Cannabis penny stocks are showing red across the board. It’s unexpected that the market correction would be so severe and last as long as it has.
But remembering how young this market is should allay concerns. Cannabis penny stocks offer huge potential for the long-term holder. The industry is constantly evolving, so despite the red let’s look at some industry news that only contradicts the negative stock results.
Cannabis Penny Stocks: Namaste Technologies (TSXV:N)
Namaste Technologies is taking a massive hit today. The stock is down 11% and selling for $1.47 CAD. It’s one of today’s biggest losers, and yet the company’s user-base is growing… fast.
The company’s online cannabis web-doctor platform NamasteMD has had a 48% increase in numbers this month. This increases user-numbers to around 90,000. NamasteMD offers free access to medical cannabis consultations through secure web-video conferencing.
Also, its latest app, the Uppy Strain Journal, has been downloaded over 23,000 times since its release in September. The Uppy Strain Journal collects user-generated data on cannabis strains and their effect on various medical conditions. It acts as an educator and product-log for users.
Despite how these figures confirm the obvious demand for Namaste’s products, these stocks can’t seem to catch a break; October has literally sliced Namaste’s penny stock value in half.
Cannabis Penny Stocks: Isodiol International Inc (CSE:ISOL)
The company with the biggest losses today is Isodiol International Inc. It is currently down over 15% and selling for $2.01 CAD.
The Isodiol penny stock plummeted during the latter half of October, reaching a low of $1.59 during that period. It had a respite from tumbling numbers when November came around; between the 2nd and the 6th, the ISOL stock jumped up to $3.15. It looked like it was back on track. However, the last week has seen it reverse some of those gains.
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It seems futile at this point to hope that good company news will influence stocks. But Isodiol did announce yesterday that its wholly-owned subsidiary, IsoBev International Inc., has executed an agreement with Brew Hub to develop CBD beverages. Everybody is aware of the significance of such a deal, as cannabis-derived drinks are set to be the biggest alternative beverage market across the US and Canada.
So keep positive, the good news is out there.
Featured Image: Depositphotos/© leungchopan
