Different Ways To Invest In Marijuana Stocks In November
Marijuana stocks to buy in 2021 are showing upward momentum in the second week of November. This trend started on Friday, November 5th after the announcement from Congress that a Republican-drafted bill named the States Reform Act would be introduced sometime this month. This could prove to be monumental for the cannabis industry and federal marijuana reform. This week the best cannabis stocks to watch have continued showing some upward momentum in trading.
In addition to the new proposed legislation in November, many leading cannabis companies are expected to release earnings. Both events could be a catalyst for top marijuana stocks in the market. Some traders are taking advantage of this recent upside by investing in the best marijuana penny stocks. Penny stocks are any securities trading under the $5 benchmark. In general, this part of the market is known for having significant market volatility.
Additionally, this area of the market is known for being a high-risk-reward investment. This is because of the substantial price fluctuations for penny stocks. Because of the price swings and lower stock values, traders can establish larger positions using less capital. This allows them to see a return as the cannabis stock moves in smaller increments.
Learning How To Trade Penny Stocks And Making Profits
Before investing in top marijuana stocks, it’s important to do your own research on a company. Doing your own due diligence can help you find the best-performing companies to invest in. Some investors do this by looking into a company’s earnings and watching how a stock behaves in the market. When trading penny stocks it’s important to have a strategy before starting a position. Knowing you’re your stop losses and take profits can help you limit your losses and maximize your gains.
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In addition, learning how to read daily charts and using technical analysis to find the best trading setups can help you produce gains in the market. As the cannabis sector begins to show momentum more traders are showing interest in the top cannabis stocks to buy right now. As more financial results are delivered this month, we could see this uptrend continuing in November. Let’s look at 2 of the best marijuana penny stocks to add to your list this week.
Best Cannabis Penny Stocks To Watch
- Cansortium Inc. (OTC: CNTMF)
- MedMen Enterprises Inc. (OTC: MMNFF)
Cansortium Inc.
First on the list is Cansortium Inc. a leading cannabis company focusing on providing the highest quality cannabis in the state of Florida. In general, the company has established operations in Texas, Michigan, and Pennsylvania. This year, the company is expanding its presence in Florida and Pennsylvania fully funded by a debt and equity financing of $90 million. Specifically, the company opened a dispensary in Fruitland Park, Florida. As it stands, Cansortium has 27 operational dispensaries in Florida giving it a sizable presence in the state.
Primarily, the companies brand Fluent has produced a wide variety of premium dried flower, edibles, and full-spectrum concentrates, cartridges, and creams. Cansortium released its Q2 2021 results with revenue up 24% year over year to $16.5 million. In detail, the company reported an adjusted EBITDA of $5.2 million. The company saw adjusted gross profits increased 24% to $10.7 million or 65.1% of revenue. Fluent by Cansortium expanded its Florida cultivation with new greenhouse facilities in Homestead and Sweetwater.
CNTMF stock closed on November 9th at $0.6932 down 9.21% in the past month. Currently, the stock has a 52-week price range of $0.45-$1.35 and is down 9.97% year to date. According to analysts at Tip Ranks CNTMF stock has a 12-month average price target of $1.30 per share. In this case, this would represent an upside of 87.54%. As things begin to heat up in the cannabis sector CNTMF stock could be a top marijuana stock for your watchlist right now.
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MedMen Enterprises Inc.
MedMen Enterprises Inc. is a cannabis retailer with locations in California, Nevada, Illinois, and Florida. Primarily, the company has an extensive selection of high-quality products, including MedMen-owned brands LuxLyte, and MedMen Red. Expanding in Florida the company opened a new location in South Beach Miami and continues expanding and in the US cannabis market. MedMen’s current interim Chief Executive Officer and Chairman of the Board of Directors, Tom Lynch, became the permanent Chief Executive Officer.
On November 9th MedMen reported its first-quarter fiscal 2022 results. Specifically, first-quarter revenue increased 13.4% year over year to $39.8 million. In addition, the total gross margin rate was 43.9% in the first quarter down from 46.9% year over year. As it stands the company sustained a net loss of $55.3 million compared to a net loss of $21.9 million year over year. As of September 25th the company had total assets of $531.9 million including cash and cash equivalents of $78.2 million.
MMNFF stock is trading at $0.27 on November 9th, up 13.40% in the past five trading days. The stock has a 52-week price range of $0.104-$1.47 and is up 112.03% year to date. According to analysts at Market Beat MMNFF stock has a consensus price target of $0.33 per share. In this case, this would represent an increase of 18.2% from its current trading level. In November as the best cannabis stocks to buy continue showing an uptrend MMNFF stock could be one of the top marijuana penny stocks for your list this month.
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