Are Marijuana Stocks A Buy The Last Week In April?
Are you looking for the best way to invest in the cannabis industry? At the present time, top marijuana stocks are trading around their lowest price points in 2021. After beginning the year with a substantial rally in the market the best marijuana stocks to invest in reached new highs in February. Once this new high was established the cannabis sector saw a sharp decline in the market.
In essence, this could be a good time for traders to add the best cannabis stocks to buy to their watchlist. Generally speaking, from current levels top pot stocks could give investors who are starting a position some upside in the market for 2021. Since 2020 we’ve seen a rise in activity with cannabis companies expanding their footprint through mergers and acquisitions. This has allowed them to quickly establish a presence in key growth markets for the cannabis industry.
Currently, many leading marijuana companies have displayed increasing revenue growth in 2020 that seems to be continuing into 2021. One area of the cannabis sector that has seen the most upward momentum in 2021 is marijuana penny stocks to buy. By definition, penny stocks are and securities trading under $5 in the market. Specifically, this area of marijuana stocks is known for having the most market volatility. Additionally, top marijuana penny stocks to invest in have also seen the most upside so far in 2021.
Cannabis Penny Stocks And Market Volatility
Investing in penny stocks is a higher risk investment due to its volatility. But this also gives investors a higher potential for gains in the market. As an investor always do your due diligence into a cannabis stock before making an investment. Researching the top marijuana companies and finding the best entry points for your position is key to seeing gains in the market.
Many investors prefer using a short-term trading method with cannabis penny stocks because of the quick gains and sudden drops. In reality, day traders and swing traders thrive off this volatility and see gains on a daily and weekly basis in the market.
This being said the cannabis industry will see significant growth during the next five years. Giving traders long-term opportunities to capture market gains for their portfolio. With the intention of finding marijuana penny stocks to add to your watchlist the last week in April, we can research some companies. Currently, these could be some of the best marijuana penny stocks to buy right now.
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Marijuana Stocks To Watch:
- Harvest Health & Recreation Inc. (OTC: HRVSF)
- Vireo Health International, Inc. (OTC: VREOF)
Harvest Health & Recreation Inc.
Harvest Health & Recreation Inc. is a vertically integrated cannabis company based in Arizona with a dominant footprint it continues to grow in the state. At the present time, the company operates 15 dispensaries in Arizona with a total of 38 stores nationwide. With Arizona launching the adult recreational cannabis market Harvest could see substantial revenue growth this year. In fact, analysts estimate cannabis sales in the state of Arizona could double in 2021 with the addition of recreational sales.
In its latest earnings report, Harvest Q4 and full-year 2020 total revenue were up 98% the $231.5 million versus $116.8 million in 2019. Additionally, its fourth-quarter revenue was $69.9 million increasing 85% from Q4 in 2019. Most important, Harvest also gave a 2021 revenue target of $380 million and the first quarter 2021 revenue target of $87 million. The company had a total adjusted EBITDA of $15.3 million compared to a negative $43.7 million in 2019. Harvest states it is focusing on reaching profitability and expects gross margins to continue to trend upward.
HRVSF stock is up 27.78% year to date with a high in February of $4.50. Currently trading at $2.86 in the first half-hour of trading on April 26th the stock is down 10.39% in the last 30 days. According to analysts at Tip Ranks HRVSF stock has a 12-month average price forecast of $6.81 per share. In essence, this would be a 138.95% gain from current trading levels. With this in mind, HRVSF stock is a top marijuana penny stock to add to your watchlist this week.
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Vireo Health International, Inc.
Vireo Health International, Inc. is a physician-led science-focused cannabis company using the best technology and science to produce cannabis. Currently, Vireo manufactures cannabis products using state-of-the-art cultivation sites. In 2021 the company has been growing its network of retail locations and 3rd party dispensaries to distribute its products.
At the present time, Vireo operates 16 retail locations nationwide and has a footprint in 5 states with additional licenses in four new markets for future expansions. In April Vireo Health completed its expansion of a cannabis cultivation facility in New Mexico. In addition, the company announced the opening of 2 new dispensaries in Albuquerque and Las Cruces only pending regulatory approval.
VREOF stock is up 36.53% year to date with a high of $3.84 in February. Currently trading at $2.077 on April 26th as of 10:00 am EDT. The stock is down 23.19% in the last 30 days. According to analysts at Market Beat VREOF stock has a consensus price target of $2.33 per share. This would be a 15.1% increase from current levels. For this reason, VREOF stock could be a marijuana penny stock to watch for some upside in the market.
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