Top Cannabis Stocks In October 2021

September has been an extremely volatile month for top marijuana stocks. Although this week started off promising with several days of gains for cannabis stocks today’s pullback has given it back. With bond yields rising a selloff in the market has hit the cannabis sector as well. For the past several days these gains have been because the house passed the SAFE Banking Act and will vote on the MORE Act this week.

For the most part, federal marijuana legalization has been a big catalyst for the cannabis sector since the top of the year. But with the markets pulling back from record highs the best pot stocks continue to see significant market volatility right now. For investors looking to start a position in the cannabis sector, some pot stocks are near some of their lowest trading values in 2021.

Additionally, many analysts are forecasting future upside for cannabis stocks as the industry continues to grow in the US and on a global scale. Currently, some investors are taking advantage of the market volatility by using short-term trading methods to lock in returns. So long-term investments in the cannabis industry as well. Some companies have been advocates for marijuana legalization for quite some time. Now with the possibility of ending cannabis prohibition and establishing marijuana banking reform the sector has more potential.

Are Marijuana Stocks A Buy And Finding The Best Investments

In 2021 most leading cannabis companies I’ve been reporting strong earnings and expanding rapidly in the market. Unfortunately for cannabis investors, these strong financials have not had an impact on top cannabis stocks. Currently, for investors, there are many ways you can gain exposure to different parts of the cannabis industry. Some investors prefer two verse and in ancillary cannabis companies instead of the vertically integrated ones.

[Read More] A Federal Marijuana Legalization Bill Is On The Way To The House

Other investors are looking to find value in the global cannabis market and the potential growth it holds. Narrowing down the list of the top pot stocks in 2021 can help you find the best positions. For investors researching a company’s financials and studying how the stock moves in the market can help you achieve the best returns from your investments. As we head into October potential catalyst from Congress has more investors eyeing the sector. Let’s look at 2 top cannabis stocks for your list for October.

Best Cannabis Stocks For Your Watchlist In October

  1. WM Technology, Inc. (NASDAQ:MAPS)
  2. IM Cannabis Corp. (NASDAQ:IMCC)

WM Technology, Inc.

WM Technology, Inc. is considered a driving force behind much of the legislative change in the cannabis industry in the past 10 years. Otherwise known as Weedmaps this online listing marketplace is a major hub for cannabis consumers and cannabis companies. Specifically, the cloud-based SaaS solutions from WM Business provide an operating system for cannabis retailers. WM Business’ tools support compliance with the complex, and constantly evolving regulations in the cannabis industry. In August Weedmaps announced a multi-year partnership with Kevin Durant, Thirty-Five Ventures, and a sponsorship deal with Boardroom. On September 14th the company acquired leading cannabis CRM & marketing platform Sprout.

At the present time, Weedmaps has an estimated 10 million monthly active users and approximately 18,000 business listings in the U.S. In August the company reported its second-quarter 2021 financials and 2021 outlook. Specifically, the company delivered second-quarter revenue of $47 million. In addition, total revenue grew 21% year over year with US revenue up 55% from the previous year. Also, the company reaffirmed prior full-year 2021 revenue of $205 million and adjusted EBITDA guidance of $50 million.

MAPS is trading at $14.57 on September 28th up 7.65% in the last five trading days. The stock has a 52-week price range of $10.01-$29.50 and is up 18.01% year to date. According to analysts at CNN Business MAPS stock has a 12-month average price target of $18.50 per share. In essence, this would represent an upside of 26.97% from its last trading price of $14.57.

[Read More] Many Celebrities Come Together To Urge Biden To Consider Large Cannabis Pardons

IM Cannabis Corp.

Next for your watchlist is IMC is a global operator in the medical and adult-use recreational cannabis sector, that supplies products to Israel, Germany, and Canada. Based in Israel, the company has established the IMC brand as a staple in the Israeli medical cannabis industry. As it stands, IMC has expanded its business to offer services to the medical cannabis industry. Specifically, the company operates in Europe through Adjupharm, a German-based subsidiary, and EU-GMP-certified medical cannabis distributor. The company recently announced the completion of a state-of-the-art logistics center in Germany. Once it’s operating this facility will allow Adjupharm to streamline its supply chain including repackaging of bulk cannabis.IM-Cannabis-Corp-logo-mg-magazine-mgretailer

In August the company announced a partnership with cbdMD Inc. to launch cbdMD products in Israel. On August 16th IMC announced its Q2 2021 revenues of $11.1 million a 27% increase from Q1 2021. The company saw an adjusted EBITDA loss for Q2 2021 of $5.8 million.  The company is expecting significant revenue growth in the third quarter of 2021 from growth in Germany. Now, the company is resuming shipments at the start of the third quarter as well as the additional agreements to ensure the flow of EU-GMP supply.

IMCC stock is trading at $3.48 on September 28, 2021, up 25.35% in the past five days. The stock has a 52-week price range of $0.92-$11.63 and is down 55% year to date. According to analysts at Tip Ranks IMCC stock has 12 monthly average price targets of $8.06 per share. In this case, this would represent an upside of 132.28% from its current trading price of $3.48.

[Read More] Are you Investing In Marijuana Stocks In 2021? Here’s What You Should Know

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