Are Marijuana Stocks Gaining Momentum In August?
After starting the month looking bullish in the market top marijuana stocks are attempting to hold on to the value produced yesterday. In 2021 the best cannabis stocks to invest in have seen significant price fluctuations in the market. After coming out the gate in January and February climbing to new highs, we have seen a pullback that has lasted for five months. Now in August investors are predicting strong earnings for many leading cannabis companies as they begin reporting. Another possible catalyst for the cannabis industry could be marijuana legalization.
As cannabis legalization continues to expand on the state level Chuck Schumer is preparing the Cannabis Administration and Opportunity Act for an introduction in Congress. Although currently, this legislation may not have enough votes to pass in Congress, Schumer is attempting to work with lawmakers to achieve a draft of the legislation that does.
With these potential catalysts, one area of cannabis stocks that could have some future upsides is marijuana penny stocks. For those investors not familiar with penny stocks these are any stocks trading under the $5 threshold. In general marijuana penny stocks are known to be among the most volatile stocks in the market. Considered high risk and high reward many investors prefer trading cannabis penny stocks on a short-term basis.
Investing In Penny Stocks In 2021
In 2021 penny pot stocks have seen the most upside during the rally in the first quarter. Since then, they have also experienced the steepest declines in the market. With the possibility that the cannabis sector could begin to see some upside, there could be potential for short-term gains with marijuana penny stocks.
For investors, it’s important to study how these stocks perform in the market and establish a good entry point for your investments. Researching a company’s financials and adding the stock to your watchlist are ways to find the best investment options.
At the present time, many cannabis penny stocks could produce substantial returns from current trading levels. With this in mind, we can begin to research some of the top marijuana penny stocks to invest in for August. For investors looking for swing trades or day trades, these could be some of the best marijuana penny stocks to add to your watchlist this week.
Top Marijuana Penny Stocks To Watch
Cansortium Inc. is a cannabis company focusing on providing the highest quality marijuana in the state of Florida. Currently, the company has established operations in Texas, Michigan, and Pennsylvania. In its first-quarter 2021 results, Cansortium reported revenue of $15.1 million up 49% year over year. Recently the company has expanded its presence in Florida and Pennsylvania fully funded by a recent debt and equity financing of $90 million. In July, the company opened its newest dispensary in Deerfield, Florida.
At the present time, Cansortium has 26 operational dispensaries in Florida giving it a sizable presence in the state. Currently, the company expects to have a total of 27 operational dispensaries by the end of 2021. Specifically, its brand the Fluent has produced a wide variety of premium dried flowers, edibles, and full-spectrum concentrates, cartridges, and creams. In addition, Cansortium reaffirmed its annual 2021 guidance of revenue between $90-$100 million and adjusted EBITDA of $30-$35 million. On July 22nd CNTMF stock was welcomed into the OTCQX best markets from the OTCQB.
CNTMF stock is trading at $0.83 on August 3rd up 10.39% year to date. The stock has a 52-week price range of $0.549-$1.35 and is down 11.46% in the last months. According to analysts at Tip Ranks CNTMF stock has a 12-month average price target of $1.30 per share. This forecast would represent an increase of 56.63% from its current trading price of $0.83. For this reason, CNTMF stock could be a top marijuana penny stock to add to your watchlist right now.
Neptune Wellness Solutions Inc.
In 2021 Neptune Wellness Solutions Inc. completed a transition to a fully integrated consumer packaged goods company. The company is launching a lineup of CBD beverages in the US including CBD-infused flavored teas and lemonades. At the present time, the company is transitioning from a B2B cannabis and hemp extraction company to a consumer products company. With a new focus on consumer products, the company is providing cannabis, nutraceuticals, beauty and personal care, and organic food & beverage products.
In addition, Neptune secured a supply agreement with Alberta Gaming, Liquor, and Cannabis expanding the company’s presence into over 1600 retailers in Canada. The company can now sell recreational cannabis products through its Mood Ring and PanHash brands across British Columbia, Alberta, Ontario, and Quebec. In July Neptune’s reported its fourth quarter and fiscal 2021 results with revenue of $6.8 million. The company is expecting to report its fiscal first-quarter 2022 earnings on August 12th before the market opens.
NEPT stock is trading at $0.7802 on August 3rd down 49.79% year to date. The stock has a 52-week price range of $0.73-$3.60 and is down 60.84% in the last six months. According to analysts at CNN Business NEPT stock has a 12-month median price target of $0.87 per share. In essence, this would be an 11.89% gain from current trading levels. As the cannabis sector recovers NEPT stock could be a top cannabis penny stock to watch in August.
MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | firstname.lastname@example.org