2 Marijuana Stocks To Watch Before The Start Of July
Back on Wednesday marijuana stocks started to pull back up in the market. Much of this upward momentum stems from more states legalizing or pushing for cannabis reform. Throughout the sector states like Pennsylvania, Connecticut, and North Carolina to name a few are working on legalizing marijuana. When news about cannabis reform comes out in a positive progression it usually resonates well amongst marijuana stocks.
The biggest hurdle for the cannabis industry has been better cannabis legislation. With better laws and structure in place, it will only help contribute to the overall success of the industry. Currently, there are a few pieces of legislation that hold great value to the future of the industry. For instance, the industry is mainly run on an all-cash basis. This poses a great risk for the cannabis business and can make them fall victim to unwarranted crimes. So the best way to fix that is the SAFE Banking Act.
This proposal would allow banks to work with marijuana businesses without fear of breaking any federal laws. It would also ensure cannabis businesses got the same financial benefits and assistance as other businesses. Now the next and the most crucial is passing federal cannabis reform. Right now many top political figures are working on measures to enact federal cannabis reform.
If the end of cannabis prohibition becomes a reality it will open many more doors for many marijuana businesses. Not to mention some analysts feel the moment federal cannabis reform is enacted it may cause a breakout for many marijuana stocks. Now, it’s a waiting game to see what the future holds but nonetheless much progress and growth is still taking place in the industry. With better trading happening right now investors are keeping an eye on the top cannabis stocks in the market.
Top Marijuana Stocks For This Weeks Watchlist
Innovative Industrial Properties, Inc.
Innovative Industrial Properties, Inc. is one of the more unique cannabis companies in the industry. The company works in the cannabis real estate space by buying properties and facilities and then leases them back to licensed cannabis companies. Since the 2nd week of May IIPR stock has been working on building back its lost momentum. May 12th to the 14th IIPR stock started to climb and saw an increase of 4 percent during those 2 days.
Moving forward a slight dip occurred until the 19th of May and soon after IIPR stock started to recover once again. May 19th to the 26th IIPR stock was able to bounce and reach a higher level in the market. This increase in trading made for gains of 8 percent. Pushing forward the company was able to continue to climb. From the 26th to currently in June IIPR stock is up 3 percent. This uptick in trading has shown that IIPR stock is capable of trading at higher levels.
With June almost over it’s possible to see this upward trading continue in July. However, with more time left in June, a bigger boost in trading may occur for IIPR stock. But due to the uncertainty of the market investors will have to keep an eye out to see what will happen. Back in May, the company released news about acquiring a Massachusetts property. As well as entering into a long-term lease with Temescal Wellness.
Words From The Company
“We have been following Temescal’s evolution and continued success in Massachusetts for some time, and are thrilled to begin this new long-term real estate partnership with Ted Rebholz and his team,” said Paul Smithers, President and Chief Executive Officer of IIP. “The Temescal team’s focus and proven success in delivering consistent, high quality cannabis products to their patients and customers over the years, in combination with their well-located dispensaries accessible to a large percentage of Massachusetts residents, have positioned them very well for the future. We look forward to supporting their real estate capital needs for many years to come, including the buildout of this new facility that is expected to dramatically enhance Temescal’s production capacity as demand for high quality cannabis products continues for patients and customers throughout the Commonwealth.”
AbbVie Inc. is one of the few marijuana stocks that since mid-April have started to reach better trading levels in the market. From April 14th to the 21st ABBV started to recover from previous lows. This 6 days run made for a subtle 4 percent increase in trading which the company was able to sustain. Moving on ABBV stock was still climbing up in the market from April 27th to May 3rd ABBV stock saw gains of 3 percent and later in the month the company did run into some pullback in the market.
This dip in trading took place from May 20th to June 2nd to where ABBV stock was able to rise once more. June 2nd to the 23rd ABBV stock has climbed back up in the market with a current 2 percent increase in trading. Even with subtle gains being made from the initial rise on April 14 to now ABBV has shot up in trading by a substantial amount. With June almost gone the company is still holding a solid market position as July quickly approached
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