Marijuana Stocks Penny Stock News

This Penny Stock Skyrocketed On Pot News In March 2019

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During the week of March 18th, shares of company Shineco Inc. (TYHT) soared following the company’s plans to expand into the cannabis market.  This penny stock is a Delaware holding company which utilizes its subsidiaries’ and variable interest entities’ vertically- and horizontally-integrated production, distribution sales channels to provide health and well-being focused, plant-based products in China.

On March 19th, the company announced the establishment of a new wholly owned subsidiary Beijing Tenjove Newhemp Biotechnology Co. Ltd. (TNB) on Mar. 13, to capture growth in the industrial cannabis market which includes industrial hemp and cannabidiol (CBD) processing.

Mr. Yuying Zhang, Chairman and CEO of THYT, commented, “We believe that the new business line of industrial cannabis will likely enrich and draw on the Company’s longtime experience in the comprehensive utilization of hemp plants and position the Company to become one of the world’s leading experts in the industrialization of hemp-based plants. We expect our plan to create greater value and return to our shareholders and investors.”

Penny Stock Gets High On Cannabis News

As a result of this expansion news, the penny stock gained more than 142% on the day, touching highs of $1.60 before closing at $1.22.  THYT hasn’t traded at these levels since July of 2018.  In fact, this penny stock has been on a decline since its May 18th high at $2.47 and touched its all-time low of $.43 just in February.  Prior to this news release, short sellers were already exiting with share sold short dropping 8.6% in the last reporting period.

On March 20th, the company took things a step further and announced entering into three separate agreements with the Hemp Research Institute of the Chinese Academy of Agricultural Sciences.  The agreements include an industrial cannabis technology transfer agreement, an industrial cannabis apocynum planting technical service agreement and a hemp industry technical service and product R&D cooperation framework agreement.

Although the markets didn’t react as favorably to this news, is currently trying to hold the gap up low from its previous trading session. The question now is, can this newly minted marijuana penny stock capitalize even further on its cannabis expansion plans or will it go up in smoke?  Stay tuned.

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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