Marijuana Penny Stocks Are Gaining Ground & Here Are Two To Watch
Investors are often attracted to penny stocks due to the possibility of making significant gains quickly. Plenty of investors buy penny stocks like these every day. It can be particularly attractive to invest in a growing industry like marijuana. In a sector that is expanding quickly, the possibility of a pot penny stock rising in price is definitely high. Because of this, you need to keep an eye on the market if especially during times of news or legislative events.
A shotgun approach will not work and the intelligent investor needs to make a list of stocks to watch. A good way to put together a list of marijuana stocks to watch starts with fundamentals. Next, you’ll want to take a look at pot stock news. Finally, a good glimpse at a penny stock chart won’t hurt either. Here is a look at two pot penny stocks that made significant gains recently.
Pot Penny Stock #1: CBD Unlimited (EDXC)
CBD Unlimited (EDXC – Stock Report) has had a tough go over recent weeks. The marijuana penny stock was a former high-flyer toward the beginning of the year. A series of marijuana stock news helped boost EDXC stock from around 5 cents at the beginning of the year to highs of nearly $0.75 by mid-April. After those highs, shares plummeted to lows of around $0.21 just a few weeks ago.
Now, EDXC stock has been on a new uptrend. The stock has jumped to highs of nearly $0.40 and marked a new June high on the 24th. The latest jump was helped by a bit of news. CBD Unlimited announced an increase to its fulfillment capacity.
“Demand is driving us to expand our fulfillment capacity. As the company increases our fulfillment rate, this enables us to fill orders as we scale at a more efficient and expedited pace. As we are currently ramping up operations at an exponential rate, it remains crucial to have a reliable infrastructure in order to keep up with our rapidly growing demand.”Todd Davis , CEO and Chairman
Pot Penny Stock #2: India Globalization Capital
The other stock that has been on a roll since June 13 is India Globalization Capital, Inc. (IGC – Stock Report). As we highlighted earlier this month, IGC stock managed to acquire a hemp cultivation license from the Department of Agriculture in Arizona. The license was awarded on the back of the state’s industrial hemp production program. This is a significant development for the company.
Once IGC starts producing, then the company will be able to product hemp-based CBD products and get a foothold of a fast-growing market. The stock rose by 15% on Friday and since the announcement, IGC stock price has more than doubled. This has helped put the pot penny stock on the map.
Also, you can see in the chart at how crazy the year has been for IGC shareholders. The stock had essentially filled the big gap from back in February to retrace the large candle. After doing so, the latest excitement saw its stock price jump once again. The big question is can this continue? What do you think?