Cannabis penny stocks are starting the week in a good position. We have some stocks shooting into the green so let’s take a look at some of today’s penny stocks that have great future potential.
(And keep in mind we are only one week away from cannabis legalization across Canada so that should be influencing stocks… shouldn’t it?)
Cannabis Penny Stocks in the Green
At the time of writing, Auxly Cannabis (TSXV:XLY) is in the green, up 7.02%. There doesn’t appear to be any obvious catalyst for these gains, but sentiment around this company has been strong of late.
Could it be because of its intriguing business model? Auxly has taken the royalty streaming model that is synonymous with the precious metals industry and applied it to the cannabis industry.
In layman’s terms, Auxly provides funds to other companies in exchange for a share of future products, future revenue, and/or equity interest. With five wholly-owned subsidiaries and 13 streaming partners, the cannabis company is putting itself in a strong position for this booming market.
And as such, this cannabis penny stock operates across the entire supply chain of the cannabis industry. With 160,000 kg’s of marijuana annually expected by 2021, Auxly is ranking as the fourth top cannabis grower in Canada.
Cannabis Penny Stocks: Who Else is Green?
Another company we are looking at is CV Sciences (OTCQB:CVSI), which is up 2.53% at the time of writing.
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On October 3rd, CV Sciences had one of its flagship products, PlusCBDOil, showcased on ‘The Dr. Oz Show.’ Could these small gains be the result of a strategic television segment? It couldn’t have hurt the company that two well-respected doctors discussed and confirmed the health benefits of CBD oil.
From October 5th, this stock grew from $4.03 to a high of $5.14. Investors must’ve been pleased to hear that “The Dr. Oz Show also discussed the expanding market for CBD product sales which are expected to increase 700% over the next year.”
A 700% increase in CBD products would place this cannabis penny stocks company in a respectable profit margin for the future. Don’t you think?
Featured Image: Depositphotos/© gunnar3000
