2 Ancillary Marijuana Stocks To Watch This Month
Marijuana stocks are still facing a bit of pullback even with some better days of trading in the last month. Many investors are keeping watch to see what will develop with the market. The reason for this is some investors are still plagued with a bit of uncertainty about future trading. In the last few months, 3 factors have helped cannabis stocks rise back up in trading. Back in August many marijuana companies began to release their financial earnings. Although this didn’t create the same upward momentum earning reports used to.
Still, it was enough to see some kind of upward push among some cannabis stocks. Next which has happened more recently is the passing of 2 pieces of federal cannabis legislation. The first bill to pass the House was a defense bill with a cannabis banking measure attached to it. If it became law this measure would ensure that financial institutes don’t face federal penalties from working with cannabis clients. Following the passing of the defense bill, a separate bill to end cannabis prohibition was passed by the House as well.
Now the issue at hand is Chuck Schumer has come out to say he will block cannabis banking from passing in the Senate. The reason for this is he feels that legalizing cannabis federally should happen before the passing of the SAFE Banking Act. Nevertheless, when it comes to more comprehensive cannabis reform it seems things are heading in a progressive direction.
Cannabis Stocks Building Momentum In A Volatile Market
With cannabis stocks trading back down at lower levels it’s another chance to buy top marijuana stocks in 2021. Currently, many investors are adding the best pot stocks they can buy to their portfolios. The reason for this is investors want to be prepared for when another potential breakout occurs. So just remember to do your homework before investing and keep an eye out for any sudden changes in the market. Below are 2 marijuana stocks to watch that may see better trading this month.
Top Marijuana Stocks To Watch Right Now
- GrowGeneration Corp. (NASDAQ:GRWG)
- Hydrofarm Holdings Group, Inc. (NASDAQ:HYFM)
GrowGeneration Corp.
GrowGeneration Corp. through its subsidiaries owns and operates retail hydroponic and organic gardening stores in the United States. It engages in the marketing and distribution of horticultural, organics, and lighting, and hydroponics products. In the last 4 weeks, the company has released some important company updates. Back on September 15th, GrowGen announced the opening of 2 of the largest hydroponic garden centers in Los Angeles County. These locations become the 11th and 12th locations in Southern California.
In more recent news the company announced it will appointing Eula Adams to the board of directors. Mr. Adams served most recently as CEO of Neuromonics, Inc., a global medical device company. Which provided standalone and cloud based software and hardware solutions for the treatment of tinnitus. He previously served as President and COO of Xcore Corporation, a computer hardware design, assembly, and distribution company.
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Words From The Company
“We can’t be more pleased to welcome Eula to the GrowGen board after a long process in which we evaluated a number of qualified candidates’ ability to meet the demands of the Company’s board today and into the future. We believe that Eula’s strong background in technology, operations, and finance, as well as a proven track record in driving business growth will add tremendous value to GrowGeneration. In addition, Eula is an esteemed member of the Denver Business and Philanthropic Community,” said Darren Lampert, GrowGeneration’s Co-Founder and CEO.
Hydrofarm Holdings Group, Inc.
Hydrofarm Holdings Group, Inc. together with its subsidiaries, engages in the manufacture and distribution of controlled environment agriculture (CEA) equipment and supplies in the United States and Canada. The company offers agricultural lighting devices, indoor climate control equipment, hydroponics and nutrients, and plant additives used to grow, farm, and cultivate cannabis. As well as other vegetation and plants. 
In early August the company announced its Q2 2021 financial earnings. Some key highlights are the company’s net sales increased by 46.7 percent to $133.8 million. This is in comparison to $91.2 million. Next, the Hydro farm also had an Adjusted EBITDA(2) increased 127.5% to $16.2 million compared to $7.1 million. Another highlight would be Hydrofarm completed two acquisitions during the quarter: HEAVY 16 and House & Garden. As well Hydrofarm also completed Investor Warrant redemption, raising approximately $56.8 million in gross proceeds.
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Words From The CEO
Bill Toler, Chairman and Chief Executive Officer of Hydrofarm, said, “We maintained momentum during the second quarter, as demonstrated by 47% increase in our top-line and significant improvement in our Adjusted EBITDA, which more than doubled on a dollar basis and increased considerably on margin basis. Our team also successfully executed against our acquisition strategy, completing four acquisitions during and subsequent to the second quarter, bringing four fantastic businesses in the nutrient and grow media categories under the Hydrofarm umbrella. These acquisitions not only help expand our proprietary consumable offerings and manufacturing prowess, but also demonstrate our position as the acquirer of choice in this highly fragmented industry.”
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