2 Canadian Marijuana Stocks To Watch This Month
Now that June has arrived marijuana stocks are coming off of a nice uptick in trading. The start of May was a bit slow the first week as cannabis stocks were still down. Towards the 2nd and 3rd week of May the sector was a bit more volatile with marijuana stocks going up and down. Keep in mind since February to May marijuana stocks went through a 12-week drop in trading.
So when the middle of May came it was nice to see a bit more market action. Now during this time, not all marijuana stocks were able to start to rise or build up more momentum. However, in the 3rd and last week of May, many more marijuana stocks started to slowly recover in the market. However, even though the sector is moving back up it’s not at a level to deem it a full recovery. Especially with how low cannabis stocks dropped.
Some investors who bought the dips thought a bounce may have happened sooner. Yet some cannabis stocks dropped even further. What this has created is a situation where now shareholders have to remain patient to take profits or break even. Now with the start of a new month, June could be the time we see marijuana stocks reach back to previous market levels before the downtrend.
Even with the sector starting to sustain better trading some cannabis stocks are still at good entry points. Meaning there is still time to find top marijuana stocks to buy. Just make sure to do your homework on any company you choose to invest in. With June now here investors will be looking to see what will happen with marijuana stocks this month. Below are 2 marijuana stocks to watch.
Marijuana Stocks To Watch In June 2021
Cronos Group Inc.
Cronos Group Inc. is widely regarded as a top Canadian marijuana stock to watch. Currently CRON stock has been one of few cannabis stocks to see a nice jump in trading. Before the market opens on June 1st CRON is currently up 15.22 percent from its close on the 28th of May. Now with trading in June about to start shareholders and investors are remaining hopeful this climb will continue.
CRON stock began to recover on May 13th and from that time to now the company is up 25 percent. This increase is a good sign of potentially reaching higher gains. Especially coming off of a 3-month downtrend which created a lot of uncertainty. So Increases like this give renewed faith to investors and shareholders. This past month Cronos Group Inc. released its 2021 first-quarter results.
Words From The Company
“This quarter for Cronos Group would not have been possible without the tenacious and innovative efforts put forward by every Cronos employee across our organization. In the first quarter of 2021, our results in Canada were impacted by market dynamics due to the COVID-19 pandemic and ensuing stay-at-home orders and various other restrictions. Despite this, we continued to push forward our innovation pipeline and execute on our strategy, which was a true testament to the strength of our team,” said Kurt Schmidt, President, and CEO, Cronos Group.
Aurora Cannabis Inc.
Aurora Cannabis Inc. at one point in time was known as the largest Canadian marijuana stock in the market. The company operates out of Edmonton Canada and produces and distributes medical cannabis products worldwide. The company is vertically integrated and horizontally diversified across various segments of the cannabis value chain. This involves facility engineering and design, cannabis breeding, genetics research, production.
As well as derivatives, high value-add product development, home cultivation, wholesale, and retail distribution. In the last week, or so of May ACB stock has been able to regain some market momentum. Currently, ACB is up 7.69 percent prior to the open of June 1st. Like most of the cannabis sector ACB stock also fell victim to the sector-wide downtrend. From the 10th of February to May 28th ACB stock dropped 48 percent as well. However, from May 14th to the 28th ACB stock has jumped up 40 percent. The question now becomes will the company be able to keep this upward push going in June.
Many analysts believe June could also be a month of increased trading for marijuana stocks. What this does is leave investors and shareholders waiting for and watching closely to see if any changes in the market occur. Many investors still have their doubts about cannabis stocks. Yet with ACB stock showing a bit more consistency in trading, it’s slowly lowering the guard of potential future investors. So with a new month upon us, these marijuana stocks may be something to keep an eye on. Especially if you’re looking for top Canadian marijuana stocks to add to your June watchlist or investment portfolio.
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