2 Marijuana Stocks To Watch This Upcoming Week
As marijuana stocks complete their first week of trading in June analysts feel things are just getting started. At the start of the month, marijuana stocks continued to push up in the market from the end of May. Yet towards the end of last week, cannabis stocks showed a bit more volatility.
At first, many marijuana stocks were on their way to recovering to better trading levels. However, the last few days of last week’s trading started to dip once more. Now with June just starting there is time left to see another rise in trading. What some investors forget is cannabis stocks like other stocks are a bit unpredictable with how they perform. So this is why it’s better to remain patient and take your time when looking for the best marijuana stocks to buy.
As well always look at current info or updates about a particular marijuana stock. The more you know about the company it will provide better insight to know if it’s worth the investment. The cannabis sector is coming off of a 12-week downtrend starting from the second week of February. Since that time many cannabis stocks have begun to regain their lost momentum. Now even with a slight dip in trading at the end of last week, this upcoming week may bring with it some much-needed momentum.
What may help drive some cannabis stocks to rise in trading is the potential passing of a federal reform bill. With cannabis possibly being federally legalized it will open many doors for the cannabis industry. What this also means is now there will be no fear of doing business in other regions that were once federally illegal. So with this, it’s good to keep an eye on the market to see how marijuana stocks will perform.
Marijuana Stocks To Watch This Week
Green Thumb Industries Inc.
Green Thumb Industries Inc. has been one of the few top marijuana stocks to watch for quite some time. Even during this recent downtrend GTBIF stock was able to sustain a decent market level. By GTBIF stock keeping a higher market level when it comes time for the company to rise it will easier to see new levels. Since the end of March GTBIF stock has been slowly climbing back up to higher market levels.
Looking at March 30th to April 21st GTBIF stock shot up by 12 percent. Pushing forward from the 21st of April to currently in June GTBIF stock has climbed back up by 5 percent. This jump in trading is giving some investors renewed faith in marijuana stocks. With much uncertainty in the sector, many investors were growing with skepticism about marijuana stocks altogether.
Yet with the company rising back up with more consistent trading GTBIF stock may continue to reach previous highs this month.
In recent news, the company has announced the close on the acquisition of Massachusetts cannabis operation Liberty Compassion Inc.
Words From The Company
“We are thrilled to broaden our cultivation and retail operations in Massachusetts, where we have been operating successfully and serving the community since 2018,” said Green Thumb Founder and Chief Executive Officer Ben Kovler. “The acquisition of Liberty scales our capacity to serve massive consumer demand in one of the country’s most densely populated regions. We can bring more Dogwalkers brand pre-rolls, more incredibles gummies and chocolates, and more Rythm to consumers in the Commonwealth. We are excited to have Liberty officially onboard with the Green Thumb team.”
Harborside Inc. for those who don’t know was one of the first cannabis companies ever to receive a legal cannabis license. Over the last few weeks, HBORF stock has started to trade back up. From April 20th to the 30th HBORF stock jumped up 5 percent before the start of June. Trading from this point was a bit volatile but still, the company continued to climb. From May 1st to now in June HBORF stock is up 7 percent. With a new week of trading coming up investors will be keeping an eye on this marijuana stock to watch.
This past week the company released its Q1 financial earnings. During this time the company made a gross revenue of $13.0 million. As well the company secured a $12 million revolving credit facility. Another thing to mention is the company also achieved an Adjusted EBITDA of $1.0 Million in Q1 2021. This is in comparison to an Adjusted EBITDA of $0.3 Million in Q1 2020.
Words From The Management
“Our Q1 results reflect the strength of our business as we demonstrated sustained profitability while we executed on the opportunity to scale up our cultivation activities, improve the breadth and depth of our product portfolio, and expand consumer access to our retail stores,” said Matt Hawkins, Chairman of Harborside. “Throughout the quarter, we continued to build Harborside’s management team with a focus on operational strength and deep industry experience which, together with our strong balance sheet, has positioned Harborside with both the resources and depth of talent to execute on our California focused growth strategy.”