Best Cannabis Stocks For 2021
On October 5th we saw some much-needed uptrend in the best marijuana stocks to buy. For the past few trading sessions, some of the top cannabis stocks to invest in have seen significant declines in value. In fact, most of the cannabis sector has been experiencing declines for several months now. As a result, some of the best pot stocks are trading near their lowest price points so far in 2021. As the overall markets continue to show inflation concerns this pullback could continue for pot stocks this week.
In the US and Canada, the cannabis market continues to expand rapidly this year. Many leading companies are reporting strong revenue growth and are expanding their presence with M&As. For investors, these lower entry levels could be an opportunity to establish positions in top cannabis stocks. To closeout 2021 there are a few potential catalysts for top marijuana stocks.
For one Congress seems to be getting ready to change federal policy regarding cannabis. Whether this happens this year or in 2022 this could have a positive effect on the best pot stocks to buy. According to a new report by Grand View Research the global legal cannabis market is forecast to reach $70.6 billion by 2028. In 2020 global cannabis sales reached nearly $21.3 billion showing substantial growth potential for the cannabis industry.
Investing In The Best Pot Stocks For Gains
Before investing in marijuana stocks, it’s important to do your own research to find the best companies. Researching a company’s financials and studying how the stock behaves in the market can help you make better investment decisions. Establishing the best entry point for your position can mean the difference between gains and losses on your trades. In October as top pot stocks trade at the lowest levels seen so far in 2021 it could be time to make a list of the best marijuana stocks to invest in right now.
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Some investors have found value in top marijuana stocks that are not yet as well known by traders. Some of these companies operate globally and provide other products related to cannabis accessories. As the market grows these companies are well-positioned to continue expanding their presence and gaining market share. Let’s look at 2 top marijuana stocks for your list first week in October.
Marijuana Stocks For Your October 2021 Watchlist
- Clever Leaves Holdings Inc. (NASDAQ:CLVR)
- High Tide Inc. (NASDAQ:HITI)
Clever Leaves Holdings Inc.
First up is Clever Leaves Holdings Inc. which cultivates, extracts, manufactures, and commercializes pharmaceutical-grade cannabinoid products for a global market. At the present time, the company has operations in Colombia, Portugal, Germany, the United States, and Canada. In detail, the company operates through two segments, cannabinoid, and non-cannabinoid. Additionally, it also engages in the formulating, manufacturing, marketing, distributing, and selling of homeopathic and other natural remedies, wellness products, and detoxification products. Clever Leaves aims to be one of the industry’s leading global cannabis companies recognized for its principles, people, and performance while fostering a healthier global community.
In August Clever Leaves reported its second-quarter 2021 results with Q2 2021 revenue of $3.7 million up 89% year over year. To highlight, gross profit increased 157% to $2.3 million a gross margin of 63.6% of revenue. Notably, the company sustained a net loss of $9 million with costs associated with operating as a public company. Clever Leaves gave a 2021 outlook with revenue forecast to be between $17-$20 million with gross margins of about 61%. In September the company seems to be advancing research into cannabis for chronic disease treatment with a program called “Project Change Lives”.
CLVR Stock Performance
CLVR stock closed on October 5th at $7.13 down 9.06% in the last 5 trading days. The stock has a 52-week price range of $7.10-$19.46 and is down 19.89% year to date. According to analysts at CNN Business CLVR stock has a 12-month median price target of $12.00 per share. In essence, this would represent an upside of 69.01% from its last trading price.
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High Tide Inc.
Next for your list is High Tide Inc a retail-focused cannabis corporation that also manufactures and distributes consumption accessories. Currently, High Tide has a portfolio of companies that include a dominant Canadian cannabis retail chain, and a global manufacturer and distributor of cutting-edge smoking accessories. Specifically, the company has established the largest accessories eCommerce platform in the world. High Tide opened its 30th retail location in Ontario which is the companies 101st branded retail location across Canada. The company announced that its company shares have now been included in the ETFMG Alternative Harvest ETF (NYSE: MJ) and Investment Managers Series Trust II – Cannabis Growth ETF (BUDX).
In the second quarter, the company completed the acquisition of Smoke Cartel Inc and launched the sale of hemp-derived CBD products under its Grasscity brand. Overall, High Tide continues to see rapid expansion into the US cannabis market through the acquisition of a leading online retailer Dankstop. On September 14th the company reported its third-quarter 2021 results with revenue increasing by 99% to $48.1 million. As a result, gross profits increased by 75% to $16.7 million year over year. In addition, the company has an Adjusted EBITDA of $1.5 million compared to $3.4 million the prior year. The difference in the adjusted EBITDA is primarily related to High Tide’s uplisting to the NASDAQ.
HITI Stock Performance
HITI stock closed on October 5th at $5.90 down 22.47% in the past month. The stock has a 52-week price range of $3.00-$13.29 and is up 96.37% year to date. According to analysts at Tip Ranks HITI stock has a 12-month average price target of $13.71 per share. In this case, this would represent an upside of 134.22% from its last trading price. In general, as the cannabis industry continues to grow rapidly these could be top marijuana stocks to watch right now.
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