Marijuana penny stocks: WeedMD and Canopy Rivers dominate

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Marijuana penny stocks are up and down today on both US and Canadian markets. Marijuana stocks have been on quite the bull run since the beginning of the year. This week, stocks corrected but there are some that are still shining green. 

Today, we’ll take a closer look at two marijuana penny stocks that are outperforming their competitors today.

WeedMD Inc. (TSXV:WMD)

WeedMD is headquartered in Aylmer, Ontario, and produces and sells medical marijuana. The company also does research and development supply with Revive Therapeutics (TSXV:RVV). WeedMD produces and sells dried marijuana, cannabis oil, cannabis resin, and marijuana seeds.

The cannabis company announced this morning that it has signed a new supply agreement, which caused its stock to shoot up. WeedMD signed a supply agreement with the province of Manitoba, marking a large milestone for the marijuana penny stock.

Brett Moon, Sales and Marketing for WeedMD, explained, “With our recent production capacity expansion, we are thrilled to announce the addition of another provincial partner at a time when high-quality cannabis is in full demand across Canada.”

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He continued:

“Our branded products are widely-recognized by Canada’s discerning consumers and an additional supply opportunity directly supports our strategy for capturing and increasing recreational market share. We look forward to working with the MBLL and Manitoba’s retailers while remaining committed to fulfilling our supply agreements with provincial distribution agencies across the country.”

Due to this latest company development, WMD is among the top trending marijuana penny stocks on the TSXV today. According to Yahoo Finance, WMD is currently trading at $1.65 a share, up +$0.12 (+7.84%). For the month, WeedMD shares are up over 30%.

Canopy Rivers Inc. (TSXV:RIV)

Canopy Rivers is also among the top trending marijuana penny stocks this morning. The cannabis investment company has made quite the bull run this past week and is up 27% in the last five days. Canopy announced its latest investment a few days ago and is still riding high off the acquisition. 

According to Yahoo Finance, the marijuana penny stock is trading at $4.45 a share, up +$0.51 (+12.94%).

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