Momentum Shifts For The Cannabis Sector
As marijuana stocks in the cannabis sector begin to see upward momentum after the Feds monetary policy announcements the market is looking better. Since reaching highs in February cannabis stocks have seen a downturn in the market. As a result, most leading marijuana stocks are at lower price points. In general, this could be a good time for investors to find top cannabis stocks to invest in.
With the Federal Reserve leaving monetary policy untouched investors will feel more comfortable with starting positions in the market. Additionally, the Fed also believes the U.S. economy is recovering faster than its initial evaluation. Essentially this could help boost marijuana stocks higher in March. One area that will see substantial growth in the cannabis market our medical cannabis companies.
Currently, these marijuana companies have established medical applications for the cannabis plant and cannabis derivatives. Also, these leading medical cannabis companies have FDA-approved cannabis treatments that are used in the U.S. to treat patients with a variety of ailments. Actually, cannabinoids the active chemicals in medical marijuana are similar to chemicals that involve a person’s appetite, memory, movement, and pain. Some studies suggest cannabis can reduce anxiety, inflammation, and relieve pain. Also, the cannabis plant contains CBD which is another chemical that impacts the brain.
Uses For Cannabis For Medical Purposes
At the present time, cannabis is used mainly for chronic pain relief, anxiety, and weight management. In the future, this area of the cannabis market will produce billions in cannabis sales for the next five years. Another area that will see growth in the cannabis industry is cannabis consumer packaging and accessory companies.
Because marijuana packaging is very specific, how cannabis is packaged for consumers has very strict guidelines. As a result, very few companies specialize in this area of the market. Those cannabis companies that do could see substantial growth for the next few years. Currently, as more investors pour into the vertically integrated cannabis stocks it could be time for investors to look in other areas for market value.
With this is in mind we can research some of the leading cannabis companies in this area. While the cannabis market continues to expand these cannabis companies are positioning to grow with the industry. For this reason, let’s take a closer look at possibly 2 of the best cannabis stocks to buy in the medicinal and accessory categories.
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Marijuana Stocks To Watch:
- GW Pharmaceuticals plc (NASDAQ: GWPH)
- Greenlane Holdings, Inc. (NASDAQ: GNLN)
GW Pharmaceuticals plc
GW Pharmaceuticals plc a biopharmaceutical company is focusing on discovering and developing therapeutics from its cannabinoid product platform. At the present time, the company develops medical cannabis drugs to help treat a wide variety of diseases. Specifically, the company’s lead product Epidiolex is in use in the U.S and in other parts of the world for the treatment of seizures associated with a variety of serious issues. Epidiolex is one of the only drugs that have FDA approval in the U.S. and the European Union. In February GW Pharms announced its Q4 and full year-end 2020 financial results. In detail, the company saw a total revenue of $148.2 million for Q4 and $527.2 million for the full 2020 year. Also, in the second quarter of 2021 GW Pharms expects to close on the acquisition by Jazz Pharmaceuticals plc (NASDAQ: JAZZ).
On February 26th GW Pharm received a positive CHMP opinion for EPIDYOLEX for treatment of seizures with Tuberous Sclerosis Complex. If Approved the label for EPIDYOLEX will expand to include a third application in Europe. If approved the drug could help as an adjunctive treatment of seizures as a result of TSC. In the U.S. Epidolex is also being prescribed to patients with seizures and is considered safe for patients two years of age and older.
GWPH Stock Performance
GWPH stock is up 86.23% year to date with a high of $217.50 at the beginning of February. Closing trading on March 17th at $215 the stock has held this range since the announcement of the Jazz Pharm acquisition. According to analysts at Stock Invest, GWPH stock could rise 104.71% during the next 3 months. With this in mind, GWPH stock could be a top marijuana stock to invest in for medical cannabis exposure in the market.
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Greenlane Holdings, Inc.
Greenlane Holdings, Inc. is one of the largest global retailers of cannabis accessories and vaporization products. At the present time, the company operates a distribution platform with a customer base of more than 7000 retail locations and cannabis companies. Additionally, Greenlane also owns and operates a diverse brand portfolio that includes industry-leading products in the accessory and packaging areas. Recently Greenlane announced its expansion into Uruguay’s cannabis market. Specifically, Higher Standard opened three new retail locations in collaboration with Kaya Herb Group. As a result, this marks Higher Standard’s first international stores for the brand.
On March 3rd Greenlane announced the acquisition of Eyce brand and all its assets. To elaborate Eyce is a leading manufacturer of specialty silicone smoking products. Co-Founder and CEO of Greenlane Aaron LoCascio, stated, “Eyce’s premium products and innovative designs set them apart and we are thrilled to be working with the highly experienced and talented Eyce team to accelerate growth in the Greenlane brands portfolio.”
GNLN Stock Performance
GNLN stock is up 44.19% year to date with a high of $8.73 in February. Currently, GNLN closed trading on March 17th at $5.71 per share. According to analysts at MarketBeat GNLN stock has a consensus price target of $4.33. This would be 24.1% down from current levels. But recent price action could be showing the potential GNLN could have with federal reform taking hold in the U.S. For this reason, GNLN stock is a top marijuana stock to add to your watchlist for 2021.
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