The cannabis industry has had a very volatile few weeks. It seemed that the bearish sentiment that took hold was trying to pull these stocks down with a death grip. Cannabis penny stocks suffered hard.
However, across the market today, we can see moments of green blossom.
Namaste Technologies (TSXV:N), HEXO Corp (TSX:HEXO), and the Supreme Cannabis Company (TSXV:FIRE) are all up. Even if only by a small amount, gains are gains, and they hint that this industry could be moving back on track.
Cannabis Penny Stocks: Turning Things Around?
When the market began to tumble, doubts lingered over the true value of this market. Was it always overvalued? The next few weeks should answer that question, but for now, small gains hint that cannabis might be making a comeback.
At $1.75, Namaste Technologies is up 4.20% at the time of writing. It has a ways to go to pare the losses it has made since mid-September, but after a week of red stocks, this shift is favorable.
The “everything in one place” online retailer has been a disappointing performer. It looked like it was close to a NASDAQ listing, but now analysts are wary of losses ahead due to an investigation into potential securities fraud claims.
Averaging $6 a share, HEXO Corp is a little outside our usual cannabis penny stocks range. But it is worthy of a mention. The company is up 3% at the time of writing, and it could be because of its reliability last week.
HEXO claims that it is one of the few producers that actually met the initial cannabis demand last week and also supplied shipments ahead of schedule. There was a shortage of products across Canada after legalization, but the availability of HEXO products has been reliable.
Supreme Cannabis Company
Supreme Cannabis is turning it around today. The company is up 4.55% and is selling for $1.61 per share at the time of writing. With no exact catalyst causing the price growth, perhaps investors are simply dripping back into this sector and eyeing the potential of cannabis penny stocks.
Is it too early to feel positive yet, due to the market’s recent downturn? What do you think?
Featured Image: Depositphotos/© leungchopan