Today, we're giving you a list of Canadian marijuana penny stocks to watch. These stocks have surged as much as 50% over just the last week alone, which is why they're worth keeping an eye on ahead of Canada's marijuana legalization plan in July.
While these stocks have jumped over the last week, marijuana investors are looking for a stock with profit potential ahead of it. That's why we're also giving you one of Money Morning Director of Technology & Venture Capital Research – and marijuana industry expert – Michael A. Robinson's favorite pot stocks to own for 2018…
|Canadian Marijuana Penny Stock||Current Price||Weekly Gain (Nov. 2-9)|
|Delta 9 Cannabis Inc.|
|Cannabix Technologies Inc.|
|Lexaria Bioscience Corp.|
|New Age Farm Inc.|
|Algae Dynamics Corp.|
|Newstrike Resources Ltd.|
|Global Cannabis Applications Corp.|
|Golden Leaf Holdings Ltd.|
Pot Profits: Forget Jeff Sessions! These Five Canadian Pot Stocks Are Set to Skyrocket. Click Here…
The top marijuana penny stock on the list is Delta 9 Cannabis Inc., a licensed producer of medical marijuana and the fourth company ever to legally sell cannabis in Canada.
U.S. investors can buy shares of Delta 9 Cannabis on over-the-counter markets, but the company recently listed on a major Canadian exchange.
U.S. shares of VRNDF are up 50%, to $2.34, in the last week, after the company went public on the Canadian Venture Exchange (CVE) this past Monday, Nov. 6.
Canadian shares of Delta 9, which listed on the CVE under the ticker "NINE," shot up 246.2% on Nov. 6, from $0.65 Canadian dollars to $2.25. NINE stock has surged 260% overall since its market debut. That Canadian demand has enticed U.S. investors to buy the over-the-counter U.S. shares (VRNDF) of Delta 9, which are up 50% this week.
Although VRNDF's 50% weekly gain may make it a tempting investment, we're recommending a different marijuana stock today. Although it's more expensive than a penny stock, it's one of Michael's favorite marijuana investments, since it's one of the hydroponics industry's fastest-growing companies.
"Hydroponics" refers to the method of growing cannabis in mineral-rich water rather than soil. This is considered revolutionary across the marijuana industry since it allows the plants to grow faster without the need for farmland.
"This method means no mess and, more importantly, no pesticides," Michael explained. "That's a key consideration for green consumers."
But the sector's growth potential will not only benefit green consumers but also investors in hydroponics companies. Research firm Manifest Mind LLC forecasts the value of all hydroponically grown plants worldwide will rise 20.3%, from $19.95 billion in 2015 to $24 billion in 2018.
That's why we're showing you this niche industry's best company to invest in, whose revenue just from its hydroponics business could grow 300% in the next few years…