Marijuana Penny Stocks In July 2021
Are you looking for penny stocks to invest in right now? In 2021 top marijuana stocks have given cannabis investors significant returns to start the year. At the present time trading, penny stocks can be one of the best ways to profit from the current stock market. For investors not familiar with penny stocks these are any stocks trading under the $5 stock price.
Ultimately these stocks are known for extreme market volatility. Because of this volatility, more investors prefer to use short-term trading methods when dealing with penny stocks. In 2020 the pandemic created a new poll of traders in the retail market. In March of 2020 when the stock market crashed, we saw an influx of investors enter the market through popular trading platforms like Robinhood and Webull.
This caused a surge in the stock market that particularly affected the stocks known as meme stocks. As 2021 kicked off a handful of stocks gained notoriety after the Reddit investing group Wall Street Bets began favoring these specific stocks. Among those preferred by these Reddit investors were a few top marijuana stocks to buy. In January and February, these cannabis stocks rallied in the market significantly but have since seen declines in value for the past few months.
Investing In Penny Stocks In The Summer Of 2021
Now after consolidating lower for several months these top cannabis stocks could be primed for some upside this summer. Because marijuana penny stocks are so volatile it’s important to do some research on these companies before investing. For new investors, some things to look for are if the company is making timely filings and disclosing financial statements. Another important element to look for is the companies clearly developed business plan.
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Researching a companies press releases and studying how the stock moves in the market can help you establish better investments. With this in mind, we can look at some of the best marijuana penny stocks to invest in this summer. As the cannabis sector begins to recover these could be plays with substantial short-term gains for shareholders. As we close out the week which marijuana penny stock looks like a better investment?
Top Marijuana Penny Stocks To Watch In July
- Greenlane Holdings, Inc. (NASDAQ:GNLN)
- Sundial Growers Inc. (NASDAQ:SNDL)
Greenlane Holdings, Inc.
Currently, one of the largest cannabis accessories companies serving the global market is Greenlane Holdings, Inc. Primarily, the company is a platform that sells accessories, child-resistant packaging, and specialty vaporization products in the US. At the present time, Greenlane has a customer base of more than 11,000 retail locations across the world. Recently the company made an acquisition that gave it a much larger presence and influence in the cannabis market. Greenlane’s merger with KushCo Holdings, Inc. (OTC:KSHB) is an all-stock deal creating a new provider of cannabis ancillary products and packaging. After the merger is complete the combined companies are projected to have a pro forma revenue of around $310 – $330 million in 2021.
Greenlane released its first-quarter 2021 financials that show a strong start this year. Specifically, the company saw Greenlane Brand sales set back-to-back quarterly sales records and account for 25% of total revenue. In the first quarter, Greenlane Brands saw sales of $8.5 million. In addition, total revenue increased to $34 million in Q1 2021. Once the merger with KushCo is complete Greenlane could be one of the largest ancillary cannabis companies working alongside the cannabis industry.
GNLN stock is trading at $4.085 on July 8th up only 1.01% year to date. In February GNLN stock reached a high of $8.73 and is down 10.51% in the last five trading days. According to analysts at CNN Business GNLN stock has a 12-month median price forecast of $7.50 per share. In essence, this would represent an increase of 83.82% from its last trading price. For this reason, GNLN stock may be a better top marijuana penny stock to buy than a meme stock.
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Sundial Growers Inc.
Known as one of the meme stocks heavily traded by Reddit investors, and Robinhood investors Sundial Growers Inc has seen intense action in 2021. In its latest financial results, the company surprised investors with its first positive earnings report from operations in the company’s history. Specifically, Sundial delivered the first quarter of 2021 earnings of C$1.7 million compared to a loss of C$32.7 million in Q4 of 2020. Additionally, Sundial saw first-quarter positive adjusted EBITDA of C$3.3 million compared to a loss of C$5.6 million sequentially. Also in its latest harvest Sundial managed to achieve the highest potency flower with Top Leaf’s LA Kush Cake producing an excess of 28% THC.
Another factor to consider with Sundial is the company investments that have been delivering profits. Recently, the company realized C$2.8 million in interest and fee revenue from long-term loans to third parties. Additionally, Sundial has C$12.9 million in realized and unrealized gains from securities and investments. In July SNDL stock is still beating the overall market currently up triple-digit percentages in 2021.
SNDL stock is trading at $0.8938 on July 8th up 102.32% year to date. In February SNDL stock reached a high of $3.96 down 17.41% in the last 30 days. According to analysts at Tip Ranks SNDL stock has a 12-month average price target of $0.70 per share. This would represent a decline of 21.57% from its current trading price. With this in mind, SNDL stock could be put on your watchlist to wait for a better entry price.
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