Would You Buy These Top Marijuana Stocks Right Now?
In recent market action, marijuana stocks are starting to pick up in trading with the possibility of the passing of the SAFE Act. The Secure and Fair Enforcement Banking Act. is a bill that would legalize financial institutions to start accepting money from legal cannabis businesses. In 2021 the big focus has been on cannabis reform which has slowly been developing.
This has caused marijuana stocks to trade-off speculation with thoughts of what’s next to come for the legal cannabis industry. With more efficient cannabis laws in place, it will allow for more progress and growth. For instance with the SAFE Act. cannabis businesses only deal with cash with limited places to store it. If congress passes this bill cannabis money will then be able to be held in banks. Not only that some advocates are working on reintroducing the MORE Act. which would reschedule cannabis making cannabis legal in the eyes of the federal government.
Once marijuana is federally legal it will open new doors and help to complete ventures that are halted due to cannabis being illegal in a federal level. Just like news of the possible passing of the SAFE Act, it’s causing marijuana stocks to trade at higher levels the same may happen on the day federal cannabis reform is passed. In the last year of the cannabis industry, a good amount of growth has occurred from more states going legal to better state-level legislation.
Trading for March 18th helped many cannabis stocks increase in momentum leading to better trading from recent lows. Even with how volatile cannabis stocks can be the chance to see solid gains is still possible. The marijuana stocks in the article are 2 examples of companies that may see a boost in trading in 2021.
Cannabis Stocks To Watch In 2021
- Cronos Group Inc. (NASDAQ:CRON)
- GrowGeneration Corp. (NASDAQ:GRWG)
Cronos Group Inc.
Cronos Group Inc. is looked at as top Canadian cannabis stock to watch. Back at the end of February, the company released its 2020 Q4 results. Here’s what the company had to say about its Q4 earnings.
“Our fourth quarter 2020 results are the summation of the hard work and perseverance the company has put into this past year despite the challenges of 2020. As we look to 2021, I’m incredibly excited about the teams we have supporting our brands and the breakthrough research and development (“R&D”), innovation and exciting marketing campaigns Cronos Group plans to execute on. We are poised to build upon the growth we experienced in 2020 as we continue to push cannabinoid innovation and differentiated product offerings under our portfolio of brands,” said Kurt Schmidt, President and CEO of Cronos Group.
In the last 4-6 weeks of trading CRON stock has been able to build more momentum. Back at the start of November CRON stock started its initial climb that led to better trading even with a slight drop at the end of the following month. In December CRON lost momentum and was trading down the entire month. Now at the start of the new year, the company caught a boost in trading that led CRON stock to rally the first part of 2021.
Final Thoughts On CRON Stock And Market Performance
From January 4th to the 14th CRON stock had a 47 percent increase in trading which allowed shareholders to make a return on their investment. Even with a slight drop at the end of the month CRON stock still closed out January with better levels than the start of the month. Moving into February the company once again started to pick up in trading going on a run in the first 2 weeks. Yet shortly after the 10th of February CRON stock dropped once again and has working to recover currently in March.
[Read More]
- Will Cannabis Banking Soon Become A Reality With The SAFE Banking Act?
- Are These Top Marijuana Stocks Undervalued? 2 Pot Stocks For Your 2021 Watchlist
GrowGeneration Corp.
GrowGeneration Corp. is a cannabis company that runs and operates a chain of hydroponic grow stores. This cannabis stock to watch over the last month of trading has been working to reach better market levels. Back in December GRWG stock started to reach better market positions. For example, GRWG stock went from $31.39 a share on the 9th to $38.71 on the 16th of December.
This upward push produced gains of 23 percent during this time. From the 16th to 22nd December GRWG stock was able to keep up its upward trading leading to 8 percent gains before slightly dipping the rest of the month. When trading in January got started like many other marijuana stocks the company saw an initial boost in the first half of the month. January 4th to the 20th GRWG stock reached gains of 33 percent.
However once again trading started to decrease for the company even though overall GRWG stock closed in January with a 10 percent increase in the market. Trading in February started with another rally in trading before dropping the rest of the month as well as the first 2 weeks of March. Currently GRWG stock has started to recover a bit but still has been able to sustain a better market-level than back in 2020. This trading pattern the company has displayed from the end of 2020 to now in March is a sign of growth potential with more to come.
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