Marijuana stocks are some of the most popular penny stocks to watch this year. When an industry grows at breakneck speed, there’s bound to be a lot of investor interest. We’ve written about industry events becoming catalysts for sector-wide moves. Tech is one such industry but over the past year or so, marijuana stocks have definitely become a high growth sector.
Marijuana Stocks to Watch #1 CannTrust Holdings
One of the first marijuana stocks to watch is CannTrust Holdings (TSX:TRST) (CTST Stock Report). There are reports that the company might be sold. Or, at least, that seems to be the latest rumor flying around. Keep in mind that it’s unsubstantiated so it shouldn’t be taken as a true catalyst in my opinion.
After Health Canada found out that CannTrust may have had involvement in unlicensed cultivation, CTST stock tanked. Now the company faces the prospect of an actual probe into its conduct. Sources believe that a preliminary search is underway to land a buyer who could help the company. They feel it would ensure that it does not lose its Health Canada license. If the takeover talk does heat up, this could become one of the main marijuana penny stocks to watch this quarter.
Marijuana Stocks to Watch #2 Neptune Wellness Solutions
The next marijuana stock to watch is Neptune Wellness Solutions Inc (NEPT Stock Report). Another penny stock that we’ve written about in the past, it has had its share of good news recently. On July 18, the company announced that it made a private placement and raised $41 million.
Both existing investors, as well as new ones fronted by Perceptive Advisors, participated in the process. The company is looking to acquire Forest Remedies LLC and Sugar Leaf with the proceeds. July 31 is when the company expects completing the acquisition of Sugar Leaf.
Marijuana Stocks to Watch #3 MediPharm
Last but not least, MediPharm Labs Corp (LABS) (MEDIF Stock Report). This penny pot stock focuses on the extraction and manufacturing of CBD. MEDIF stock has been a popular marijuana penny stock mentioned frequently on PennyStocks.com. In a new development, the company may now list on the Toronto Stock Exchange. This was after trading on the Toronto Venture Exchange.
It received conditional approval by the exchange. The final approval could be issued by July 23 after meeting certain requirements. This has been one of the marijuana penny stocks to watch in July especially after the dip last week.