We’re checking out two cannabis penny stocks today. There were no major announcements made today by either of these companies, but one could be showing potential.
Cannex Capital Holdings (CSE:CNNX) and Wayland Group (CSE:WAYL) (previously Maricann Group) are on the radar. Let’s dig in.
Cannabis Penny Stocks: Cannex Capital Holdings
Cannex stock has been straddling the $0.80 mark for almost a week now. Much like a yo-yo, this cannabis penny stock has continually jumped between $0.79 and $0.81 in a bizarre trend that has extended over the last five days.
Today, the trend was broken, and at the time of writing, shares have fallen 3.75% to $0.79.
The Vancouver-based company offers comprehensive solutions for emerging companies in the cannabis industry. It released impressive results for the period ending July 31st, 2018, which signaled robust growth.
The majority of Cannex’s revenue comes from packaging sales and rental income. This increased by 223%. The adjusted EBITDA increased by 73%.
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So, the company is looking set for an exciting year ahead, however, stocks remain a little tepid.
Cannabis Penny Stocks: Wayland Group (CSE:WAYL)
Is Wayland showing good potential?
Well, mid-September saw the company hit a high of $2.42, but since that date, the stock began to decline. However, it looks like it has bottomed out at the $1.53 mark. At the time of writing, WAYL has climbed 1.29% and is at $1.59.
The company recently announced its first retail location in Switzerland. This came days after confirming its first CBD shipment to Germany. All this and the company is in the process of a corporate rebranding drive that is reaffirming its long-term prospects.
Rebranding to Wayland Group from Maricann Group in support of its ongoing global expansion drive suggests that this cannabis penny stock could be around for a long time. What do you think?
Featured Image: Depositphotos/© Wavebreakmedia
