It looks like the market could finally be turning in favor of cannabis penny stocks. After an unexpected downturn last week, stocks are finally climbing back up.
Today, two trending cannabis tickers are in the green after a rather tumultuous seven days. The weekend was kind to MariMed Inc (OTCQB:MRMD) and Namaste Technologies (TSXV:N). Let’s take a look.
Cannabis Penny Stocks: MariMed Inc.
Last week saw MariMed take an impressive tumble. In under one week, it managed to drop from $5.63 to $3.66. When you’re a cannabis penny stock, losing almost $2 in a week is a big drop.
However, it’s great to see this stock turn it around. The week ended on a high, with Friday closing at $4.92. Clearly, MRMD is in line to pare all of its losses, so let’s see what this week brings.
In less than one year, MRMD has grown exponentially. By the end of 2017, shares were priced at $0.20, so MRMD has come a long way and is “currently among the most active stocks on the OTCQB.”
MariMed operates across multiple states in the US. It is a cannabis organization that develops, owns, and manages cannabis facilities and branded product lines. 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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Cannabis Penny Stocks: Namaste Technologies
Namaste has had a hard time cracking the $4 mark. It looked set to be heading that way after an impressive bull run at the end of September, but at $3.74, it hit its peak and bottomed out at $1.93 a week later.
In that catastrophic week, the stock lost nearly 50% of its value.
However, at $2.29 last Friday, the company looks back on track to reach $5 by the end of the year. Can it hit the mark?
The company has expressed a desire to list on a heftier exchange, but it will need to hit that mark before consideration.
Cannabis legalization kicks off in Canada in two days. Was the market decline of last week merely the calm before the storm? This week should be an interesting one for cannabis penny stocks everywhere!
Featured Image: Depositphotos/© klss777
