2 Marijuana Stocks To Watch This Upcoming Month
As marijuana stocks finished the month of May it was done with a nice pick up in trading. Some analysts feel June will bring with it some more trading momentum. With the recent pick up in trading, some feel that there needs to be a bigger rise in the sector for some shareholders to take profits. Cannabis stocks have just come off of a 3-month downtrend and are still regaining momentum.
With more progress in the cannabis industry the more it may resonate well with other marijuana stocks. Those who did take advantage of the recent downtrend were able to find top marijuana stocks to buy. The drop in the sector essentially created a 12-week buying opportunity with how low marijuana stocks fell. As mentioned above investors are now waiting for a bigger rise in trading to see a return on their investment.
Two contributing factors towards this recent rise in trading are due to companies releasing their most current financials. In addition to more companies growing through mergers and acquisitions. Many cannabis companies in 2021 have been joining forces and buying out other marijuana companies. What ventures like these create are pretty much super cannabis companies. As well this will give the companies more resources and leverage within the space which can lead to further innovation.
When further innovation takes place in the cannabis industry it sparks the attention of more investors to get involved. Currently, the industry is still growing and moving at a rapid pace. With more states pushing to go legal, it will only add more value to the overall cannabis industry. In just the last year alone over $17 billion in legal sales have been made. With continuous progress, it’s only a matter of time before it resonates with how cannabis stocks perform.
Marijuana Stocks To Watch In June
Trulieve Cannabis Corp.
If you have been watching marijuana stocks then Trulieve Cannabis Corp. is a top company to watch. During these last 4 months, TCNNF stock has been able to sustain a decent market level. Even while the entire sector was dropping TCNNF stock still held a higher market level than other marijuana stocks. In the last 4 weeks, TCNNF stock has been a bit more volatile in the market.
Towards the end of April, TCNNF stock started to pick up in trading before ultimately dipping back down. April 20th to May 3rd TCNNF stock was able to go on a small rally. During this time TCNNF stock saw a 22 percent increase in trading. Yet from this point, TCNNF has dropped even further but still holds a good market level to recover from.
In recent news from the company, they announced the opening of its Northampton store. Back on May 26th, the Massachusetts Cannabis Control Commission has approved the launch of Trulieve’s operations in Massachusetts. Trulieve plans officially open this store by June 3rd.
“As the first adult-use market on the East Coast, Massachusetts is a leader in the cannabis industry and we are excited to open our doors here,” said Kim Rivers, CEO of Trulieve. “Customers and patients at Trulieve Northampton can expect the same high-quality products and customer-first mindset that has built a loyal following for Trulieve in other markets. Our staff is well-trained, educated, and ready to serve the greater Northampton area and we look forward to bringing our brand to other locations throughout the state.”
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Greenlane Holdings, Inc.
Green Lane Holdings Inc. has also been quite the volatile marijuana stock to watch. Since September 2020 GNLN has had an upward push while fluctuating in price. Meaning as GNLN stock was moving up it also would dip then recover to a higher market level. At the end of January 2021, GNLN stock started to drop once more.
However at the start of February GNLN stock once again shot up in trading. Yet just like the rest of the sector the company was not able to sustain its upward push in trading. During the 2nd week of trading for the company GNLN stock fell significantly. From February to now GNLN stock has dropped 48 percent Yet over the last week or so the company has begun to rise once again.
From May 13th to the 28th GNLN stock is up 11 percent. As the start of June is soon to take place shareholders hope to see this increase in trading continue. The more GNLN stock continues to rise the more investors will comfortable to call this rise a real recovery. In recent news, the company announced it has completed its key regulatory conditions for its merger with KushCo Holdings Inc.
“We welcome this latest development in the formation of the combined company and look forward to continued progress on the remaining steps required to complete the Transaction,” said Nick Kovacevich, KushCo’s Co-founder, Chairman, and Chief Executive Officer.