Best Cannabis Stocks To Add To Your List Right Now
To close out the first week in November top marijuana stocks to buy showed some upward momentum in the market. In general, this comes after a Republican-led marijuana legalization bill the States Reform Act is expected to be filed next month. The bill comes as a median between GOP lawmakers’ proposed reform and the Democrat’s more in-depth legislation. With much more activity on Capitol Hill regarding cannabis reform investors seem to be taking advantage of these lower pot stock prices. On Friday, November 5th cannabis investors experienced a significant jump in price for some of the best cannabis stocks to invest in right now. For all of 2021, it seems the cannabis sector has been moving in connection with federal cannabis reform and its timing.
In 2021 leading cannabis companies have continued to deliver strong earnings and expand rapidly across the growing American market. As more states legalize cannabis demand is growing in both new markets and already established ones. Before investing in cannabis stocks it’s important to research a company thoroughly to find the best investments for your trading style. Looking into a company’s financials and press releases is a good way to narrow down your list of options. In addition, following how a stock performs in the market can help you establish the best entries for your positions.
Trading The Top Pot Stocks In 2021
For those traders looking for top marijuana stocks for their watchlist next week, we can look at some of the pot stocks that saw the most upside on Friday, November 5th trading. Some of these happen to also be some of the top-tier US MSOs that are still trading on the OTC Market due to the federal scheduling of cannabis.
Unfortunately for some investors, these stocks can only be found on trading platforms like ETRADE, TD Ameritrade, and Charles Schwab. But there are ways for retail investors using Robinhood Markets, Inc. (NASDAQ: HOOD) to gain exposure to the US cannabis industry. On this list, both types of cannabis stocks can be seen making a significant move in trading last week. Let’s look at 5 top marijuana stocks that moved on yesterday’s events.
Top Marijuana Stocks For Your Watchlist Next Week
- Gage Growth Corp. (OTC: GAEGF)
- IM Cannabis Corp. (NASDAQ: IMCC)
- TPCO Holding Corp. (OTC: GRAMF)
- Trulieve Cannabis Corp. (OTC: TCNNF)
- TerrAscend Corp. (OTC: TRSSF)
Gage Growth Corp.
Gage Growth Corp. provides branding and support services to affiliated licensed operators that produce, distribute, and sell cannabis and cannabis-related products in Michigan. At the present time, the company offers medical and adult-use cannabis in the state and was formerly known as Wolverine Partners Corp. Its portfolio includes the city and state approvals for 19 Class C cultivation licenses, three processing licenses, and 15 provisioning centers. In July, Gage announced it will bring the iconic cannabis brand COOKIES to the Canadian cannabis market. As it stands, COOKIES is one of the best-known cannabis brands in the world and has one of the largest footprints in the industry.
On September 1st Gage entered an agreement for TerrAscend Corp. (TRSSF) to acquire the company. The company announced an exclusive partnership with multi-platinum selling artist Wiz Khalifa’s brand. Specifically, Gage will develop and launch a line of Khalifah Kush premium cannabis products in Michigan. GAEGF stock is closed at $1.69 on November 5th up 17.38% for the day. GAEGF stock has been picked up by AdvisorShares Pure US Cannabis ETF (NYSE: MSOS) one of the leading US marijuana ETFs. The stock has a 52-week price range of $1.41-$3.00 and the stock has only been trading since May.
IM Cannabis Corp.
For the penny stock investor, IMC is a global operator in the medical and adult-use recreational cannabis sector, that supplies products to Israel, Germany, and Canada. Based in Israel, the company has established the IMC brand as a staple in the Israeli medical cannabis industry. As it stands, IMC has expanded its business to offer services to the medical cannabis industry. Primarily, the company operates in the European market through Adjupharm, a German-based subsidiary, and EU-GMP-certified medical cannabis distributor. Recently, the company announced the completion of a state-of-the-art logistics center in Germany. Once it’s operating this facility will allow Adjupharm to streamline its supply chain including repackaging of bulk cannabis.
In August the company announced a partnership with cbdMD Inc. to launch cbdMD products in Israel. IMC announced its Q2 2021 revenues of $11.1 million a 27% increase from Q1 2021. The company saw an adjusted EBITDA loss for Q2 2021 of $5.8 million. The company is expecting significant revenue growth in the third quarter of 2021 from growth in Germany. Now, the company is resuming shipments at the start of the third quarter as well as the additional agreements to ensure the flow of EU-GMP supply. IMCC stock closed on November 5th at $2.68 up 17.03% for the trading day. According to analysts at CNN Business IMCC stock has a 12-month median price target of $7.46 per share. In this case, this would represent an upside of 173.41% from its last trading price.
TPCO Holding Corp.
TPCO Holding Corp. is one of the largest cannabis operators in California. I general, the company is composed of direct-to-consumer platform Caliva and hemp manufacturer Left Coast Ventures. In addition, TPCO also has involved icon and entrepreneur Shawn Jay-Z Carter. Specifically, Carter is the Chief Visionary Officer and brand strategist for TPCO. In August the company introduced Troy Datcher as the Company’s new Chief Executive Officer the first time a Black CEO will lead a major public U.S. cannabis organization. In October the company acquired Coastal Holdings Company, LLC expanding its retail network to 11 operating stores and six delivery depots. TPCO also provided its second quarter 2021 earnings with net sales of $54.2 million. As a result, the company delivered, gross profit for Q2 2021 of $8.1 million or 15% of net sales.
In 2021 the company launched Shawn “JAY-Z” Carter’s MONOGRAM a high-end premium cannabis product with reimages of iconic photos of American photographer Slim Aarons. The company made its first inaugural investments in Black and women-led businesses. In addition, TPCO expanded its product portfolio with the launch of well-by Caliva lotions and tinctures. GRAMF stock is trading at $3.23 on November 5th up 16.61% for the trading day. Currently, the stock has a 52-week price range of $2.65-$13.96 and is down 68.08% year to date. According to analysts at Market Beat GRAMF stock has a consensus price target of $8.00 per share. This forecast would represent an upside of 147.68% from its current trading price of $3.23.
Trulieve Cannabis Corp.
Trulieve Cannabis Corp. is a top-performing cannabis company with more than 46% of the market share in Florida. In October the company closed the acquisition of Harvest Health & Recreation Inc. As a result, the company will have a consensus 2021 revenue of over $1.2 billion. On October 18th the company announced the opening of its 107th dispensary in the state of Florida. Additionally, this month the company announced the launch of a brand portfolio that includes four brand designs tailored to meet the needs of new cannabis consumers and connoisseurs. Trulieve received a production license approval in Georgia giving the company further presence in the Southeast cannabis market. In addition, the company opened its first dispensary in the state of Massachusetts adding another market it can produce growth in.
Trulieve reported its second-quarter 2021 financial results with a record-breaking performance. As a result, the company achieved its 14th consecutive quarter of profitability has served over 500,000 cannabis customers. In detail, the company saw revenues of $215.1 million and generated a net income of $40.9 million. The company will release its third-quarter 2021 financials on November 12th before the market opens. TCNNF stock closed on November 5th at $28.00 per share up 15.56% for the day. According to analysts at Tip Ranks TCNNF stock has an average price target of $61.84. In this case, this would be a 120.86% gain from its last trading price of $28.00.
At the present time, TerrAscend cultivates and sells medical and adult-use cannabis in Canada and the United States. Specifically, the company is a leading US cannabis operator with a footprint in Pennsylvania, New Jersey, and California. In general, TerrAscend has licensed cultivation and processing facilities in Maryland and Canada. Specifically, the company produces and distributes hemp and cannabis-derived products and manufactures artisan edibles for cannabis consumers. TerrAscend launched a portfolio of Kind Tree Branded products in Maryland. The Maryland facility was already producing 15 strains of flower under the Kind Tree brand and now will add vapes and half gran pre-rolls to the lineup.
In August TerrAscend reported its second-quarter results with net sales of $58.7 million an increase of 72% year over year. As a result. To highlight, the company has an adjusted EBITDA of $24.3 million up from $22.6 million in Q1 2021. Also, TerrAscend signed an agreement to be the sole cultivator and manufacturer of COOKIES branded products in New Jersey and brings COOKIES to the three dispensaries it has in the state. In September the company received Michigan prequalification approval for the acquisition of Gage Growth Corp. TRSSF stock closed at $5.75 on November 5th up 15% for the day.
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