Will These Marijuana Stocks Continue To Recover In April?
Now that trading in April is underway some marijuana stocks have started to see an increase in trading. Back in mid-February and most of March cannabis stock was hit by a downtrend. Some of this loss in momentum came from outside sectors that caused an overall downtrend for the market. Yet with recent talks of more efficient cannabis laws, marijuana stocks are once again starting to climb. However in the last year or so the strategy of seeing gains off cannabis stocks has been to buy the dips.
Simple enough buy low sell high but it takes a bit more understanding and patience. Due to how volatile cannabis stocks trade it hard to gauge how low or high a cannabis stock may go. For example, you may buy the dip of a particular pot stock and because of how uncertain the market is they play may drop even lower. Another example is you buy a cannabis stock off the dip and see a small spike in trading and hold for higher levels only to see it dropped even lower. That’s why important to learn about the market and the companies you want to invest in so you know more or less the chances of seeing a solid recovery.
Currently in the market cannabis stocks have slowly started to see better trading. Much of this uptick in trading came from New York legalizing cannabis and as mentioned above Chuck Schumer pushing for federal cannabis reform. The U.S. cannabis industry is the dominant factor in all things cannabis and with federal cannabis reform, much more doors will open. As things progress even further the future of the industry looks even more promising. Below are a few marijuana stocks that look to see better trading as April has started with better momentum.
Cannabis Stocks To Watch This Month
HEXO Corp.
HEXO Corp. is one of the more well-known cannabis stocks in the industry. Located out of Canada the company through its subsidiaries, grows, markets, and sells marijuana. In the companies, most recent earnings HEXO reported a positive adjusted EBITDA. As well the company reported a total net revenue increase of $32.8M. This is a 94% increase from the prior-year quarter of Q2 of 2020.
Over the last 3 months of trading, HEXO stock has been working to see have a better market performance. At the start of 2021 HEXO stock saw a nice boost in trading going from $4.00 a share on the 4th to $7.21 a share on the 15th. This run made for gains of 80 percent in the first 2 weeks of 2021. Even with a slight dip at the end of January HEXO stock was still able to sustain a decent market level.
When trading in February got started another pick-up in trading began. February 1st to the 10th HEXO stock was able to see a percent 63 increase in the market. Although once again HEXO stock started to lose its momentum the company held a fair market position. During March much of the trading dropped even more and currently in April HEXO stock is working to see better market levels.
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Planet 13 Holdings Inc.
Planet 13 Holdings Inc. is one of the more popular marijuana stocks to watch. This because Planet 13 has a unique setup as a business that customers enjoy being a part of. The company owns and operates what is known as the cannabis superstore. Under one roof Planet, 13 has a grow room, entertainment center, and dispensary. This has played a big role in how people view Planet 13 as more than a company but as a possible investment towards the future. Back in March, the company released news about partnering up with Curaleaf’s to sell Select brand cannabis products.
One of the business strategies taking place in the sector is leading cannabis companies teaming up to create super companies as some call it. This move is huge and has the ability to further the progress of each company. In the last year of trading PLNHF stock has jumped over 500 percent. This has been a solid display of growth potential investors have taken notice of. Looking back over the last few months and PLNHF stock has been working to sustain better market levels.
Essentially much of the trading in January was met with a loss of momentum. However, when trading in February started PLNHF stock began to rise once again. During the first week and a half of February, PLNHF stock went from $5.28 a share to $8.19. This run made for an increase of 55 percent as well the company during this time hit new all-time highs.
Final Thoughts On PLNHF Stock And Market Performance
Toward the end of the month, PLNHF stock started to face more volatility. This led to a downward pattern of trading. In March the company continued to battle this recent downtrend with a small recovery point but overall could not sustain a better market position. Right now PLNHF stock is still working to see better trading in April as the company has slowly started to recover.
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