Investing In Top Cannabis Penny Stocks In 2021
Are you looking for ways to invest in marijuana stocks for short-term gains? In 2021 Top cannabis penny stocks have seen significant market volatility this year. For those not familiar with penny stocks these are any stocks trading under the $5 price point. Specifically, marijuana penny stocks saw significant upside in the first quarter of 2021 but have been declining in the market for several months.
In general penny stocks are known as a higher risk-reward area of the market and many investors use short-term trading strategies to achieve gains. With the announcement of possible cannabis banking reform, it’s all eyes on Congress and the defense bill in the House. In the event, the legislation passes this would be a monumental first step for the cannabis industry on the federal level. Opening the door to regular banking for an industry-based mostly on a cash system.
With top marijuana penny stocks trading at some of their lowest price points in 2021 it could be time to start a list of the best cannabis penny stocks with short-term potential. After the announcement was made that Congress had an amendment that was almost identical to The SAFE Banking Act attached to a defense bill most pot stocks began to see some upside. Although going into the weekend the cannabis sector is pulling back, we could see more upside when the legislation passes.
Top Penny Stocks In 2021
For investors, it’s important to always do your due diligence on a company before investing. Getting familiar with a company’s earnings and watching how a stock performs in the market can help you make the best returns on your positions. From these current trading levels, many analysts predict cannabis stocks could see significant gains in the future.
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Using short-term trading methods like day trading and swing trading investors have continued to see gains in the market. In Q4 we now have the possibility of banking on the table in a big way. For the cannabis sector, this could be a future catalyst for the market. Finding companies for your list at a lower price point means you can establish a larger position with less capital. As we head into the weekend let’s look at 2 top marijuana stocks for your watchlist in September.
Top Marijuana Penny Stocks For Your List Next Week
- Goodness Growth Holdings, Inc. (OTC:GDNSF)
- Sundial Growers Inc. (NASDAQ:SNDL)
Goodness Growth Holdings, Inc.
Goodness Growth Holdings, Inc. is focusing on bringing technology, science, and engineering to the cannabis market. Recently, Goodness Growth announced its subsidiary Resurgent Biosciences plans on expanding into clinical research efforts in psychedelic medicine. At the present time, the company has 17 retail dispensaries across the US. Notably, the company produced gross profit margins of $5.6 million up 42.6% year over year. 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.
Additionally, 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 $1.55 on September 17th 3.05% in the past five trading days. The stock has a 52-week price range of $0.843-$3.84 and is down 50.17% in the last six months. According to an analyst at Tip Ranks GDNSF stock is a moderate buy with an average price target of $3.56 per share. In essence, this would represent an upside of 129.68% from its current trading price of $1.55.
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Sundial Growers Inc.
Next on the list also is known as a meme stock Sundial Growers Inc. engages in the production and marketing of cannabis products for the adult-use market in Canada. At the present time, the company manufactures and distributes inhalable products, such as flowers, pre-rolls, and vapes.cOn September 15th Sundial announced it launched the first Canadian Caviar cone under the Top Leaf brand. In detail, the Forbidden Lemon Caviar Cones will be the first caviar cone product to hit the Canadian market. Primarily, This launch reinforces Sundial’s focused innovation pipeline around premium inhalable in the Canadian cannabis market.
In August, Sundial reported its Q2 2021 financials with net revenue for the cannabis segment of $9.2 million. Additionally, with the company’s investment fee revenue Sundial made $5.7 million and $3.7 million in profit from equity investments. In total the company saw net revenue of $18.6 million in Q2 2021. As a result, the company produced gross cannabis revenue of $12.7 million an increase of 8% sequentially. Also, in Q2 2021 Sundial sustained a net loss of $52.3 million and an adjusted EBITDA loss of $0.2 million.
SNDL stock is trading at $0.7103 on September 17th down 2.04% in the past five days. The stock has a 52-week price range of $0.138-$3.96 and is up 51.91% year to date. According to analysts at CNN Business SNDL stock has a 12-month median price target of $0.74 per share. In this case, this would represent an upside of 4.13% from its current trading price of $0.71.
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