Best Marijuana Stocks In 2021
Are you looking for ways to invest in top marijuana stocks in September? The best cannabis stocks to invest in are trading at lower price points right now. After six months of declines many pot stocks are trading near the lowest market values, they have experienced in 2021. One area of the cannabis sector that delivered gains in the first quarter of 2021 is marijuana penny stocks.
Known for significant market volatility penny stocks are considered high-risk investments. Because of the nature of these investments, many traders prefer using short-term methods like day trading and swing trading for cannabis penny stocks. Other areas of the cannabis market could also be positioned to rebound in the market. Initially, in the first quarter of 2021, the Canadian cannabis stocks shot up in value until almost mid-February.
Since this time most have sustained substantial losses in value. For these levels, these marijuana stocks could produce significant upside in the future. In Canada, the top cannabis companies continue to improve their balance sheets. Although they have not managed to outperform US cannabis companies, they continue to show growth in recent earnings. As the cannabis industry grows rapidly the best-positioned companies will gain market share.
Understanding The Cannabis Market and To Pot Stocks In 2021
Before investing in pot stocks in September there are a few important factors to consider. For one the best cannabis stocks to invest in right now are known for significant market volatility. Due to this volatility, many investors prefer trading these cannabis stocks on a short-term basis. As the cannabis sector begins to recover some of the losses it has seen in the past several months there could be significant upside for investors.
Researching a company’s earnings and studying how the stock performs in the market can help you establish the most gains. One major catalyst that could cause upward momentum in the cannabis sector is US federal marijuana legalization. Making a list of the top marijuana stocks to invest in can help you narrow down the best investments for your trading style. As we head into the weekend let’s look at 2 top marijuana stocks for your list before September.
Best Cannabis Stocks To Watch Before September
Cronos Group Inc.
One Canadian market leader Cronos Group Inc. is a global cannabinoid company with international production and distribution across five continents worldwide. Cronos has made a portfolio of cannabis brands that are successful with Canadian cannabis consumers. Recently, Cronos announced it purchased options to acquire a 10.5% stake in PharmaCann for $110.4 million. The deal will be executed under various factors including the status of US federal cannabis legalization. Specifically, the deal would involve PharmaCann’s six production facilities and 23 dispensary locations.
In July the company launched a line of new dual flavor cannabis gummies. These new gummies are said to have an unparalleled taste for adult consumers. On August 6th Cronos reported its second-quarter 2021 results with net revenue of $15.6 million up $5.7 million year over year. The company sustained a gross loss of $15.8 million and an adjusted EBITDA loss of $49.8 million. Cronos now has products available through ULTA.com and is expected to become available in ULTA Beauty stores throughout the US.
CRON stock is trading at $6.49 On August 27th up 4.06% in the last five days. The stock has a 52-week price range of $4.91-$15.83 and is down 7.64% year to date. According to analysts at CNN Business CRON stock has a 12-month median price target of $7.08 per share. In essence, this would represent an upside of 9.15% from its current trading price of $6.49. In September CRON stock could be one of the best cannabis stocks to invest in from the Canadian sector.
Goodness Growth Holdings, Inc.
Primarily, Goodness Growth Holdings, Inc. is focusing on bringing technology, science, and engineering to the cannabis market. At the present time, Goodness Growth announced its subsidiary Resurgent Biosciences plans on expanding into clinical research efforts in psychedelic medicine. Currently, the company has 17 retail dispensaries across the US. The company produced gross profit margins of $5.6 million up 42.6% year over year. Recently, Goodness Growth closed on the purchase of 4 cannabis licenses in Nevada before changing its name.
These licenses will allow Goodness to cultivate and produce cannabis products to both the medical and recreational markets in Nevada. In addition, Goodness announced the agreement to acquire Charm City Medicus Dispensary in Maryland. This transaction will improve the companies scale in the Maryland medical cannabis market and expand its retail presence in the state. In August Goodness reported its Q2 2021 financials with GAAP revenue of $14.2 million an increase of 16% year over year. As a result, the company set a record GAAP gross profit margin of 49% reflecting improving efficiency in their operations.
GDNSF stock is trading at $1.42 on August 27th down 14.46% in the last month. The stock has a 52-week price target of $0.60-$3.84 and is down 4.02% year to date. According to an analyst at Tip Ranks GDNSF stock has a moderate buy rating with an average consensus price target of $3.54 per share. With its hands in the cannabis market as well as psychedelic medicine GDNSF stock could be a top marijuana penny stock to invest in right now.
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