Pot stocks have been in a bit of flux for the past few months. But you can’t deny that the sector has ample opportunity for growth. There lies the lure of marijuana penny stocks. Hence, it is worthwhile to look into marijuana penny stocks and decide on the ones that are worth investing in.
In that regard, the best way to go about it is by watching the market closely. Take an account of the moves of certain pot stocks. As the market turns another week older, here’s a look at three marijuana penny stocks that have managed to generate double-digit growth recently.
Marijuana Penny Stocks To Watch #1: CannTrust Holdings
The first pot stock to watch: CannTrust Holdings (TSX:TRST) (CTST Stock Report). The company has found itself in a fair share of trouble over the past month or so. CannTrust had been found to have cultivated cannabis in unlicensed rooms (kinda crazy). That penny stock news saw the stock getting pummelled. Eventually, the company’s CEO had to be fired as well since he was apparently aware of the whole thing.
However, on Friday it received even worse news as an independent auditor had withdrawn its endorsement of the company’s 2018 financial results. But the stock managed to shoot up by as much as 66% on Friday even though the news was decidedly bleak.
Pot Stock #2: 22nd Century Group
One of the marijuana stocks that has been on a roll for much of August is 22nd Century Group Inc (XXII Stock Report). The stock has gained as much as 73% this month so far. It generated significant gains on Friday after it announced its Q2 2019 results. The company managed to generate revenues of $5.8 million but suffered losses of $8 million.
However, the market surely seemed to believe that the company had turned a corner. XXII stock started soaring on Friday. It gained as much as 18% and is one of the pot stocks to watch this month.
Marijuana Penny Stocks #3: MediPharm Labs
Last but not least, MediPharm Labs Corp (TSXV:LABS) (MEDIF Stock Report) has been on the move since mid-July. Earlier this month the company announced that it was going to publish its Q2 2019 financial results on August 12. In anticipation of a decent result, the company’s stock rose by as much as 13% on Friday.
In this regard, it needs to be noted that there was no news in relation to the company on Friday. Investors and the wider market will be looking forward to what the company reports on Monday.