The marijuana industry has grown by leaps and bounds over the past year or so. This brings more attention to find the best marijuana penny stocks to watch. Much of the growth has been driven by the legalization of the product in Canada as well as in parts of the United States. Some cannabis companies have managed to emerge as the leaders of the industry.
Their stock prices have soared, while some others remain under the radar. Since the industry is growing so quickly, it’s worthwhile keeping an eye on some of the penny stocks in the marijuana space. Here is a look at two such stocks:
Marijuana Penny Stocks To Watch #1: MariMed (MRMD)
One of the companies that experienced a surge on Tuesday was MariMed Inc (MRMD Stock Report). MRMD stock soared by as much as 8% due to the developments on Monday. After the recent resignation of a member of the board at the company, the MariMed stock had experienced extreme volatility and on Monday, the company’s management decided to address those concerns.
MariMed states that the multi-state cannabis operator is in good hands and the board member who resigned recently did not have anything to do with the day to day running of the business. Buoyed by this positive announcement, the stock rallied on Tuesday.
Marijuana Penny Stocks To Watch #2: Valen GroWorks (VGWCF) (VGW.CN)
Another cannabis stock to watch out for is that of Kelowna based Valen GroWorks Corp (VGWCF Stock Report) (VGW.CN). As everyone knows, the basis of success within this space has a lot to do with a company’s production capabilities. In that regard, Valen made a significant announcement. This was seen as strong penny stock news in June. Valen focuses on cannabis and hemp biomass extraction and as per its announcement last year, it could purify 240,000 kilos of the material.
The company recently stated that its extraction capacity was raised to 425,000, a significant increase in extraction capabilities. This could prove to be a major boost for the company. The market thought so as well, as the VGWCF stock rose by as much as 12% following the announcement.
VGWCF stock is one of the biggest gainers in the cannabis sector with a solid jump of 1455 so far in 2019 through Tuesday.