Investing In Cannabis Stocks For The Summer Of 2021
Are you looking for the top marijuana stocks to buy before July? Currently, there are many of the best cannabis stocks to invest in that could have potential gains for investors. Until June most of the cannabis sector has been seeing declines in market value for several months. In general, this has brought most top pot stocks to levels that could produce significant upside with better trading in the sector.
At the present time, the cannabis industry has been growing rapidly on the state level. In general, many new states are legalizing the recreational use of cannabis in the past few years creating more growth for the top cannabis companies. This has helped many of the best marijuana companies achieve record-setting earnings in the first quarter of 2021. Unfortunately, for cannabis investors, these strong financials have not turned into gains in the market.
Actually, it seems the only catalyst for the cannabis sector in 2021 has been federal cannabis reform and legalization. As it stands the US is predicted to be one of the largest cannabis markets worldwide. In Congress, lawmakers have introduced several cannabis reform bills that could change the cannabis industry in 2021. For example, the MORE Act has already received a passing vote in the House and is waiting for the Senate to vote on the policy change.
Future Catalyst For The Cannabis Industry
In the summer this may become a market-changing event that propels marijuana stocks closer to the highs established earlier in the year. With many top marijuana stocks trading near their lower price points right now in June it could be time to look for the best cannabis stocks to invest in for 2021.
But before investing in the cannabis sector there are a few important factors to consider about pot stocks. For one marijuana stocks are known for being extremely volatile in the market. This means it’s important for investors to do their research on these cannabis companies and study how the stock performs in the market before investing.
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With this in mind, there are some top cannabis stocks that could produce significant gains for shareholders this summer. Doing your own due diligence is key to establishing a profitable position in the market. As the cannabis sector begins to recover in June, here are 2 marijuana stocks to add to your watchlist before July.
Marijuana Stocks To Watch
Ayr Wellness Inc
Ayr is a multistate operator that has seen significant growth in 2021. With some recent acquisitions, Ayr Wellness Inc. became the fourth largest cannabis company in Florida. In addition, the company has been expanding its presence through acquisitions in other key markets across the country. Currently, Ayr has 34 dispensaries in Florida and a total of 50 stores nationwide. Recently, Ayr released its first-quarter 2021 financials with revenue of $58.4 million up 74% year over year. Also, the company delivered a Q1 Adjusted EBITDA of $18.4 million on a US GAAP basis. In the first quarter, the company operated at a US GAAP loss of $8.4 million which included a one-time expense of $26.5 million.
For the second quarter of 2021 Ayr provided a revenue guidance estimate of $90 million up 218% from the year prior. Most important the company reaffirmed its guidance for 2022 with revenue of approximately $725 million. During the first quarter of 2021, the company opened its sixth dispensary in Nevada close to the Las Vegas airport. On June 21st Ayr opened its third dispensary in Pennsylvania by CannTech PA, LLC, a wholly-owned subsidiary of the company.
AYRWF stock closed on June 23rd at $27.12 up 14.05% year to date. In February AYRWF stock saw a high of $37.50 and has gained 286.40% in its 1-year performance. According to analysts at Tip Ranks AYRWF stock has a 12-month average price target of $42.21. In essence, this represents an increase of 55.64% from its last trading price. For this reason, AYRWF stock could be a top marijuana stock to add to your watchlist right now.
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Goodness Growth Holdings, Inc.
Recently the company formally known as Vireo Health International, Inc announced the change of name and ticker symbol to Goodness Growth Holdings, Inc. (OTC:GDNSF). The new company is focused on bringing the best technology, science, and engineering to the cannabis industry. On June 9th Goodness Growth announced its subsidiary Resurgent Biosciences plans on expanding into clinical research efforts into psychedelic medicine.
At the present time, Goodness Growth has 16 retail dispensaries nationwide. The company produced gross profit margins of $5.6 million up 42.6% from the year prior because of improving operating efficiency across its core markets. The company closed on the purchase of 4 cannabis licenses in Nevada before changing its name. Because of these licenses, Goodness will be able to cultivate and produce cannabis products to both the medical and recreational markets in the state.
GDNSF stock closed on June 23rd at $2.02 up 6.32% for the trading day. In May GDNSF stock of $3.84 and is up 36.53% year to date. With its new business model and entry into the psychedelic market, we could see some potential revenue growth for the company. With this in mind, GDNSF stock could be a top marijuana stock to buy this month.
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