Top Cannabis Stocks In Q4 2021
Are you looking for ways to invest in top marijuana stocks in October? After a sharp pullback this month the cannabis sector is trading at some of the lowest values seen in 2021. Most top cannabis stocks set highs in February and have seen declines since that time. September has brought some significant market volatility to the best pot stocks to watch. One way many investors take advantage of these price swings is by trading top marijuana penny stocks.
For those not familiar with penny stocks these are any stocks that trade under the $5 stock price. For the most penny stocks are known to be a higher-risk investment. Many seasoned investors prefer to trade these cannabis penny stocks on a short-term basis. In general, these investors use short-term trading methods like day trading, and swing trading to lock in returns.
In the first quarter of 2021 marijuana penny stocks rallied and climbed to new highs in February. Now after several months of market declines these penny pot stocks could be positioned for gains from current levels. For investors finding the best marijuana stocks to buy can be difficult with so many options. To narrow down possible investments, it’s important to research the companies with strong financials and study how they perform in the market.
Investing In Pot Stocks And The Current Market
As the possibility of federal cannabis legalization and reform continue to increase in the fourth quarter marijuana penny stocks could be a way to capitalize on short-term gains in the sector. In September many of these cannabis stocks are trading near their lowest price points in 2021 so far. Making a watchlist of possible investment options can help you keep track of how they move in the market.
If Congress passes any form of marijuana reform it could be a future catalyst for the cannabis sector going forward. In October because of this recent dip in the overall markets, we could see some upside for the best pot stocks to buy. Investors who are cautious about starting long-term positions with current market volatility may find value in the short term with cannabis stocks. Let’s look at 2 top marijuana penny stocks for your list in October.
Best Marijuana Penny Stocks To Watch Right Now
The Valens Company Inc.
At the present time, The Valens Company Inc. is exploring new areas of the cannabis market and has made entry into the flower, pre-rolled categories of the industry. To highlight, the company is introducing new edibles and concentrates in a partnership with Verse Cannabis. Primarily, the company provides processing services, product development, and supplies consumer packaged goods for the cannabis market. As a result of this partnership, Valens will add a new dimension to its portfolio.
In its first-quarter fiscal 2021 financials, Valens reported gross revenue of $21.8 million up 21.4% versus year over year. Also, the company saw net revenue increase 24.7% to $16.0 million from the year prior. Valens continues to establish its place as one of the largest third-party vape manufacturers in Canada. Notably, the company has manufactured and distributed the second-best-selling vape SKU across the major markets in Canada. In addition, Valens is establishing entry into the US market with the acquisition of a leading CBD company Green Roads. In September Valens entered a white label partnership with Fire & Flower Holdings Corp. (OTC:FFLWF) to manufacture and distribute CBD oil for the company.
VLNCF stock closed on September 29th at $1.91 down 3.54% for the day. The stock has a 52-week price range of $1.04-$3.31 and is up 46.92% year to date. According to analysts at Tip Ranks VLNCF stock has a 12-month average price target of $2.35 per share. In essence, this would represent an upside of 23.04% from its last trading price.
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. In general, 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.
In addition, Goodness announced the agreement to acquire Charm City Medicus Dispensary in Maryland. Specifically, 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. In September the company launched its first IRB-approved research study on Entheogens and psychedelic experiences.
GDNSF stock closed on September 29th at $1.55 up 9.15% in the last month of trading. The stock has a 52-week price range of $0.843-$3.84 and is up 4.77% year to date. According to analysts at Market Beat GDNSF stock has a consensus price target of $4.00 per share. In this case, this would represent an upside of 158.1% from its last trading price. In 2021 these could be the top marijuana penny stocks for your list in October.
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