Top Cannabis Stocks To Buy? 3 You Should Watch This Month
When it comes to investing in cannabis stocks many shareholders are growing with more concern. The reason for this is the current average in which most cannabis stocks perform has dropped from mid-February. Here’s a better description before the recent downtrend the many marijuana stocks were trading at higher market positions. Furthermore from November 2020 to mid-February when cannabis stock dipped it most times would recover to a higher level. As of late, that has not been the case for the marijuana sector.
Right around the end of April moving into May marijuana stocks began to wake up a bit. The sector during this time was incredibly volatile but overall marijuana stocks were not seeing the gains they once did. A few factors that could have contributed to this are people started selling off their position to recoup what they could. Another reason for this is as mentioned above the growing concern of the future trading for marijuana stocks.
Another issue other shareholders are seeing is when progress or news such as positive earings is out and adds not momentum to the sector. At one point in time when good news or strong financial reports were released, it would help bring momentum into the sector. As of late the big focus and what’s helping cannabis stocks rise are all based on more states going legal and federal cannabis reform.
Marijuana Stock And Industry Update
Some might fully understand how this plays a big part in the cannabis industry and its overall progress and growth. With more states going legal not only will it add more pressure on congress but it also will create new cannabis markets that will generate more money. As well with federal reform in place many feel this will be the catalyst that brings marijuana stocks back up to higher trading levels.
Top Marijuana Stocks To Watch Right Now In 2021
- Green Thumb Industries Inc. (OTC:GTBIF)
- MediPharm Labs Corp. (OTC:MEDIF)
- Planet 13 Holdings Inc. (OTC:PLNHF)
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Green Thumb Industries Inc.
Green Thumb Industries Inc. manufactures, distributes, and sells various cannabis products for medical and adult-use in the United States. In recent news, the company has released its Q2 2021 results. Some highlights from this time are Green Thumb increased its revenue by 14.1%. This counts for 85.4% year over year to $221.9 million.
Next, the company achieved its fourth consecutive quarter of positive GAAP net income. Green Thumb delivered a $22.1 million or $0.10 per basic and diluted share. As well the company also acquired Liberty Compassion, Inc., a Massachusetts-based medical cannabis cultivator, and retailer. These accompaniments above are just some of the highlights that took place during that time.
Words From Company
“The second quarter continued to be about disciplined execution and the team should be proud of the results. On a year-over-year basis, we grew revenue by 85% to $222 million; more than doubled Adjusted EBITDA to $79 million and continued to deliver positive cash flow. Since the first quarter, we closed three acquisitions, expanding our manufacturing capabilities in Massachusetts and geographic footprint into two new states, Virginia and Rhode Island. These critical steps strengthened our position to distribute our brands to more patients and consumers in existing and new markets,” said Green Thumb Chairman, Founder and Chief Executive Officer Ben Kovler.
MediPharm Labs Corp.
MediPharm Labs Corp. together with its subsidiaries, produces and sells pharmaceutical-grade cannabis oil and concentrates, and advance derivative products in Canada and Australia. It formulates, processes, packages, and distributes cannabis extracts and cannabinoid-based products. The company is currently preparing to release its most current earnings report in the near future.
As well back in July, the company achieved a big-time pharmaceutical manufacturing milestone. This was done by MediPharm receiving a Canadian GMP pharmaceutical drug establishment license. The DEL serves to confirm compliance to Good Manufacturing Practice standards. The DEL is a first of its kind license for cannabis manufacturing in North America. A Canadian GMP DEL complements MediPharm Labs’ existing Australian TGA GMP certification.
The license can be used for the manufacturing, testing, and sale of Active Pharmaceutical Ingredients and pharmaceutical drug products containing cannabis. This includes drugs that have marketing authorizations as either novel or generic pharmaceutical drug products containing cannabis. With continued progress for the company, hopefully, MEDIF stock will continue to show more positive trading in August.
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Planet 13 Holdings Inc.
Planet 13 Holdings Inc. is a cannabis company, cultivates, produces, distributes, and markets cannabis and cannabis-infused and related products for medical and retail cannabis markets in Nevada, the United States. It also operates dispensaries that provide cannabis, cannabis extracts, and infused products.
The company has also recently announced that it will be releasing its most current financial earnings on August 26th after the close. Also in recent news from Planet 13, the company announced reaching a record amount of cannabis sales for the month of July. Now, this didn’t exactly help PLNHF stock rise but even so over progress is being made from the company.
Words From The CEO
“Based on the early results we’ve seen from the Orange County store we are confident in the trajectory of sales and the quality of service and product we are providing. Sales have grown week over week as we start to gain traction as one of the top dispensaries in Orange County,” said Bob Groesbeck, Co-CEO of Planet 13.
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