And just as fast as cannabis penny stocks begin to climb, they fall again. We are in some of the most volatile weeks this market has ever experienced.
All we can do is check out some of today’s losers and look for reasons for the downfall, but really, in a nervous market, investors are quick to buy and equally quick to sell. Sometimes, there is no reason needed.
Cannabis Penny Stocks: Who’s Red?
Newstrike Brands (TSXV:HIP), Isodiol International (CSE:ISOL), Grow Generation (OTCQX:GRWG) and Wayland Group (CSE:WAYL) are all experiencing losses today. Interestingly enough, most of these companies were in the green on Monday, the day before the Midterm Elections in the US. Perhaps investors were expecting bigger news for US marijuana after those votes?
Is Utah and Missouri’s legalization of medical cannabis, not to mention Michigan’s legalization of recreational cannabis, not enough to excite investors? Apparently not, because the market is stubbornly staying red.
Cannabis Penny Stocks: Biggest Losers Today
Isodiol International (CSE:ISOL) is currently selling for $2.50 CAD, but the stock has lost nearly 7% already today. Isodiol hit a high of $3.37 on early trade Tuesday but has since declined. The company specializes and refers to itself as a “world leader” in CBD oil products. Supplying hemp oil and CBD oil in a range of forms, this market is huge, in time, Isodiol should climb again. Maybe.
Newstrike Brands Ltd. (TSXV:HIP) is the Ontario-based owner of Up Cannabis Inc. Up Cannabis is licensed to both cultivate and sell cannabis in all acceptable forms, including dried and fresh marijuana. The company services the adult-use market.
At the time of writing, this cannabis penny stock is selling for $0.56 CAD and is down 5% on the day. HIP stock managed to hit $0.59 on Wednesday, but Newstrike has yet to explode in the cannabis penny stocks market. It has had a tough time climbing over the $1 threshold.
So we’ll check back in tomorrow to see if the market has woken up again. We seem to be in yo-yo-ing times, so who knows what tomorrow will bring.
Featured Image: Depositphotos/© Bryanooi