Best Cannabis Stocks To Watch In Q4 2021
This week the top marijuana stocks to watch continue giving back some of the upside established in last week’s trading. On Monday Rep Nancy Mace announced she is sponsoring a bill called The States Reform Act which would end marijuana prohibition. In detail, this legislation would end federal prohibition and take specific steps to ensure states can continue to operate their current markets unaffected. With the news of this bill, the cannabis sector began showing some upside in November.
This renewed upside is creating increased volatility in the best cannabis stocks to invest in. One way some investors take advantage of the increased price fluctuations for the cannabis sector is by trading marijuana penny stocks. For those unfamiliar with penny stocks, these are considered any stocks trading under the $5 stock price. Known to be a high-risk-reward area of the market many traders prefer investing in marijuana penny stocks on a short-term basis.
Many investors use day trading and swing trading methods to solidify profits with cannabis penny stocks. With the current uptrend creating recent significant price swings in the top penny pot stocks traders could find some value at these levels. In addition to the legislation introduced by the GOP, many leading cannabis companies are reporting earnings in November.
Investing In Penny Stocks Using Short term Trading Methods
With this new round of financial results, investors can research and find the best performing cannabis companies in the market. With so many ways traders can gain exposure to the growing marijuana market it’s always good to explore different options. As the cannabis industry grows in the recreational and medical markets investors are looking for ways to see gains.
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In February most cannabis stocks rallied with the belief the US would pass federal cannabis reform earlier in the year. Now that it could actually become a reality the best marijuana penny stocks to buy could continue climbing. Let’s look at 2 top cannabis penny stocks to add to your list this week.
Top Marijuana Penny Stocks To Add To Your Watchlist In November
- cbdMD, Inc. (NYSE: YCBD)
- Greenlane Holdings, Inc. (NASDAQ: GNLN)
cbdMD, Inc.
Founded in 2015 cbdMD, Inc. is a producer and distributor of various cannabidiol (CBD) products. In general, the company owns and operates a few consumer hemp-based CBD brands, such as cbdMD and Paw CBD. At the present time, cbdMD brand products include a variety of CDB tinctures, gummies, topicals, capsules, bath bombs, bath salts, and sleep aids. Previously known as Level Brands, Inc. the company changed its name to cbdMD, Inc. in May 2019. In April cbdMD announced it would launch Spring 2021 products that include cbdMD drink mixes. Other new products are cbdMD gummies that include cbdMD sleep gummies and cbdMD calming gummies.
In August the company released its third-quarter 2021 earnings with net sales of $10.6 million and earnings of $0.2 per share for the quarter. Due to product production delays cbdMD reduced its Q1 fiscal 2022 guidance with net sales from $14.9-$15.5 million. During Q2 of fiscal 2021, the company entered the global beauty and skincare market with the launch of cbdMD Botanicals. CbdMD won the 2021 Product of the year award for cbdMD’s CBD Gummies and Paw CBD’s Hard Chews for Dogs. In October cbdMD announced a partnership with the University of Mississippi to identify novel cannabinoids.
YCBD stock is trading at $1.7209 down 3.86% for the trading day. Currently, the stock has a 52-week price range of $$1.62-$6.83 and is down 39.32% year to date. According to analysts at CNN Business YCBD stock has a 12-month median price target of $3.70 per share. This would be an increase of 115.12% from current trading levels. As things continue to heat up in the cannabis sector YCBD stock could be a top marijuana penny stock to watch right now.
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Greenlane Holdings, Inc.
Next up is Greenlane Holdings, Inc. one of the largest cannabis accessories companies serving the global market. Primarily, the company sells premium cannabis accessories, child-resistant packaging, and specialty vaporization products in the US and international markets. Presently, Greenlane has a customer base of more than 11,000 retail locations around the world. In 2021, Greenlane completed the merger with KushCo Holdings, Inc. In October the company entered into an agreement to acquire DaVinci a leading developer and manufacturer of premium portable vaporizers.
On November 15th the company announced third quarter 2021 financials with total revenue of $41.3 million up 16% year over year. Greenlane achieved its second-highest sales level for Greenlane brands which grew to $8.4 million. At the present time, the company is targeting $70-$100 million in Greenlane brand revenues for 2022 and 2023. In general, Greenlane completed the acquisition of KushCo Holdings and has created one of the largest ancillary cannabis companies in the market.
GNLN stock is trading at $1.75 on November 16th down 12.50% for the trading day. Currently, the stock has a 52-week price range of $1.68-$8.73 and is down 49.49% year to date. According to analysts at Tip Ranks GNLN stock has a 12-month average price target of $5.77 per share. In essence, this would represent an increase of 230.66% from its current trading price of $1.75.
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