Will These 2 Pot Stocks Reach New Highs In 2021?
Currently, the U.S. and the entire cannabis industry are ecstatic about the final results of Georgia’s runoff election. This election is big for the cannabis industry and even bigger for the nation. Now that the Senate is controlled by the Dems it will make things easier for the President and Vice President-elect. In addition this the entire cannabis industry has been leaning on better cannabis legislation and now it might happen. Back in 2020, the House passed the MORE Act which would legalize cannabis on a federal level. This would be a huge long overdue victory for the industry. The amount of progress and business that could be done for the U.S. cannabis industry would be next level.
Today in the market most marijuana stocks started Wednesday’s trading session green across the board. This largely due to the runoff election in Georgia to see who will control the Senate. As the race isn’t over yet so far the Dems are in the lead. As mentioned above this caused many pot stocks to rally and make substantial gains. It seems like the plan for marijuana stocks and the cannabis industry as a whole is to use this momentum to prepare for the future. Even though nothing is promised and anything can happen the industry is in a good place to see more progress as the Senate may be run by the Dems. Below are 2 marijuana stocks to watch that have the potential to rise in the market due to this election that has taken place.
Are These Marijuana Stocks On The Rise?
Marijuana Stocks To Watch Rise In The Market: Cronos Group Inc. (CRON)
Over the last few months before the new year, Cronos Group Inc. has been a top pot stock to watch on the rise. From the start of 2020, the company has a slight downtrend before rising back up. Most of that was due to volatility and the uncertainty of the market. From March 12th, 2020 to May 13th CRON Stock was catching small spikes but mostly traded sideways during that time. It wasn’t till after this point that the company started to trade up a bit. In the middle of May to the 1st of June CRON began to climb in the market with an increase of 36%. On the 8th of June, CRON stock saw a big spike in trading from the close on June 5th gains of 20%.
From that time period, CRON stock was hit by market volatility and once again started its downtrend in the market. Yet with for some investors, it was a good opportunity to find shares at lower entry levels. For instance, if you bought shares of CRON stock when it dipped down to $5.29 a share in early November and sold on November 6th you would have made gains of 41%. Fast forward to the month of December and yet again CRON stock began to fall. However, like any good investor, looking for lower entry points for marijuana stocks to buy this was the time to do it. If you purchased shares off of the dip on the last day of December you would have made a 24% profit if you sold on January 8th.
Marijuana Stocks To Watch Rise In The Market: Greenlane Holdings, Inc. (GNLN)
Greenlane Holdings, Inc. is another marijuana stock that in the back half of 2020 has carried that same momentum into the new year. From mid-March, Greenlane Holdings has been able to trade up in the market. Now that’s not to say that GNLN stock hasn’t dipped all 2020 prior to rising up again. Yet overall they have had a steady upward push for most of this past year. From September 23rd to November 10th GNLN stock had a nice 75% increase in trading. Those who were able to capitalize on this saw a pretty nice return on their investment.
During the month of December, Greenlane Holdings continued its push in the market with solid gains of 54%. This past year was a big year for marijuana stocks and the cannabis industry as a whole. The reason for this is due to the potential of federal cannabis legislation along with the increase in cannabis. This was the start of the ripple effect that caused many top marijuana stocks to reach significant gains. As well as record-breaking earnings that also caused a spike in trading for many marijuana stocks
So far in 2021 GNLN stock is up 37%. and momentum is still building. With the current runoff elections taking place, GNLN stock was one of the many marijuana stocks to see a boost. As mentioned above this current momentum is not promised to last forever so it’s best to take advantage while you can. With this investors can see the possibility that marijuana stocks are forming a new base but just like anything else we will have to wait and see.
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