Top Cannabis Penny Stocks To Watch In This Downtrend
Are you looking for the best marijuana stocks to buy for December 2021? In November investors have experienced heightened market volatility for the best cannabis stocks to watch. This week one reason for this market instability has to do with the discovery of the Omicron Covid-19 variant that is said to be more resistant to the vaccines than the Delta variant. In addition to the renewed virus issues, there is also a possible catalyst for top marijuana stocks in the Senate this week.
At the present time, there is a bipartisan push to keep the SAFE Banking Act attached to the NDAA. If this proves to be successful, this could be the first federal cannabis reform legislation to pass in 2021. One-way traders are taking advantage of this increased volatility is by trading marijuana penny stocks. For those investors not familiar with penny stocks these are any stocks trading under the $5 stock price.
In general, this area of the market is known to be a high-risk high reward area that many investors prefer to trade on a short-term basis. In 2021 the top cannabis penny stocks rallied in the first quarter establishing new highs in February. Since that time the entire cannabis sector has spent 2021 experiencing market declines. Now heading into December most of the cannabis sector is trading near the lowest price point seen this year.
Learning To Trade Penny Stocks In 2021
For cannabis investors, this could be a good time to make a watchlist of the best penny pot stocks right now. Before investing in any stocks, it’s always important to do your own due diligence. Researching a company’s earnings and studying how the stock performs in the market can help you achieve the largest gains from your investments. Learning to use technical analysis to establish opportunities in the market can help you achieve greater success with your trades. As we wait for a possible catalyst for the cannabis sector on Capitol Hill let’s look at 2 top marijuana penny stocks for your December watchlist.
Top Cannabis Penny Stocks For Your Watchlist Right Now
TPCO Holding Corp.
At the present time, TPCO Holding Corp. is one of the largest cannabis operators in California. Composed of direct-to-consumer platform Caliva, and hemp manufacturer Left Coast Ventures, TPCO also has involved icon and entrepreneur Shawn Jay-Z Carter. Primarily, Carter is the Chief Visionary Officer and brand strategist for TPCO. In August the company introduced Troy Datcher as the Company’s new Chief Executive Officer. As it stands, Datcher’s appointment represents the first time a Black CEO will lead a major public U.S. cannabis organization. In October the company acquired Coastal Holdings Company, LLC expanding its retail network to 11 operating stores and six delivery depots.
On November 15th TPCO delivered its third-quarter 2021 results with net sales of $39.7 million and gross profit of $6.1 million or 15% of revenue. In addition, the company sustained an Adjusted EBITDA loss in Q3 of $16.2 million. To close Q3 2021 the company had cash and equivalents totaling $206.7 million.
Words From The CEO
“My focus since joining in September has been on accelerating the pace of our in-state expansion, increasing our operational efficiencies, and attracting talent to further strengthen our team. Our store presence has more than tripled since the beginning of 2021, now at over 80% coverage of the States adult population upon closing our signed acquisitions, we believe there is a significant opportunity for us to emerge as the preferred choice for Californian consumers looking to access high-quality cannabis products.”
Troy Datcher, Chief Executive Officer of The Parent Company
GRAMF Stock Performance
GRAMF stock closed on November 29th at $1.92 down 4.05% for the trading day. Currently, the stock has a 52-week price range of $1.86-$13.96 and is down 81.04% year to date. According to one analyst at Tip Ranks GRAMF stock has a 12-month average price target of $8.00 per share. This forecast would represent an upside of 316.88% from its current trading price of $1.92.
Greenlane Holdings, Inc.
Next up is Greenlane Holdings, Inc. one of the largest cannabis accessories companies serving the global industry. In general, the company sells premium cannabis accessories, child-resistant packaging, and specialty vaporization products in the US and international markets. Presently, Greenlane has a customer base of more than 11,000 retail locations around the world. This year, Greenlane completed the merger with KushCo Holdings, Inc. In October the company entered into an agreement to acquire DaVinci a leading developer and manufacturer of premium portable vaporizers.
In November the company announced third quarter 2021 financials with total revenue of $41.3 million up 16% year over year. Greenlane achieved its second-highest sales level for Greenlane brands which grew to $8.4 million. At the present time, the company is targeting $70-$100 million in Greenlane brand revenues for 2022 and 2023. After Greenlane completed the acquisition of KushCo Holdings the company could be one of the largest ancillary cannabis companies in the market.
GNLN Stock Performance
GNLN stock closed on November 29th at $1.22 down 28.65% in the last month. Currently, the stock has a 52-week price range of $1.20-$8.73 and is down 69.19% year to date. According to analysts at CNN Business GNLN stock has a 12-month median price target of $5.00 per share. In essence, this would represent an increase of 309.84% from its current trading price of $1.22.
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