Cannabis penny stocks are see-saw-ing like never before this month. I wonder if we’re embarking on a market with the same type of volatility that’s more synonymous with the cryptocurrency market?
The good news for investors is that the see-saw has gone back up! The cannabis market is rebounding today with double-digit gains happening to various companies on the index.
I wouldn’t hold your breath though; recent history has shown us that these gains can disappear as quickly as they arrive.
Cannabis Penny Stocks: See-Saw-ing Green Machines
The Green Organic Dutchman (TSX:TGOD)
The Green Organic Dutchman is seeing big gains today. At the time of writing, TGOD stock is selling for $3.64 CAD and is up 12.35%. This is a needed break from the steady decline that set in for this cannabis penny stock since November 2nd.
The medical cannabis company released disappointing Q3 results that showed a net loss of $11.3 million for the three months ended September 30th. However, it is expecting to rescue itself in Q4 with the start of its international sales. With 170,000 kgs of annual cannabis capacity across Jamaica, the company is also negotiating supply and distribution agreements across Canada.
The Green Organic Dutchman also produces hemp in Poland and expects to expand further into Europe and Latin America. Remember, this market is young, and some companies will have to spend a lot of money first before they can make a lot back.
Cannabis Penny Stocks: No News Can Be Good News
Cannex Capital Holdings Corp (CSE:CNNX)
Vancouver’s Cannex Capital is currently selling for $0.80 CAD, after gaining a whopping 17.65% on the day.
Relatively young, the company has found it hard to clamber back over the $1 mark since August. At its highest level this year, CNNX stock sold for $1.80. This was soon after the company began listing in March.
There is no news causing this stock to increase, rather the entire cannabis penny stocks market is simply bullish at present. Sometimes no news is good news!
Cannex Capital partners with cannabis companies to help emerging cannabis businesses grow and develop. It has “a keen understanding of the cannabis industry, its many vehicles, and the elaborate rules and regulations involved, [and] provides a specialized approach and offers comprehensive solutions for emerging companies in the industry.”
I hope that cannabis penny stocks continue to see green. However, I wouldn’t bet my house keys on it, as this market is still a very volatile place.
Featured Image: Depositphotos/© gunnar3000