Some Investors Feel These Marijuana Stocks Will Keep Rising In May
Now that marijuana stocks are starting to show signs of better trading what does this mean for the rest of the sector. For the last 2 months, many investors have been watching as many marijuana stocks have dropped in trading. Now with a recent uptick in momentum, some marijuana stocks are starting to recover. This is a good indicator that even more upward trading may continue heading into May.
As well many marijuana stocks are getting ready to report their earnings which may help some cannabis companies sustain this current momentum. Historically when a marijuana company reports good financials it most times has a positive impact on the company’s market performance. Over these last, 2 months presented a great chance to buy top marijuana stocks at lower entry levels.
Now with the current increase in trading, some shareholders will be looking to take profits. Even with better trading amongst cannabis stocks, there is still time left to find other marijuana stocks to buy. Just make sure you do your homework before investing. As always conducting thorough due diligence will help give you a better understanding of what you are about to invest in.
With much attention surrounding the U.S. cannabis industry, many American cannabis companies have piqued the interest of many investors. The reason for this is out of every cannabis market around the world the U.S. has been able to continuously outperform every other market.
For this reason, many have been waiting for the day federal cannabis reform takes place. Once cannabis is legalized on a federal a lot of doors will open for the entire U.S. cannabis industry. Not to mention the possibility of seeing more market action with marijuana stocks. The pot stocks below are a few examples of possible companies to watch heading into May.
Marijuana Stocks To Watch
Planet 13 Holdings Inc.
Planet 13 Holdings Inc. is known as the company with a cannabis superstore located in Las Vegas Nevada. Back in March, the company released its full Year 2020 financial results and Q1 2021 revenue. During this time the company during Q4 generated a revenue of $20.1 million in comparison to $16.5 million. This jump in revenue makes for a 21.8 percent increase. As well for the full 2020 year revenue went from 63.6 million to $70.5 million. This made for a 10.8 percent increase in trading.
“Based on our performance in March 2021, it is clear that Las Vegas is back.” Said Larry Scheffler, Co-CEO of Planet 13. “We dwarfed our single month record with $9.7 million in revenue in March, and we believe that as more people get vaccinated and Las Vegas continues to open, revenue will continue to increase. Looking back on 2020, we weathered the perfect storm of COVID-19 and the resulting 55% decrease in tourism and still increased revenue year over year, generating over $70 million while maintaining our share of the Nevada market.”
Over the last 8 weeks of trading PLNHF stock has been one of the few marijuana stocks that have had small spikes in trading. This uptick happened while other cannabis stocks were dropping in the market. During March PLNHF started with a big drop in the market. However, from the 8th of March to the 17th PLNHF stock had a small recovery period that produced gains of 18 percent. The company kept up this increase until the 22nd of March before dropping again to close the month.
Final Thoughts On PLNHF Stock And Market Performance
Yet once again while most cannabis stocks struggled to reach better market levels PLNHF stock in the first week of April started to rise. From April 1st to the 8th PLNHF stock saw gains of 17 percent. However, the company was not able to continue its climb. However during this time, PLNHF stock did continue to rise enough for some shareholders to take profits. Now at the end of April PLNHF stock is starting to climb again but will this uptick continue moving into May.
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MariMed Inc.
MariMed Inc. was one of the cannabis stocks earlier in the week that began to pull up in the market. Yet during today’s trading on the 27th of April MRMD stock has started to lose some of its recent trading momentum. For those who don’t know MariMed Inc. is a leading multi-state cannabis operator focused on health and wellness. Over the last month of trading MRMD stock has been a bit volatile with small jumps in trading.
Some feel if cannabis stock can produce even the smallest amount of gains, especially during a downtrend it a good sign of growth potential. Not to mention that it shows that a particular cannabis stock has the ability to reach a better market position. So far in April MRMD stock has been trading down but in the last week or so the company has seen a small recovery. Currently MRMD stock has dipped once again but as the sector to starts to pull back up the same may happen with MariMed Inc.
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