The market may be turbulent, but there are inexpensive options available
Investments in penny stocks are attracting the attention of investors today. Penny stocks, because of their low value, allow traders to buy large volumes of these securities. Thus, a small change in the price could result in significant gains. Still, it is important to develop a penny stock investment strategy, especially in an industry like cannabis. That extra protection could lead to great results later this year, especially through two companies that promise great potential.
Acreage Holdings provides penny stocks in a way that some cannabis investors are benefiting from the current market turbulence. The company is a grower and retailer of marijuana in different parts of the country. Acreage’s partnership with Canopy Growth Corporation could end in an acquisition should federal reform become a reality.
Acreage intends to complete the construction of its growth center in New Jersey, a state that will undoubtedly expedite the industry for years to come. This firm’s sales increased 28% to $61.4 million in the third quarter of 2022 compared to the same period in 2021. That positive jump could be reflected throughout this year.
Then there is another big opportunity in StateHouse Holdings, one of the first six US companies to hold a marijuana license. The organization recently added two more locations, bringing its footprint to 13 locations in Oregon and California. Its presence in the Golden State has been in place for the past two years.
In fact, the Salinas cultivation facility for StateHouse has expanded, paving the way to meet year-round high production and a cultivation capacity that has more than doubled. According to recent reports, third-quarter net income reached $30.8 million, a 77% increase over the second quarter total of $17.5 million.