2 Marijuana Stocks To Watch As More Companies Release Earnings
With more marijuana companies releasing earnings will it be the catalyst needed to bring marijuana stocks back up in trading. Back in mid-February, the bulk of the sector went through a long downtrend. This drop in the market impacted the trading average of the entire cannabis sector. This created multiple chances to buy top marijuana stocks at bargain prices. This is essentially how it’s done you buy low then you sell high. However, the issue remains the marijuana stocks are not seeing a big enough recovery to some investors.
Even with a lower total cost of their position, there haven’t been big enough jumps to take a sizable piece of profit. Even with continued success outside of the market that has not been transferred over to the market the way industry progress used to. At one point in time some investors when they saw a company was successful outside of the market they would either invest in that company or others like it.
This would cause a run amongst marijuana stocks which was set off from the speculation of other companies progress. Some feel with more marijuana companies set to release earnings it will help possibly boost other cannabis stocks. However, people want to know what will bring back the sector to higher trading levels and do it with more consistency.
For now, it seems as it is a waiting game to see what will come. Still, it’s not that gains are not being made it’s just not at a level it once was. Investors want to see similar trading that was once happening right before the downtrend took place. Now some feel the trading of the sector will rise but it remains unknown what will bring it there. Below are 2 marijuana stocks in 2021 for better trading.
Marijuana Stocks To Watch Right Now In 2021
- Verano Holdings Corp. (OTC:VRNOF)
- High Tide Inc. (NASDAQ:HITI)
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Verano Holdings Corp.
Verano Holdings Corp. operates as a vertically integrated multi-state cannabis operator in the United States. The company produces and sells a suite of cannabis products under the portfolio of consumer brands, including Encore, Avexia, MÃV, and Verano. It designs, builds, and operates dispensaries under the Zen Leaf and MÃV retail brands that deliver a cannabis shopping experience.
In recent news, the company has just released its 2021 Q2 earnings to which Verano had record-breaking results. During this time the company increased its revenue by 39% from the first quarter of 2021. This made for a 164% jump from the second quarter of 2020 to a record $199 million.
Next the company’s gross profit, on an unadjusted basis and excluding the impact of biological assets, was $100 million. Some operational highlights are Verano executed on organic expansion plans. This venture brought seven new dispensaries online across its core markets in Florida, Illinois, New Jersey, and Pennsylvania.
Words From The Company
“This was a very strong quarter, particularly in topline revenue growth, which reflects our proven ability to execute in both the retail and wholesale verticals,” said George Archos, Verano CEO and Founder. “We executed exceptionally well on our expansion plans in the second quarter, adding 16 dispensaries to our footprint between new doors opened and acquisitions closed, providing additional runway for growth in core markets such as Arizona, New Jersey, Pennsylvania, Illinois, and Florida. Building on this momentum, we anticipate exiting the year with an annual revenue run rate approaching $1.1 billion.”
VRNOF Stock Market Update And Performance
In the last 2 months of trading VRNOF stock has been trying to gain more upward momentum in the market. At the start of June, VRNOF stock was off to a slow start and ran into some downward trading action. This took place toward the end of the first week of June heading into week 2.
For practically the whole month of June, VRNOF stock was \not able to pull back up in the market. However, a small glimpse of hope did happen from the 22nd to the 24th of June. This was the time when the company saw a small recovery but it did not last long. In July VRNOF stock was seeing the same results as it did in June.
In July the company continued to drop but from the 27th to the close of the month VRNOF stock was showing a hint of upward trading before August. Currently, VRNOF stock is still down but with the release of its earning report hopefully better trading starts to happen.
High Tide Inc.
High Tide Inc. operates as a vertically integrated company in the cannabis market in Canada, the United States, and internationally. It engages in the design, manufacture, and distribution of smoking accessories and cannabis lifestyle products. It is also involved in the wholesale and retailing of cannabis products.
As well as operates and franchises licensed retail cannabis stores. In recent news, High Tide has announced its continued growth with its new Calgary cannabis store. his opening represents High Tide’s 91st branded retail location across Canada selling recreational cannabis products and consumption accessories.
Words From The Cheif Executer Officer
“I am proud that in spite of pandemic related challenges, and because of our team’s hard work, we have been able to continue our rapid pace of growth bringing our total store count across Canada to over ninety,” said Raj Grover, President and Chief Executive Officer of High Tide. “Our nationally familiar brand, and strengthened network, enables us to offer our unique one stop shopping experience to customers across the country in markets of all sizes. We look forward to crossing the hundred store milestone in the near future,” added Mr. Grover.
[Read More] These Marijuana Stocks Could Be What You’re Missing In 2021?
HITI Stock Performance And Market Update
In the last 4-6 weeks of trading HITI stock has faced a volatile downtrend. From the start of June HITI stock began losing its previous upward momentum from the month before. Now towards the end of June HITI was able to show a small sign of recovery before trading in July took place. With the exception of a small increase in trading right before the start of August HITI stock continued to fall. However as of the close on the 10th of August the company has started to rise once more.
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