Investing In Cannabis Penny Stocks 2021
Are you looking for the top marijuana stocks for your list in August? In July the best cannabis stocks to invest in have seen significant market volatility. Going Into earnings the cannabis sector has experienced declines in the past several months. On the last day of July, most top pot stock is in the red strong earnings could usher in some upside next month for the cannabis sector.
One area that investors are keeping a close eye on in August is marijuana penny stocks. For those not familiar with penny stocks these are any stocks trading under the $5 mark. This area of the market is known to be high-risk substantial price fluctuations. Most investors prefer to use short-term trading methods with cannabis penny stocks.
Primarily day trading and swing trading are more commonly used by investors to produce returns. In the first quarter top, marijuana penny stocks saw significant upside until almost mid-February. Now after several months of pullbacks and consolidation these penny pot stocks could be primed for gains in the market.
Investing In Penny Pot Stocks In August
As an investor, it’s always important to do your due diligence on a cannabis stock before investing. Observing how a penny stock performs in the market and researching a company’s earnings may help you make the best investments. In 2021 many investors and analysts believe some form of federal cannabis reform and marijuana legalization has a good chance of advancing through Congress. Since the presidential election, the possibility of ending cannabis prohibition has increased significantly.
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The above-mentioned could serve as a catalyst as the year progresses for top marijuana penny stock in 2021. These marijuana penny stocks trade under the $1 range in the market at the current time. In general, lower price points allow investors to leverage a larger position with less capital. With this in mind, we can research some cannabis stocks to add to your watchlist in August.
Top Marijuana Penny Stocks To Watch
Fire & Flower Holdings Corp.
Fire & Flower Holdings Corp. is a leading adult-use cannabis retailer with more than 85 corporate-owned stores in its network. Primarily, the company’s wholly-owned technology development subsidiary, Hifyre Inc., continues advancing its retail operations model while providing additional independent high-margin revenue streams. The company has also been developing international expansion into new markets. Recently, Fire & Flower entered the U.S. cannabis market through a strategic licensing partnership with American Acres. The licensing partnership and acquisition option with American Acres gives Fire & Flower entry into the California, Arizona, and Nevada cannabis markets. In addition, Fire & Flower subsidiary Hifyre entered into a strategic agreement with leading U.S. analytics company BDSA.
The company reported fiscal first-quarter 2021 revenue of $44.1 million up 91% from the prior year. Marking, Fire & Flowers fourth consecutive quarter of positive adjusted EBITDA with $2.3 million. The company’s Hifyre digital retail platform generated $2.8 million in Fiscal Q1 an increase of 252% year over year. Fire & Flower sustained a net loss of $61.6 million in the first quarter. In June the company announced a strategic supply agreement to expand its Humbles portfolio to Fire and Flower customers online and in-store throughout North America.
FFLWF closed on July 30th at $0.75 up 12.86% year to date. In the past month, the stock is down 11.99% and has a 52-week range of $0.70-$1.20. According to analysts at Tip Ranks FFLWF stock has a 12-month price target of $1.60 per share. This would represent an increase of 113.33% from its last trading price of $0.75. For this reason, FFLWF stock could be a top cannabis penny stock to add to your list over the weekend.
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MedMen Enterprises Inc.
At the present time, MedMen Enterprises Inc. is a cannabis retailer with locations in California, Nevada, Illinois, and Florida. The company has an extensive selection of high-quality products, including MedMen-owned brands LuxLyte, and MedMen Red. In its third-quarter fiscal 2021 results, the company saw net revenue of $31.7 million up 2.8% from the previous quarter. In addition, MedMen delivered total revenue across operations of $37.8 million an increase of $8.2% sequentially.
The company cut its net loss to $9.7 million in the third quarter compared to a net loss of $68.9 million in the previous quarter. So far in 2021 MedMen is down significantly year over year with third-quarter revenue of $32 million versus $44.1 million in Q3 of 2020. In Florida, the company opened a new location in South Beach Miami, Florida, and has plans to continue expanding and build its presence in the US cannabis market. MedMen’s current interim Chief Executive Officer and Chairman of the Board of Directors, Tom Lynch, became the permanent Chief Executive Officer.
MMNFF stock closed on July 30th at $0.2524 up 94.29% year to date. The stock has gained 7.28% in the past five trading days and has a 52-week range of $0.104-$1.47. According to analysts at Wallet investor MMNFF stock has a 1-year forecast price of $0.37 per share. With this in mind, MMNFF stock could be a cannabis penny stock to watch next month.
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