Penny stocks are a very alluring prospect for some investors, and it’s pretty obvious why. The possibility of flipping a low buy-in for a sizeable gain is what many investors play the game for. Of course, it’s very difficult to predict which way these shares are going to go. Sudden changes happen all the time with cheap stocks under $5, but some investors love that excitement. If you are a lover of penny stocks, then here are two on the radar worth a look.
The Green Organic Dutchman
The Green Organic Dutchman (TSX:TGOD) (OTCQX:TGODF) is one pot stock that’s looking nowhere but onwards. Just this morning, the company announced it had received final approval to begin cultivation at its new state-of-the-art hybrid greenhouse based in Hamilton, Ontario, which sent TGOD stock climbing 3%. The new facility will see an extra 17,500 kilograms added to the company’s production capacity, which bodes well for the arrival of legalization 2.0 next month.
TGOD shares are currently valued at $2.58, which seems like quite the bargain given the size of the company and the direction in which it’s headed. Despite a slump in the cannabis market over the summer, The Green Organic Dutchman has consistently released positive press, such as its application to list on the NASDAQ, its first recreational shipment in Canada, and a 20% revenue increase from Q1 to Q2. TGOD certainly looks like one cannabis penny stock going from strength to strength.
HyreCar Inc (NASDAQ:HYRE) is a very interesting penny stock prospect in the car leasing sector. The LA-based company has developed a platform that allows car owners who are not currently using their vehicles to lease out their cars to prospective Uber or Lyft drivers. Essentially, it connects rideshare drivers with car owners in a manner that is profitable to both. The company has also just brought out an earn-to-own program, which allows drivers to eventually finance their vehicles.
With the huge popularity of ridesharing platforms taking the world by storm in recent years, it’s very easy to see this idea taking off alongside as more people look to cash in on the industry. HyreCar shares are currently valued at $2.86 but don’t be surprised to see this penny stock take off once the company increases its brand exposure.
As with all penny stocks, there is a great risk attached. But if you’re an investor with an appetite for risk, these stocks are certainly worth keeping an eye on.
Featured Image: DepositPhotos © designer491