Top Marijuana Stocks To Watch As The Sector Starts To Recover
Marijuana stocks are still showing signs of increased momentum. This increase has been long overdue as the sector is starting to recover. With many new developments in the works, it seems now things are sustaining in the sector. For some time now pot stocks have struggled to reach higher market levels. Some of the issues surround the lack of regulation and holdups with federal cannabis reform. In addition to some other factors, this was part of the reason the sector had trouble with trading. Yet in the last few weeks, it almost seems as things are getting better for cannabis stocks. Currently, many cannabis companies are starting to release earnings.
With the release of these earnings, a bulk of the sector has started to see more momentum. This increase in momentum has helped many of the best marijuana stocks see a recovery. Now the bigger concern in all this excitement is how consistent will this jump in trading be. Prior to this recent recovery, the sector has trouble with consistency in its trading. Meaning many cannabis companies had issues with sustaining upward trading once it caught a wave of momentum. Nevertheless, these small volatile pops in trading did give some traders a chance to see a profit.
Marijuana Stocks And Cannabis Sector updates
In addition to earnings, the road to ending cannabis prohibition is in full force. Outside of President Joe Biden, many leaders in Congress do support cannabis reform. At this point it’s not so much if but when federal cannabis reform is passed. This is why many took advantage of the drop in the sector to be prepared for the eventual passing. The advantage was finding top marijuana stocks to buy at lower entry levels. To which when the policy change is made a large number of people feel it will cause a run in the sector. Still, this is not set in stone but history has shown progress with federal reform causing an increase in trading. However, always do your due diligence before investing. Below are a few cannabis stocks to watch in 2021.
Top Marijuana Stocks To Watch This Month
- Sundial Growers Inc. (NASDAQ:SNDL)
- MariMed Inc. (OTC:MRMD)
Sundial Growers Inc.
Sundial Growers Inc. engages in the production and marketing of cannabis products for the adult-use market in Canada. It produces and distributes inhalable products, such as flowers, pre-rolls, and vapes. The company offers its products under the Top Leaf, Sundial Cannabis, Palmetto, and Grasslands brands. In some of the more recent news Sundial has released its Q3 2021 results. During this time the company saw a net earning of $11.3 million. Which is in comparison to a $71.4 million loss in the third quarter of the prior year. As well Sundial reached an adjusted EBITDA of $10.5 million for the third quarter of 2021.
This is also a comparison to an adjusted EBITDA loss of $4.4 million in the third quarter of 2020. Another highlight is the company made a net revenue from the cannabis segment of $14.4 million. These numbers represent an increase of 57% over the second quarter of 2021. And an increase of 12% over the third quarter of 2020. Next, the company acquired Inner Spirit on July 20, 2021. As well as entering into an agreement to acquire Alcanna Inc. Canada’s largest private liquor retailer, operating 171 locations, on October 7, 2021, subsequent to the end of the third quarter.
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Words From The Company
“Our third quarter results reflect the initial impact of the business transformation led by Sundial’s team over the last 10 months,” said Zach George, Chief Executive Officer of Sundial. “We remain focused on sustainable profitability and continued improvement in all aspects of our operations.
MariMed Inc. engages in the cultivation, production, and dispensing of medicinal and recreational cannabis in the United States and internationally. In the last 30 days, some important company announcements shave been made. Back on October 25th, the company announced its Q3 earnings date which is set for the 16th of November. Management will host a conference call on November 16, 2021, at 8:00 a.m. EDT to discuss the results.
Following this update, MariMed announced it has won the High Times Cultivation Cup award. the Company’s top-selling Nature’s Heritage premium flower brand took home a Bronze Medal. This was for the company’s s Crescendo hybrid strain at the High Times Cannabis Cup Massachusetts 2021. The honor comes on the heels of MariMed’s Panacea Wellness dispensary being recognized as the Best Cannabis Dispensary. Which was done so in the Best of the Best MetroSouth (MA) Competition.
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Words From The CEO
“Cannabis consumers tell us every day with their wallets that they love our brands and our dispensaries, but earning the recognition that comes with an award is of course gratifying as well. We’re thankful to High Times, MetroSouth, and all the groups that have honored us over the years,” said MariMed CEO Bob Fireman.
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