Marijuana Stocks Begin To Recover In This Week
Today most marijuana stocks are recovering some of the losses taken in the last trading week of January. Since Monday, January 25th most top cannabis stocks began to give back the substantial gains from earlier in the month. Currently leading U.S. marijuana stocks like Green Thumb Industries Inc. (OTC: GTBIF) are up over 7% in trading on Thursday, January 28th. Because of better market sentiment, this current trend could continue as the day progresses. At the present time, the U.S. cannabis industry could see more gains in the market going into February.
As the cannabis industry continues expanding state by state U.S. marijuana companies are positioning to reap the benefits. One area that is expected to see substantial growth in the U.S. is the derivatives cannabis market. As one of the fastest-growing parts of the industry these products continue to deliver substantial revenue for the cannabis market.
In reality, this has been seen in the Canadian market and across key U.S. markets in 2020. In 2020 cannabis 2.0 has established a legal derivatives market in Canada. Although its progress was halted by the shutdowns in Canada during the latter part of 2020 cannabis companies began to see substantial increases in revenue. This is due to the introduction of new products to the market causing the growth.
Global Cannabis Industry Growth And Increasing Revenue
As it stands the cannabis industry will be one of the fastest-growing industries on a global basis. Recent changes in U.N. policy could stimulate growth around the world for the cannabis industry. Also, in the U.S. federal reform could be passed in the Senate with the recent change in the majority lead to a Democratic one.
Actually, even on the state level new markets have emerged in 2020 and that trend could continue into this year. Although there are restrictions currently in place that are hindering the cannabis industry growth many of them could end up being changed by the current administration.
With the intention of finding the best cannabis stocks that are in the derivatives market, we can begin to do research into different companies. Recently these marijuana stocks have shown gains in the market and could hold more potential value in the future. For the purpose of looking at some of the best investment options in the cannabis sector let’s take a look at 2 top cannabis stocks to watch for February.
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- Marijuana Stocks That Could See Gains In February
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Marijuana Stocks To Watch:
- Greenlane Holdings, Inc. (NASDAQ: GNLN)
- KushCo Holdings, Inc. (OTC: KSHB)
Greenlane Holdings, Inc.
Greenlane Holdings, Inc. is a leading global platform for developing and distributing premium cannabis accessories and other related cannabis products. Currently, the company operates as a house of brands, a third-party brand accelerator, and a distribution platform. Actually, Greenlane serves the global cannabis markets with a customer base of more than 11,000 retail locations. These include licensed cannabis dispensaries, smoke shops, and specialty retailers.
In the companies most recent financials Greenlane saw Q3 2020 record total revenue of $35.8 million. This represents an increase of 10% sequentially compared to Q2 2020. The company’s Greenlane Brands also grew by about 65% to $5.6 million in Q3 of 2020. At the present time, Greenlane has streamlined and centralized its business model to fewer but larger automated distribution facilities. Although Greenlane had a net loss in the quarter of $13.8 million the company expects to generate long-term improvement to its balance sheet.
GNLN stock is up 14.14% year to date and has a 52-week high of $6.65 per share. Currently GNLN stock is trading at $4.53 on January 28th during power hour. Currently, analysts at TipRanks are giving GNLN stock a 12-month price target of $5.00. This would be an increase of over 10% from current levels. With this in mind, GNLN stock is a marijuana stock to put on your watchlist for 2021.
[Read More] 2 Cannabis Stocks To Watch In February
KushCo Holdings, Inc.
KushCo Holdings, Inc. is a provider of ancillary products and services to the legal cannabis and CBD industries. Currently, KushCo subsidiaries and brands provide quality CBD products and have now sold more than 1 billion units globally. These items include child-resistant packaging, vape hardware, and technology. As one of the pioneers in the industry KushCo had some struggles in 2020 due to the pandemic shutdowns.
In 2020 the company bounced back in its Q3 financials achieving revenue of $26.8 million the second consecutive quarter of positive adjusted EBITDA. Also, Greenlane is reporting record December sales of $14.7 million due to strong purchasing from top MSOs. Additionally, Greenlane has increased its fiscal 2021 net guidance to between $130-$160 million.
KSHB stock is up 66.25% since the beginning of 2021 with a 52-week high of $$2.12 per share. KSHB stock is currently trading at $1.46 going into the close on January 28th. At the present time, analysts at Stock Invest are giving KSHB stock a 64.31% gain in the next 90 days. As KUshCo continues providing cannabis extracts and CBD products globally KSHB stock could be a top cannabis stock to invest in for 2021.
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