Best Marijuana Stocks In 2021
Are marijuana stocks on your radar for the summer? In 2021 the cannabis sector has the potential for upward momentum after months of market declines. Now with cannabis reform in Congress, it could just be a matter of time before the US has new federal cannabis policies in place. Essentially this could reignite the cannabis market and push top pot stocks higher this summer.
One area that is considered a high-risk high reward investment is marijuana penny stocks. By definition, penny stocks are any stocks that trade under the $5 mark. Known for extreme market volatility these stocks fluctuate greatly in the market. Because of this market volatility, more investors prefer to trade top cannabis penny stocks on a short-term basis. In general day traders and swing traders capitalize off the rises and fall in stock prices using short-term trades.
Earlier in 2021, some marijuana penny stocks gained notoriety as meme stocks from Reddit and Robinhood investors. This caused these marijuana penny stocks to see significant gains in the market as volume pushed the stocks much higher. One example of a marijuana penny stock that still has the Reddit investor’s interest is Sundial Growers Inc. (NASDAQ:SNDL). In June the meme stock began seeing more mention from the Reddit platform and could be seeing some upside in the near future. Actually, Sundial recently released earnings that impressed investors and beat out other leading Canadian cannabis companies.
Understanding The Risk In The Top Marijuana Penny Stocks To Invest In
Although these cannabis stocks are high risk, they have delivered significant gains for investors earlier in the year. For investors looking for short-term investments, this could be a good time to add some marijuana penny stocks to your watchlist. For investors, one important part of finding the best marijuana penny stocks to buy is doing due diligence on a company. Ultimately researching a company’s finances and studying the stock market patterns and chart data can help you make the best investment decisions.
[Read More] Top Canadian Marijuana Stocks For Your Watchlist In June 2021
With this in mind, we can begin to look into some possible candidates for your June watchlist. As it stands these marijuana penny stocks have been consolidating near their current market value for a few months. This could mean that with the proper trading environment we could see some future market gains. As this trading week comes to an end let’s take a look at 2 top marijuana penny stocks to add to your watchlist right now.
Marijuana Penny Stocks To Watch
Fire & Flower Holdings
Fire & Flower Holdings Corp. is an adult-use cannabis retailer focusing on the Canadian market and international expansion into new markets. At the present time, the company provides the best-in-class retailing and its HifyreTM digital platform connects consumers with cannabis products online. In February Fire & Flower announced it made an entry into the U.S. cannabis market through a strategic licensing partnership with American Acres. Specifically, the licensing partnership and acquisition option with American Acres provides Fire & Flower strategic entry into the California, Arizona, and Nevada cannabis markets. Additionally, Fire & Flower subsidiary Hifyre entered into a strategic agreement with leading U.S. analytics company BDSA.
On June 15th Fire and Flower announced its fiscal first-quarter 2021 financials. In detail, the company delivered a fiscal first-quarter revenue of $44.1 million up 91% year over year. This marks Fire & Flowers’s fourth consecutive quarter of positive adjusted EBITDA with $2.3 million. Also, important the company’s Hifyre digital retail platform generated $2.8 million in Fiscal Q1 an increase of 252% from the prior year. But much like many of its Canadian peers Fire & Flower sustained a net loss of $61.6 million in the quarter.
FFLWF Stock Performance
FFLWF stock is trading at $ 0.8773 on June 17th up 30.87% year to date. In February FFLWF stock reached a high of $1.20 and is down 7.65% in the last five trading days. According to analysts at Market Beat have given FFLWF stock a consensus price target of $1.80 per share. In essence, this would be an increase of 102.2% from its current trading stock price. For this reason, FFLWF stock could be one of the best marijuana penny stocks to add to your watchlist in June.
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TILT Holdings Inc.
TILT Holdings Inc. provides business solutions to cannabis companies building their brand on a global platform. With a focus on global markets like the US, Canada, Israel, Mexico, South America, and the European Union the company is establishing a global presence. Currently, the company has a large portfolio of companies that provide technology, hardware, cultivation, and production for other top cannabis companies. Additionally, TILT supplies the U.S. and European medical cannabis markets with medical-grade inhalation devices. Primarily one of the company’s main focus this area of the U.S. medical cannabis industry is expected to grow by 20% on an annual basis.
In May TILT released its first-quarter 2021 financials with revenue of $46.8 million up 15% year over year. Primarily TILT generated record accessory orders for the first quarter of 2021. In addition, the company set record flower sales for March in Pennsylvania. Also, TILT reaffirmed its guidance of revenue between $205-$210 million and adjusted EBITDA of $30-$32 million. Today TILT announced an exclusive contract to manufacture and distribute Los Angeles-based brand Old Pal in Massachusetts.
TLLTF Stock Performance
TLLTF stock is trading at $0.5025 on June 17th up 75.85% year to date. In February TLLTF stock reached a high of $0.75 and is down 9.33% in the past five trading sessions. According to analysts at Wallet Investor TLLTF stock has a 1-year forecast price target of $0.673 per share. This would be an increase of 34.33% from its current trading levels. For investors looking for short-term market gains, TLLTF stock could be a top marijuana penny stock for your watchlist this month.
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