Investing in Cannabis Stock In June
Are you looking for marijuana stocks to buy right now? In June the cannabis sector could be in a position that will produce gains in the summer of 2021. One area that investors have seen the most momentum from are penny marijuana stocks to buy. Known for being one of the more volatile areas of the market marijuana penny stocks saw significant upside at the beginning of the year.
After peaking in early February most top cannabis stocks have seen a significant reduction in stock price. In fact, for more than 3 months many top pot stocks declined in the market until they reached December 2020 trading levels. Now in June, there seems to be some momentum building for the top marijuana stocks to add to your watchlist. But before investing there are some things to familiarize yourself with about marijuana stocks.
For one the best cannabis stocks to invest in are known for having the most volatility in the stock market. This has placed the cannabis sector in an area of high-risk high reward trading. Because of the risk doing your own research on cannabis companies is very important before investing. Ultimately watching how a stock performs in the market and finding the best entry point can help you realize the largest market gains.
Reddit Investors and Meme Marijuana Penny Stocks
Recently some marijuana penny stocks got national attention from the Reddit and Robinhood investment communities. In fact, Sundial Growers Inc. (NASDAQ:SNDL) continues to be considered a Meme stock that some analysts are considering for long-term potential. Although the volatility in the stock makes this difficult there could be potential for investors. Most likely more traders will use short-term trading methods when trading penny stocks. In many cases, this is the best way to capitalize on the price swings for the stock.
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With this in mind, we can start researching some top marijuana penny stocks to add to your watchlist in June. As the cannabis sector rises these top marijuana penny stocks could produce large returns in the coming months. In Congress, the passing of federal cannabis reform could be very impactful on marijuana stocks in the market. For this reason, these could be 2 top marijuana penny stocks to buy in June.
Marijuana Penny Stocks To Watch
The Valens Company Inc.
In June The Valens Company Inc. has entered the flower, pre-rolled category and is introducing new edibles and concentrates in a partnership with Verse Cannabis. Primarily, the company provides processing services, product development, and supplies consumer packaged goods for the cannabis industry. But this partnership will add a new dimension to its portfolio. Specifically, Valens specializes in high-quality cannabis-derived products for both the medical and recreational cannabis markets. In its latest earnings report the company saw a first-quarter fiscal 2021 gross revenue of $21.8 million up 21.4% compared to 2020.
Also, the company saw net revenue increase 24.7% to $16.0 million from the prior year. Valens continues to solidify its place as one of the largest third-party vape manufacturers in Canada. Recently, the company manufactured and distributed the second-best-selling vape SKU across major markets in Canada. Additionally, Valens is establishing entry into the US market with the acquisition of a leading CBD company Green Roads. As a result, Valens will now have access to the largest cannabinoid market in the world.
VLNCF stock closed on June 9th at $2.7906 up 103.89% year to date. In May the stock reached a new high of $3.31 and is down 18.12% in the last month. According to analysts at Tip Ranks VLNCF stock has a 12-month average price target of $3.30 per share. In essence, this would represent an increase of 18.25% from current trading levels. With this in mind, VLNCF stock is a top marijuana penny stock to add to your watchlist.
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Cansortium Inc.
Cansortium Inc. is a cannabis company focusing on providing the highest quality marijuana in the state of Florida. Currently, headquartered in Miami, Florida the company is establishing operations in Texas, Michigan, and Pennsylvania. In May Cansortium reported first-quarter 2021 financials with revenue of $15.1 million up 49% year over year. The company has been expanding its footprint in Florida and Pennsylvania fully funded by a recent debt and equity financing of $90 million.
At the present time, Cansortium has 24 operational dispensaries in Florida. By the end of 2021, the company expects to have a total of 27 operational dispensaries. Primarily, its brand the Fluent has a wide variety of premium dried flowers, edibles, and full-spectrum concentrates cartridges and creams. Also, the company reaffirmed its annual 2021 guidance of revenue between $90-$100 million with adjusted EBITDA of $30-$35 million.
CNTMF stock is up 44.16% year to date and closed at $1.0915 on June 9th. In April CNTMF stock saw a high of $1.35 and is up 23.33% in the past month. According to analysts at Market Beat CNTMF stock has a consensus price target of $1.20 per share. This would be an increase of 9,9% from its recent trading levels. For this reason, CNTMF stock is a top marijuana penny stock to watch this week.
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