A Strong November For Marijuana Stocks To Watch
Indeed, November has been a great month for the best marijuana stocks to buy in the market. In fact, many top U.S. Cannabis stocks are reaching some of the highest price points they have seen this year. Recently cannabis industry leader Green thumb Industries Inc. (GTBIF Stock Report) reported better than expected earnings for the 3rd quarter of 2020. As a result, GTBIF stock is currently trading at year-to-date highs at the beginning of this week. Since the start of 2020, U.S cannabis companies have managed to outperform the Canadian sector. This is partly due to a substantial increase in marijuana demand during the year. Because of more demand, U.S. marijuana companies have reported increase revenue in 2020.
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In general, this week might be a good time to assess your current cannabis stock positions and determine whether it’s time to take some gains off the table. As it stands the U.S. is experiencing an increase in Covid cases, to the point it could sound off another lockdown. With this in mind, cannabis investors can decide to sell a percentage of their position to lock in some profits and possibly invest in other marijuana stocks. In essence, this is good practice especially in the cannabis stock sector that’s known for its market volatility.
A Cannabis Industry Breakdown
For people just beginning to research marijuana stocks, there are a couple of things to remember. First, most cannabis stocks to watch are known for having volatile price swings on a fairly regular basis. In general, the marijuana companies that are directly related to the cannabis plant are the most susceptible to this volatility. But the potential for growth in the long term for these cannabis stocks cannot be denied. In case you’re looking for other areas of the cannabis market with more stability than a pure-play pot stock research ancillary marijuana stocks. In general, these pot stocks are related to the cannabis industry but not in the processing of the actual cannabis plant. For example, GrowGeneration Inc. (GRWG Stock Report) is a hydroponic supply and gardening store chain that is growing with the U.S. cannabis industry.
While most U.S. marijuana stocks continue on their upward trajectory there is another sector that will also benefit U.S. cannabis market growth. Recently top Canadian marijuana stocks are also showing growth in the later quarters of the year. Unlike U.S marijuana companies that saw growth during most of the pandemic Canadian companies have only shown growth potential recently. With this in mind let’s take a look at 2 Canadian cannabis stocks that could see gains for 2021.
Best Marijuana Stock To Watch Now #1: Canopy Growth Corporation
Canopy Growth Corporation (CGC Stock Report) is the largest Canadian company that produces, distributes, and sells medicinal and recreational cannabis in the world. In fact, the company has opened 185 new retails stores in Canada during Q2 Fiscal 2021. Canopy has also been preparing to enter the U.S cannabis market via its agreement to buy Acreage Holdings Inc. (ACRHF Stock Report). In detail, the two have announced the release of Canopy’s THC-infused beverages in the summer of 2021. In recent reporting Canopy posted a substantial net loss of $96 million in Q2 of 2021 fiscal year. Compared to the net income of $242.7 million during the same quarter a year ago, this was a big change. On the other hand, Canopy’s net revenue increased to $135.3 million for Q2 FY 2021 a growth of 76.6%. To elaborate Canopy experienced growth in most aspects of its business. This includes business to consumer, business to business, medicinal, and its international segments.
CGC stock is reaching its year to date high this week in early morning trade action and could still have more upside. The stock is currently one of the best performing cannabis stocks in the Canadian marijuana sector. Although Canadian marijuana stocks have not had the same type of triple-digit percentage growth as U.S pot stocks have they might have more future potential. For this reason, CGC stock could be a marijuana stock to buy before 2021.
Best Marijuana Stock To Watch Now #2: Aurora Cannabis Inc.
Aurora Cannabis Inc. (ACB Stock Report) has not had that great of a year in 2020. The company was once the crown jewel of the Canadian cannabis industry in 2019 but has since fallen from grace. Aurora has a strong international presence in 24 markets outside of Canada but has experienced hold-ups in exporting to these markets. In essence, many regulatory issues in Canadian slowed the growth potential of Aurora and it also made some overvalued acquisitions that substantially decreased its valued assets from $4.26 billion in 2019 to $2.09 billion in 2020. Recent market transitions could help Aurora get back on its feet internationally and also in the U.S.
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ACB stock started November very active shooting up over 150% in last week’s trading. While this was due to the election and a better-than-expected earnings report for Aurora the gains were short-lived. On Mondays trading the stock the stock saw over 4% loss in value closing at $7.04 last Friday the 13th and heading to the $6.75 price range. In reality, at these levels, the stock could have a decent short-term potential for gains. With any more improvement in the stock market ACB stock could be a Cannabis stock to watch for December 2020.
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