Every day thousands upon thousands of investors look for viable plays in the penny stock niche. Although these stocks demand a degree of risk tolerance they also offer the possibility of making significant gains. Here is a look at four penny stocks that made notable gains recently.
Vortex Brands Co (OTC:VTXB) – On Monday the company was in prime focus among investors and ended up with gains of 25% amidst heavy action. The rally in the Vortex Brands Co stock was possibly triggered by a significant announcement from the company on June 28. The company announced at the time that it had completed the acquisition of cutting-edge Bitcoin mining machines. It was part of the company’s strategy of doubling its mining capacity.
The new acquisition would help Vortex Brands in boosting its hash power significantly and thereby open up the opportunity to reward its shareholders with bigger quarterly dividends. The machines are going to be deployed strategically across the mining farms operated by the company. The expansion of its mining capacity is an attempt by the company to consolidate its share of the growing Bitcoin mining industry.
Marijuana Company of America Inc (OTC:MJNA) – It was one of the major gainers last Monday after it rallied strongly and ended up clocking gains of 50%. Marijuana Company of America Inc works through a number of subsidiaries and is focused on the development, distribution and production of cannabis and CBD products under the brand name hempSMART.
It is focused entirely on the United States market. The products which are offered by the company comprise hempSMART Brain. HempSMART Brain is a patented personal care product that is meant for brain wellness and is made available in capsules. The product provides temporary relief from minor discomfort which may arise from physical activity. Additionally, the Marijuana Company of America is also involved in the distribution of hemp and CBD products like those which are provided to wholesalers servicing smoke and vape shops.
Republic First Bancorp Inc (OTC:FRBK) – On Monday Republic First Bancorp Inc was one of the penny stocks which experienced a strong rally and ended up with gains of 6%. The company had been in the news back on June 26 when it made an announcement about two key appointments. It announced that Sandra C Pintor had been made the Senior Vice President and Corporate Controller effective June 12, 2023 and Emanuel Ball was appointed as Senior Vice President and Facilities Director effective May 1, 2023.
Pintor would be responsible for the company’s regulatory reporting and accounting operations. She would report directly to Mile LaPlante, the company’s senior vice president and Chief Accounting Officer. Emanuel Ball would be focussed on scaling up the operational efficiencies and that would also include cost reduction moves in procurement. He would also be responsible for overseeing the company’s real estate and other facilities. Ball would also oversee many inclusion, diversity and equity initiatives of the company. He holds more than 25 years of experience in facilities management and real estate.
Integrated Cannabis Solutions Inc (OTC:IGPK) – The company saw its stock rally by 13% on Monday and is likely to be in focus among investors today. On June 28 the company announced that the total revenues from two of its subsidiaries was expected to be more than $900,000 in the three months ended June 30, 2023.
It would also be the first quarter in which Integrated Cannabis Solutions Inc would post revenues from its subsidiary Houdini Labs. The company further noted that the revenues of the second quarter outpaced the first quarter revenues by a margin of 3. The revenue in the third quarter is projected to be higher on a sequential basis as well.