How Marijuana Stocks Are Performing In June
This week many top marijuana stocks to invest in began giving back some of the gains from earlier in June. After several months of market decline, June began to look like top cannabis stocks would begin to recover some momentum in the market. One area of the market, in particular, has seen the most volatility in 2021. Since the top of 2021 Canadian marijuana stocks have seen the most market volatility.
After rallying in January and February the best Canadian cannabis stocks saw a sharp decline in value that has persisted for 4 months. Now in June, there are some events that could impact how the top pot stocks perform in the market. At the present time, there are a number of bills that could initiate new policy on Capitol Hill to begin federal cannabis reform. For one the MORE Act is currently awaiting a Senate vote after getting a majority vote in the House.
Since the presidential election, the only events that have a positive impact on the cannabis sector are tied to federal legalization. In particular, Canadian cannabis companies would be largely affected by the ability to enter the US cannabis market. Now with this possibility getting closer, it could be time to put some leading Canadian cannabis stocks on your watchlist.
Finding The Top Cannabis Stocks For 2021
Because of the market volatility in the cannabis sector, it’s important for investors to do thorough research before investing. In general, doing your own due diligence and studying how a stock performs in the market are key elements in picking positions for your portfolio.
Currently, there are some Canadian cannabis stocks that could be positioned for gains in the market. After several months of declines, the next few weeks could see some renewed upward momentum for pot stocks. In the market, there are some marijuana stocks that could be undervalued at current market prices.
Now in June, the Federal Reserve announced it would not raise interest rates until next year. Although this could be considered a positive outcome for the overall markets currently it has left many investors on the fence right now. To close out this week in June these 2 Canadian cannabis stocks could be the best for June 2021 watchlist.
Marijuana Stocks To Watch
Village Farms International, Inc.
Originally, Village Farms International, Inc. is an established greenhouse grower of agriculture who does business across North America. Now the company is focusing on opportunities in the cannabis and CBD segments in Canada and the US. Specifically, Village Farms’ wholly-owned subsidiary Pure Sunfarms is considered one of the largest cannabis operations in North America.
In its most recent earnings, Village Farms reported first-quarter revenue of $52.4 million this was a 63% increase year over year. Actually, the company topped analysts’ estimates with revenue but still reported a larger than expected loss. Specifically, the company sustained a net loss in Q1 of $7.4 million. Due to this loss investor’s disappointment in the earnings left VFF stock trading much lower in the market. But these lower prices could be an opportunity for investors to buy VFF stock at better stock prices.
VFF stock closed on June 17th at $10.51 up 3.65% year to date. In February VFF stock reached a high of $20.32 and has increased by24.67% in the last month. According to analysts at CNN Business VFF stock has a 12-month median price target of $18.19 per share. In essence, this would represent an increase of 72.90% from its current trading price. For this reason, VFF stock could be a top Canadian marijuana stock to add to your watchlist to close this week.
Neptune Wellness Solutions Inc.
Recently Neptune Wellness Solutions Inc. completed a transition to a fully integrated consumer packaged goods company. At the present time, the company is launching a lineup of CBD beverages in the US including flavored teas and lemonades. Currently, the company is transitioning from a B2B cannabis and hemp extraction company to a consumer products company. Now focusing on consumer products, the company is providing cannabis, nutraceuticals, beauty and personal care, and organic food & beverage products.
Recently, Neptune secured a supply agreement with Alberta Gaming, Liquor, and Cannabis expanding the company’s presence into over 1600 retailers in Canada. In particular, Neptune can now sell recreational cannabis products through its Mood Ring and PanHash brands across British Columbia, Alberta, Ontario, and Quebec. On June 10th the company announced it launched Mood Ring cannabis products including flowers in British Columbia.
NEPT stock closed on June 17th at $1.30 down 16.67% year to date. In February NEPT stock reached a new high of $3.60 and is now down 10.96% in the past five days. According to analysts at Market Beat NEPT stock has a consensus price target of $6.00 per share. This would represent an increase of 361.5% from its current trading levels. With this in mind, NEPT stock could be a top Canadian cannabis stock to add to your watchlist for next week.