2 Marijuana Stocks To Watch Before Next Month
This week has been a better time for most marijuana stocks in the market. Much of this upward momentum has come from industry updates on federal cannabis reform. Also during this week, the House was passed a defense bill with a cannabis banking measure. This measure is the SAFE Banking Act. which would protect banks from federal regulators who worked with marijuana businesses. When this bill passed it resonated well in the sector. To which many marijuana stocks saw a nice jump in trading. Although today on the 24th of September things have slightly dipped back down.
Still, the recent rise in trading from the 22nd to the 23rd was needed for investors and shareholders to take to some much-needed profits. As well as restoring some doubt or uncertainty they might have had. Right now the cannabis sector is starting to build back up with the continuous push for comprehensive cannabis reform. Now the challenge will be if the Senate will clear the defense bill just like the House. This makes the 5th time that the SAFE Banking Act has made it to the through to the House and Senate. If it does pass this time around marijuana stocks stand a good chance at seeing another jump in trading. Which many people are hoping for.
The bigger focus beyond cannabis banking is ending marijuana prohibition altogether. If we can see marijuana either federally legalized or rescheduled to a class 3 it would be a game-changer for the cannabis industry. Not to mention the possibility to see a run amongst many pot stocks in the market. With the potential of ending cannabis prohibition, it would open many doors that were once closed due to federal restrictions. So with this, it seems that the future of the sector is looking good.
Top Marijuana Stocks To Watch Right Now
Harvest Health & Recreation Inc.
Harvest Health & Recreation Inc. together with its subsidiaries, cultivates, processes, sells and retails inhalable, ingestible, and topical cannabis products in the United States. In the last month, the company has released some important updates. Back at the start of September announces the planned divestiture of Florida license. Moving forward on the 14th of September the company announced its 12th Floriday dispensary located in Jacksonville.
In addition to this, the company soon after opened its 13th cannabis retail outlet in Kissimmee Florida. Furthermore, in more recent news the company has continued to expand its operation. This was done by Harvest Health & Recreation opening another location. On September 23rd the company announced the opening of its 14th dispensary in Florida. This store is located in Port St. Lucie.
Words From The Company
“We are thrilled to open our fourteenth Harvest location in Florida, one of the fastest growing medical markets in the U.S.,” said Chief Executive Officer Steve White. “We look forward to serving patients and providing quality products at this new location in one of our core markets.”
HRVSF Stock Performance And Market Update
At the start of September HRVSF stock began with a drop in trading. This dip lasted until the middle of the month. On September 14th HRVSF stock started its path to recovering and started building more momentum. This small run lasted until the 17th and soon after began to dip once more. From the 20th to the 24th this marijuana stock once again started to climb. Currently HRVSF stock is up in the market and hopefully, this marijuana stock continues its climb heading into October.
Cansortium Inc. through its subsidiaries produces and sells medical cannabis in the United States. The company engages in cultivation, processing, retail, and distribution activities. On the 24th of August, the company released its Q2 2021 financial results. Some highlights to mention are the company announced its Q2 revenue is up 24 percent YoY to $16.5 million. In addition to an Adjusted EBITDA up~2x to $5.2 Million.
Next, the company back in July opened its 26th Florida dispensary in Deerfield Beach. Also, the company’s Florida revenue increased 22% to $14.6 million compared to $12.0 million. Part of the company’s 2021 outlook is revising its 2021 forecast for revenue to range between $70-$80 million. As well as an adjusted EBITDA ranging between $18-$26 million. This compares to approximately $52 million of revenue and $10 million of adjusted EBITDA in 2020.
Words From The CEO
“We continued to drive growth and profitability in our key markets during the second quarter, as reflected by another month of record sales in May,” said CEO Robert Beasley. “Our continued focus on providing differentiated, high-quality flower and wellness products has been well received by our patients. Additionally, we are now offering several boutique strains that have never been sold in the Florida market.”
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