Aleafia Health Inc. (TSXV:ALEF) (OTCQX:ALEAF) is a cannabis penny stocks company in the green today.
One catalyst for the stock rise could be the MOU it signed with CannTrust Holdings Inc. (TSX:TRST) However, this cannabis stock has had a strange week! Let’s take a look.
Cannabis Penny Stocks: Aleafia Health Inc.
At the time of writing, Aleafia penny stocks are in the green. Opening at $2.67 this morning, ALEF stock has climbed to its current position of $3.38 but how long this rally continues will be anyone’s guess.
Especially considering yesterday’s market action.
On Wednesday, the stock climbed to a record intraday height of $4.53. The company announced that it received a $10 million investment from the Serruya family, as part of the deal to take a majority stake in Serruya-led One Plant.
This, it seemed, was the catalyst for that bull-run.
However, the stock then dropped significantly to $2.67 by the close of the same day, but why? It remains a mystery.
Today it is paring some of those losses on the new news.
ALEF stock is on the move again today, and this time the catalyst is an MOU the company signed with CannTrust.
Under this agreement, CannTrust will purchase up to 15,000 kg of cannabis from Aleafia in 2019. Aleafia will, in turn, leverage CannTrust’s processing and packaging expertise for its own brand and product development.
According to Aleafia CEO Geoffrey Benic, the MOU reflects the current business momentum Aleafia has been experiencing. He stated:
“Aleafia now boasts two cannabis production facilities, along with a medical cannabis clinic network that has attained 50,000 patients. The exponential growth achieved by our company will ensure we continue to provide sustained long-term value for both our patients and shareholders.
Aleafia is a vertically integrated cannabis penny stocks company. Its price has yo-yo’d this week but don’t throw the baby out with the bathwater just yet; Aleafia has grown more than five-times in price over the last three months. A whopping 434%. Who knows what can be achieved in another three months.
Featured Image: Depositphotos/© Fotofabrika