Best Cannabis Stocks To Watch 2nd Week In August
Are you looking for top marijuana stocks to buy in August? With earnings for most of the leading cannabis companies in August, there is a chance the cannabis sector could see upward momentum this month. For the past five months, the best cannabis stocks to invest in have seen significant declines in the market. For new investors, current prices may be a good place to start a position before the next move higher in the cannabis sector.
With many top pot stocks showing some upside in August we could be witnessing a rebound in the cannabis market. But there are a few concerning events that could hinder growth in the next quarter. For one the delta variant has renewed coronavirus concerns in the US and numbers of infections are increasing at alarming rates. With fears of another shutdown looming investors are also becoming wary of another market drop.
But the cannabis industry proved to be more than resilient under the previous lockdown. In fact, because of the lockdowns cannabis was deemed essential, and this helped put the focus on federal marijuana legalization. As a result, this helped catapult the cannabis industry growth and pushed top pot stocks higher. Now in 2021, the possibility of achieving federal cannabis legalization is becoming greater.
US Federal Cannabis Legalization And Investing In Pot Stocks In 2021
Currently in Congress Senate Majority Leader Chuck Schumer unveiled a draft of the Cannabis Administration and Opportunity Act to gain more support from lawmakers. This cannabis legislation if passed could end federal cannabis prohibition and allow the cannabis industry to grow under the state’s legal policies.
In the meantime, many US states have already established medical or adult-use cannabis markets. This growth in the US has made US cannabis companies very successful in the past few years. For traders, before investing in cannabis stocks there are some important factors to understand about the sector.
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For one top marijuana stocks are known for having significant market volatility. This makes it important for investors to do their due diligence before investing. Researching a company’s financials and observing how the stock moves in the market can help you establish the best returns on your investments. With this in mind, let’s take a closer look at 2 top marijuana stocks for your watchlist this week.
Top Marijuana Stocks To Watch In August
TerrAscend Corp.
TerrAscend cultivates and sells medical and adult-use cannabis in Canada and the United States. At the present time, the company is a leading US cannabis operator with a footprint in Pennsylvania, New Jersey, and California. TerrAscend has licensed cultivation and processing facilities in Maryland and Canada. In addition, The company produces and distributes hemp and cannabis-derived products and manufactures artisan edibles for cannabis consumers.
TerrAscend reported first-quarter 2021 net sales of $53.4 million and adjusted EBITDA of $22.6 million The company raised its full-year 2021 guidance for net sales to exceed $300 million and an adjusted EBITDA to be more than $128 million. In Q1 the company’s cash balance was $234 million providing support for future endeavors. TerrAscend launched a portfolio of Kind Tree Branded products in Maryland. The Maryland facility was already producing 15 strains of flower under the Kind Tree brand and now will add vapes and half gran pre-rolls to the lineup. TerrAscend is expected to release its second-quarter 2021 financials on August 19th before the market opens.
TRSSF stock is trading at $8.70 on August 9th up 8.27% in the last five days. The stock is down 12.74% year to date and is recovering from a 38.50% decline in the past six months. According to analysts at Tip Ranks TRSSF stock has a 12-month average price target of $16.82 per share. In essence, this would represent an increase of 93.37% from its last trading price of $8.70. With TRSSF stock moving higher in August this could be a top pot stock for your list this week.
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TPCO Holding Corp.
Currently, TPCO Holding Corp. is one of the largest cannabis operators in California. Known as The Parent Company the newly formed public company made its way to the market through a SPAC deal last year. At the present time, the company is composed of direct-to-consumer platform Caliva and hemp manufacturer Left Coast Ventures. In addition, TPCO also has involved icon and entrepreneur Shawn Jay-Z Carter. Specifically, Carter is Chief Visionary Officer and brand strategist for TPCO. Additionally, Roc Nation will also be involved in the partnership providing artists, athletes, and influencers to establish brands.
In its first-quarter 2021 results, the company saw net sales of $39.9 million and adjusted net sales of $45.6 million. TPCO saw gross profits for the first quarter of 2021 of $7.2 million or 18% of net sales. Additionally, the company launched Shawn “JAY-Z” Carter’s MONOGRAM a high-end premium cannabis product with reimages of iconic photos of American photographer Slim Aarons. Also, TPCO has three streamlined facilities producing 8 core brands with a focus on higher-margin product offerings. Last month the company made its first inaugural investments in Black and women-led business. The company is expected to release its second-quarter 2021 financials on August 16th after the market closes.
GRAMF stock is trading at $4.20 on August 9th up 4.28% in the past five trading days. The stock is down 59.09% year to date with a low in July of $3.95 per share. According to analysts at Market Beat GRAMF stock has a consensus price target of $12.50 per share. Currently, this increase represents a gain of 201.9% from its last trading price of $4.20. With this in mind, GRAMF stock could be a top marijuana stock to add to your watchlist in August.
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