2 Cannabis Stocks To Watch This Month For More Momentum
For those who have been watching or investing in marijuana stocks over the last 6-8 weeks, you know it’s been a tough ride. The sector as of the end of April heading into May has just now started to reach better market levels. This recent downtrend stems from a few different causes. For one after mid-February, many investors started to focus on different investment opportunities in other sectors.
When investors look at new areas in the market at times it can lead to either a standstill or drop in trading in other sectors. As well this downtrend has led to a great deal of uncertainty which has resulted in some investors selling off their position to make any money they can to reinvest. When investors start selling off shares most times it can push the stock down. Next is the hold-up with cannabis reform across the United States. Back during the presidential election, there was a lot of promise of federal cannabis reform but that yet to come true.
However recently there has been a big push from many top political figures which caused some pot stocks to trade higher off speculation. Yet with recent words from Biden stating a bit of an indirect response as to whether he would sign a bill to enacting policy change is still unknown. This also resulted in a loss of momentum which caused other cannabis to further fall in the market. But with May now here investors are keeping a positive attitude for better trading. As well they hope to see this current upward push in the sector continue to rise as more marijuana stocks start to trade up. The cannabis stocks below are a few examples of cannabis companies to watch for better trading in May.
Marijuana Stocks To Watch This Month
Trulieve Cannabis Corp.
Trulieve Cannabis Corp. has been one of the more resilient cannabis stocks to watch for quite some time. The company as far as business and operations have displayed solid growth. This has earned the trust of many investors. As well the company has also yielded good returns for some shareholders. Yet since mid-February like many other cannabis stocks the company has had a rough time in the market.
A good portion of the cannabis sector fell in value. Many of the top-performing marijuana companies like TCNNF stock were not able to sustain any good trading for long periods. However TCNNF stock was one of the few cannabis stocks that at the height of this downward trading managed to see new all-time highs in mid-March. On March 16th Trulieve reached a share price of $53.04 which as mentioned above is a new high for TCNNF stock.
Yet from this point, TCNNF was not able to keep this upward push going and eventually dropped the rest of March. Moving into April and much of the same downward push in trading occurred. In the first 3 weeks of April, TCNNF stock fell 21 percent before ultimately building back more momentum. In the last week, or so of April TCNNF stock has started to once again see better trading. From April 20th to 30th of the month the company closed the month with gains of 17 percent. With May now in motion investors feel this month will bring better trading for the company and many other marijuana stocks.
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KushCo Holdings Inc.
KushCo Holdings Inc. is one cannabis company that found its way into the industry through the use of ancillary products. The products range from vape supply to services that involve packaging for products. In recent times the announcement of KushCo partnering with Greenlane Holdings Inc. has attracted more ears and eyes around both marijuana stocks. In recent news, the company has announced its new leadership team for the combined company.
Nick Kovacevich will lead the combined company as Chief Executive Officer. Greenlane’s Bill Mote will serve as Chief Financial Officer, with Greenlane Co-founder Aaron LoCascio serving as President and Greenlane Co-founder Adam Schoenfeld serving as Chief Strategy Officer. “We are thrilled to be assembling a best-in-class leadership team with decades of combined experience in cannabis and CPG.
Collectively, we will form a leading ancillary cannabis company in our industry,” said Nick Kovacevich, KushCo’s Co-founder, Chairman, and Chief Executive Officer. In the last several weeks of trading, the company has had trouble reaching a better market level. Like many other cannabis stocks right after the 10th of February KSHB stock started to fall. This drop continued essentially till the end of April heading into May. However, as the sectors start to see more momentum hopefully it will resonate well with other cannabis stock.