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Best Penny Stocks To Buy Now? 3 Marijuana Stocks To Watch

Marijuana penny stocks to watch right now.

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Yes, you read that correctly. Today we’re talking about marijuana penny stocks to watch. Like the Phoenix rising from the ashes, cannabis has come back into focus as new legislation could soon be on the table.

The big question that long-time cannabis stock investors have is, will it stick?

This isn’t the first time anyone has seen pending legislation spark bullish speculation in the stock market. Today, broader trends for legalization have given a boost to marijuana penny stocks. So what’s actually on the table right now?

Marijuana Stocks To Watch Amid Pending Legislation

The current House Rules Committee took up the National Defense Authorization Act or NDAA, suggesting some amendments be made this week. The NDAA, which has passed for 62 consecutive years, could get some updating. In particular, lawmakers are trying to piggyback drug policy reform on the bill.

Select Democrats and Republicans have brought measures to the floor. These include cannabis sentencing standards mandating recommendations for sentencing offenses that include the use and possession of marijuana.

There are also measures to extend the research on marijuana as an opioid alternative for military members with specific health conditions. Both psilocybin and MDMA were also suggested as getting thrown into the mix with expanded research efforts. There were additional proposed amendments on the docket involving cannabis in banking as well.

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3 Penny Stocks To Watch

  • Clever Leaves Holdings Inc. (NASDAQ: CLVR)
  • Aurora Cannabis (NASDAQ: ACB)
  • Village Farms International (NASDAQ: VFF)

Clever Leaves Holdings Inc. (NASDAQ: CLVR)

Shares of Clever Leaves surged Thursday, outperforming many of the largest marijuana stocks in the sector. The company is a licensed producer of pharmaceutical-grade cannabinoids. It also provides finished products ​in flower and extract forms to its B2B clients.

Besides the latest industry headlines, Clever Leaves has also gained momentum from corporate milestones this month. In particular, It built upon its presence in Germany via a new supply deal with Cantourage. Clever Leaves will supply Cantourage with flower products from its “Wappa” strain.

“Expanding the distribution of our products with partners such as Cantourage is an important objective for the Company’s operations in the European market and enables Clever Leaves to strengthen our supply chain in fast-growing markets such as Germany,” explained Andres Fajardo, CEO of Clever Leaves.

Aurora Cannabis (NASDAQ: ACB)

One of the “OG” marijuana penny stocks, Aurora Cannabis, is in the spotlight thanks to this latest legislation news. Like most marijuana stocks, ACB stock has gotten beaten-down most of the year. The most significant drop came in May when the company announced an upsized financing deal at a steep discount to the market.

Nevertheless, Aurora has moved forward in putting money to work to sustain operations. It was also able to buy back $20 million worth of convertible notes, announced in June. The news came just before analysts at Stifel upgraded the cannabis company to Hold from Sell and adjusted their price target to CA$2.15.

The critical part to remember is that Aurora hasn’t reported much over the last month. The one thing that was a focal point for investors and traders was more layoffs from the company. Aurora trimmed a portion of its workforce this year to cut costs and further preserve capital. The latest move in ACB stock could be a direct response to legislative speculation. Keep that in mind if this is one of the names on your list of penny stocks today.

Village Farms International (NASDAQ: VFF)

Agriculture stocks have been hot this year. In light of global sanctions on countries like Russia, food suppliers and cultivators gained appeal from market participants. Village Farms is one of the companies that gained momentum earlier this year as a result.

The company provides plant-based Consumer Packaged Goods, including fresh produce. However, one of its “new high-growth opportunities” is in the cannabis arena. Village Farms has found potential in North American and international CBD and marijuana markets.

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Village’s Pure Sunfarms has become one of the largest cannabis operations in the world, according to the company. According to the company, it offers the lowest-cost greenhouse production and is one of Canada’s “best-selling” brands. It also owns a significant stake (70%) in Québec-based Rose LifeScience. Rose provides third-party cannabis product commercialization. In the US, its Balanced Health Botanicals focuses on CBD brands. Village also plans to enter the US high-THC cannabis market via multiple strategies, leveraging its greenhouse operations.

Should Marijuana Penny Stocks Be On Your List Right Now?

The cannabis industry has been plagued by head fakes related to legislative news. Countless bills have been brought to the table with little to no follow-through. Considering the successful and consistent passage of the NDAA, some have taken this as a more certain sign that some type of legislation could get passed.

However, it’s essential to understand that the process is ongoing and always up for a vote. Given the current market climate, day trading marijuana stocks have taken the place of investing in them. So it will be interesting to see how this plays out as the story unfolds. We’ll be sure to provide more updates as new details emerge. For now, let us know which marijuana penny stocks are on your watch list.

Are You New To Penny Stocks?

Volatility remains prominent whether this is a bear market rally or a full stock market rebound. Thanks to the inherent fluctuations in penny stocks, traders and investors have reasons to follow them. These names were just a few gaining steam in the stock market today. If you’re new to trading, in general, check out some of these articles:

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By J. Samuel

As a trader and expert finance writer, I enjoy finding new and emerging trends that may have been overlooked by the average masses. If there's one thing that a trader or investor wants to know, it's how to use valuable data to their advantage. My expertise is in uncovering this data and compiling it into actionable information. As a professional finance writer, I've contributed to many of the top finance platforms and pride myself on researching factual, publicly available information and using that in all of my articles.

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