Cannabis penny stocks are still looking rather depressing across the board even though legalization in Canada is only a few days away. So why all the red? Who knows?
One company is sticking out to me at the moment, though; MariMed is experiencing a major fall after what could only be considered a very exciting bull run last week.
Cannabis Penny Stocks: MariMed (OTCQB:MRMD)
MariMed stock has grown approximately 400% this year alone. Now, that is impressive. So to truly understand the potential of these penny stocks, you have to appreciate what a year MariMed has had and not purely focus on the terrible downturn that happened this week.
Because, I won’t lie, at the time of writing, this stock has fallen over 10% today alone. And while MRMD hit its all-time high of $5.63 only last week, it didn’t stay up there for long; selling at $3.66 now, the fall is a big one.
But let’s not forget where this cannabis penny stock came from. It has exploded up the charts from around $0.20 per share at the end of last year. 2018 has seen this company transform into a “volume leader” that is “currently among the most active stocks on the OTCQB.”
But Who is MariMed?
Operating across multiple states in the US, MRMD is a cannabis organization that develops, owns, and manages cannabis facilities and branded product lines. In essence, the company provides consulting services for designing, developing, operating, funding, and the optimizing of medical cannabis cultivation, production, and dispensary facilities.
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It released its Q2 results at the beginning of October and reported revenue of $2.9 million for the three months ended June 30th, 2018. To understand how much growth this company achieved in such a short space of time, that is an 81% increase from the same period in 2017.
Most recently MariMed announced it had completed its strategic investment in Sprout, an all-in-one CRM and marketing software company for marijuana dispensaries and cannabis brands.
This cannabis penny stocks company is currently on a downward tumble but will it remain there? I feel this entire market could be ready to turn it around. What do you think?
Featured Image: Depositphotos/© albertyurolaits
