United States.” DTC is the largest securities depository in the world, holding over $35 trillion in securities on deposit.

If the previous predictions are correct, and based on the performance of these two stocks, 2019 will definitely be a good year for marijuana stocks.