Best Cannabis Stocks In 2021 And Investing In Penny Stocks
As strong earnings roll in beating expectations for many leading tech companies many top marijuana stocks are showing some upside this week in the market. After reaching some of their lowest trading levels seen this year in October the best cannabis stocks to invest in could be ready to rebound as the market continues to improve. One way investors are taking advantage of the recent downtrend in the cannabis sector is by trading marijuana penny stocks.
For those not familiar with penny stocks these are any stocks trading under the $5 price point. In general, these stocks are known for being volatile and many traders prefer to trade them on a short-term basis. Using short-term trading methods like swing trading and day trading investors can secure returns with these higher-risk investments. Because these stocks trade at much lower price points traders can establish larger positions with less capital.
This gives the investor the ability to see larger gains with smaller movements in stock price. In 2021 some cannabis penny stocks gained worldwide notoriety as a meme stock and became favored by Reddit investors. In the first quarter of 2021 Sundial Growers Inc. (NASDAQ: SNDL) reached a high of $3.96 per share before declining to the current levels of $0.68 on October 20, 2021, at 3:08 EDT. Sundial has been one of the better performing Canadian companies in 2021 showing growth in the market and company investments.
Penny Stocks In 2021 And The Cannabis Industry
For investors researching a company’s earnings and studying how a stock moves in the market can help you make better investment decisions. Patience and understanding how to put yourself in winning positions are key elements to achieving your investment goals. Generally speaking, although top cannabis penny stocks are known for significant market volatility many investors have learned to use these price swings to solidify gains.
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With the possibility of federal marijuana legalization being reintroduced in Congress, there is a potential catalyst for top pot stocks. Although some penny pot stocks continue to show downside now things can turn around quickly with penny stocks. Some of these cannabis companies that trade at marijuana penny stock levels are strong performing businesses with future potential. Let’s look at 2 top marijuana penny stocks for your list in October.
Best Marijuana Penny Stocks For 2021
- Planet 13 Holdings Inc. (OTC: PLNHF)
- TPCO Holding Corp. (OTC: GRAMF)
Planet 13 Holdings Inc.
In 2021 Planet 13 announced the grand opening of its Orange County superstore which is now the largest dispensary complex in California. The company is based in Nevada, with award-winning cultivation, production, and dispensary operations on the Las Vegas strip. At the present time, on the Las Vegas Strip Planet, 13 is famous for its larger-than-life Superstore dispensary that’s housed in a 112,000 square foot building. Primarily, Planet 13’s two superstore dispensaries are said to be the largest in the world. In addition, the company has also established a smaller model of its business the Medezin store which encompasses its larger store model and puts it in a compact form. 
Planet 13 announced its second-quarter 2021 financials with revenue of $32.8 million up 205% year over year. In Q2 the company delivered an adjusted EBITDA of $7.2 million. Gross profits before biological adjustments were $18.7 million and an adjusted EBITDA of $7.2 million. Planet 13 sustained a net loss of $4.4 million and a net loss before taxes of $0.9 million. This month the company expects to launch Tinley’s products a selection of cannabis-infused beverages. On October 1st Planet 13 completed the acquisition of a Florida Cannabis License.
PLNHF Stock Performance
At the present time, PLNHF stock closed on October 20th at $4.20 down 3.96% for the trading day going into the close. The stock has a 52-week price range of $3.013-$8.67 and is down 21.83% year to date. According to analysts at Tip Ranks PLNHF stock has a 12-month average price target of $5.67 per share. In this case, this would represent an increase of 35% from its current trading price of $4.20.
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TPCO Holding Corp.
By way of a SPAC deal, TPCO Holding Corp. is one of the largest cannabis operators in California. Primarily, the company is composed of direct-to-consumer platform Caliva, and hemp manufacturer Left Coast Ventures. TPCO also has involved icon and entrepreneur Shawn Jay-Z Carter. Specifically, Carter is the Chief Visionary Officer and brand strategist for TPCO. Roc Nation is also in the partnership providing artists, athletes, and influencers to establish brands. In August the company introduced Troy Datcher as the Company’s new Chief Executive Officer. To highlight, Datcher’s appointment represents the first time a Black CEO will lead a major public U.S. cannabis organization. On October 4th the company acquired Coastal Holdings Company, LLC expanding its retail network to 11 operating stores and six delivery depots.
TPCO also provided its second quarter 2021 earnings with net sales of $54.2 million. In general, this revenue comes from $11.9 million in direct-to-consumer revenue and $42.3 million in wholesale revenue. As a result, the company delivered, gross profit for Q2 2021 of $8.1 million or 15% of net sales. In 2021 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. The company made its first inaugural investments in Black and women-led businesses. In addition, TPCO expanded its product portfolio with the launch of well-by Caliva lotions and tinctures.
GRAMF Stock Performance
At the present time, GRAMF stock is trading at $3.17 on October 20, 2021, down 55.74% in the past six months. Currently, the stock has a 52-week price range of $2.75-$13.96 and is down 68.73% year to date. According to analysts at Market Beat GRAMF stock has a consensus price target of $8.00 per share. This forecast would represent an upside of 152.8% from its current trading price of $3.17.
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