These Ancillary Marijuana Stocks May Be The Winners You Need
With how marijuana stocks have been performing in the last several months some investors are accepting this may be the new norm. From mid-2020 to early 2021 the cannabis sector was on an upward swing. This upward trading almost seemed as it would never stop and some thought that as well. However at the present time that is not the case. The cannabis sector and most marijuana stocks have dropped over the last 6 months. Now even though this decrease in the sector has hurt some investors others have been buying more.
With many top cannabis stocks trading at much lower levels now is the time to add some of the best marijuana stocks to buy to your portfolio. Furthermore, while people are still buying the dips others are watching the market with more caution. This is because even with a few good days of trading it’s not at the level or consistent enough to see substantial gains. In fact, many wonders if the cannabis stocks will ever climb back to even half of what some were trading before mid-February.
So with this uncertainty circulating those investors are holding their position and others are cutting their losses. Now some do feel at some point with more legal and the possibility of federal reform a long-over do run may be in the works. Yet as this would be nice to see there’s no way to know for sure what will happen if and when the end of cannabis prohibition becomes a reality. For now many are keeping watch and waiting to see what changes will take place. Especially anything that may impact the way marijuana stocks trade for the better. Below are a few cannabis stocks to watch this month that may be a good fit for your watchlist.
Marijuana Stocks To Watch Right Now
GrowGeneration Corp., through its subsidiaries, owns and operates retail hydroponic and organic gardening stores in the United States. With the services provided by companies like this cultivators of the industry can have the equipment they need.
In some of the more recent news of the company, it has announced its 2021 Q2 financials as well the expansion of its foothold in two different states. The company was able to acquire Washington-based Hoagech Hydroponics. This venture will allow for GrowGen to further grow its footprint in the pacific northwest.
Words From The CEO Of GrowGeneration
“We’re thrilled with our acquisition of Hoagtech Hydroponics, which boasts a strong commercial customer base and a talented team of growing professionals,” said Darren Lampert, GrowGeneration’s CEO. “This transaction expands our footprint in the Pacific Northwest and puts us in close proximity to some of the state’s largest commercial operators.
GRWG Stock Performance And Market Update
Over the last 6 weeks of trading GRWG stock has been working to sustain a better market position. At the start of August, things were looking good for this marijuana stock. In the first week or so of the month GRWG stock was slowly starting to rise the more trading continued in August. Yet after the 11th things changed for GRWG stock. From this point in time GRWG stock began to see a drastic drop in trading.
This dip in trading lasted the better half of the month. However, even with a big drop in trading at the end of August moving in September GRWG stock started to recover. Currently, in September the company has been trying to keep any upward momentum it can alive. With more time left in September, investors hope to see a bigger recovery for this ancillary cannabis stock to watch.
The Scotts Miracle-Gro Company
The Scotts Miracle-Gro Company Is another gardening company that is one of the largest in all of the United States. Through the company’s subsidiary the Hawthorne Gardening Company it offers cultivation services and supplies to the legal cannabis industry.
What some may not know is Hawthorne Gardening was one of the first major investments by a major United States corporation in the cannabis industry. Back on the 3rd of September, the company announced that Cory Miller will be appointed as the executive vice president and Chief Financial Officer.
Words From The Company
“Cory brings over 20 years of financial and leadership experience. His contributions while at the helm of finance for Hawthorne have proved to be invaluable, including the integration of Sunlight Supply and several other deals that have led to the current Hawthorne portfolio,” said Jim Hagedorn, chairman and chief executive officer. “Cory has been deeply involved in the business, excelling in a series of corporate and operating roles here at Scotts.”
SMG Stock Performance And Market Update
This ancillary marijuana stock to watch was able to hold a decent market position before dipping in August. At the start of the month, the company ran into trouble maintaining its level in the market. From the 3rd of August to the 17th SMG stock was on a volatile downtrend. Yet at the end of the month heading into September SMG stock once again started to build some momentum. This momentum led the company to see another rise in trading. As of now in September SMG is still trading with volatility as some feel this will change further into the month.
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