Top Marijuana Stocks To Watch At The End Of The Week
For marijuana stocks are there any other ways to help drive momentum other than reform? Yes at one time back in 2020 and early 2021 any positive news a company had would most times cause marijuana stocks to rise. As the end of 2020 came closer this same type of news did hold the same impact as it once did. Meaning due to other issues at the time if it wasn’t news about reform or financial updates trading would decline. This drop would stem from the uncertainty about the future of the cannabis industry. In addition to how cannabis stocks would later perform.
So the next move investors did after mid-February 2021 was held off on investments in the sector for the moment. Yet at the same time, there were many who felt during the downtrend buying the dips would later pay off. To which in the in August and in the first half of November the sector saw a nice rise in trading. Yet at the moment the cannabis sector is back down. So a good amount of people have been taking this time to find the best marijuana stocks to buy.
It’s better to be prepared than not and as history has shown progress with reform yields market results. Still what could be done to see more consistent trading once this last hurdle is conquered. Yes having positive company news and earnings showing profitability is always a factor. With this, it gives more reason for investors to show more interest in the future of cannabis stocks.
Marijuana Stocks And Cannabis Industry Updates
Nonetheless, there needs to be more and shareholders and investors are keeping their eyes and ears open on the matter. For now, the strategy is to buy the dips and wait for the passing of federal reform. Which as many feel will cause a run for some of the top cannabis stocks. Now, this is not a guarantee but history has shown that good news on the matter causes an increase in trading. Furthermore, the marijuana stocks we will discuss could be something to watch this December.
Top Marijuana Stocks To Watch For Better Trading
Harborside Inc. engages in the cultivation, manufacture, distribution, wholesale, and retail of cannabis and cannabis products for the adult-use and medical markets in California. It owns and operates three retail dispensaries under the Harborside brand located throughout the United States. On November 29th the company released its Q3 2021 financial earnings. At this time Harborside Q3 2021 gross revenue increase 10.4% Sequentially to $17.9 Million. Also, the Adjusted EBITDA was $1.5 million. That counts for 28.2% higher sequentially than the previous quarter.
Another highlight is the company completed the acquisition of Sublime. Which included “Fuzzies”, California’s award-winning infused pre-roll brand, for $43.8 million. The company also appointed Matt Hawkins as Interim CEO and Ahmer Iqbal as COO. They as well announced a retail partnership with the premium brand RNBW.
During Q3 2021, Harborside generated retail revenue of $9.2 million, wholesale revenue of $2.8 million. And manufacturing revenue of $5.9 million, for total gross revenue of $17.9 million. As compared to $11.0 million, $5.2 million and $nil, respectively, for total gross revenue of $16.2 million in the quarter ended June 30, 2021.
Words From The CEO
“While bulk prices declined across the state of California in the third quarter, we continued to make improvements to our business, including the expansion of our wholesale presence throughout California through the integration of Sublime into our operations. I’m pleased that we continue to deliver positive adjusted EBITDA(1) as we relentlessly focus on our customers and work on improving capital efficiency throughout the business,” said Matt Hawkins, Chairman and Interim CEO of Harborside.
Ascend Wellness Holdings, Inc.
Ascend Wellness Holdings, Inc. engages in the cultivation, manufacture, and distribution of cannabis consumer packaged goods. The company’s cannabis product categories include flowers, pre-rolls, concentrates, vapes, edibles, and other cannabis-related products. As of May 26, 2021, it operated 17 retail locations. In the most recent company update, Ascend Wellness has opened its second Massachusetts Dispensary in Newton.
Another recent announcement was Ascend bringing the award-winning Lowell Smokes brand to Michigan. But the company is still pending regulatory approval by Michigan’s Marijuana Regulatory Agency. The expansion, part of a strategic licensing agreement between the two companies, builds on the success of Lowell’s introduction in the similarly fast-growing Illinois and Massachusetts cannabis markets.
The work of Ascend Wellness Holdings is starting to come together in major. With these 2 updates, the company is showing strong potential for the future. Not to mention giving more reasons to be considered another leader in the cannabis space. As the company keeps this push going the success of the company has the potential to bring in more investors looking for the best marijuana stocks.
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