Top Cannabis Stocks To Watch Right Now
Are you looking for marijuana stocks to buy for short-term gains? In December the cannabis sector continues to trade at some of the lowest price points seen this year. As this week in trading begins top cannabis stocks are being affected by a downtrend in the overall market. This is due to concerns with rising inflation and what the FED will do curve the current problem.
Although 2021 has given back most of the gains experienced in the cannabis sector in the first quarter there are ways to take advantage of the volatility. Many investors prefer trading marijuana penny stocks for short-term gains in times of increased volatility. For those investors unfamiliar with penny stocks these are any stocks trading under the $5 stock price.
Known for being a higher risk area of the market traders use day trading and swing trading methods to achieve returns with cannabis penny stocks. Because of the lower price points, active traders can establish larger positions with much less capital. As a result of these larger positions, traders can produce gains with smaller price moves in the market. In general, this gives them the ability to take advantage of price fluctuations throughout the day which could lead to large, short-term returns.
Learning How To Trade Penny Stocks And Using Volatility To Your Advantage
Before investing in pot penny stocks, it’s important to do your own research into a company. Looking into a company’s finances and press releases can give traders insight into which are the best to invest in. In addition, following how a stock performs in the market can help you find the best entry points for your investments. Learning how to use trading tools and read chart patterns can help you become a successful trader. As we start another volatile week in the market let’s look at 2 top marijuana penny stocks for your 2022 watchlist.
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Best Marijuana Penny Stocks Under $2 For 2022
- TPCO Holding Corp. (OTC: GRAMF)
- Greenlane Holdings, Inc. (NASDAQ: GNLN)
TPCO Holding Corp.
TPCO Holding Corp. is one of California’s largest cannabis operators at the moment. Caliva, a direct-to-consumer platform, and Left Coast Ventures, a hemp manufacturer, are among the members of TPCO, which also includes icon and entrepreneur Shawn Jay-Z Carter. Carter is primarily TPCO’s Chief Visionary Officer and brand strategist. Also important is the appointment of Troy Datcher as the company’s new Chief Executive Officer in August. Datcher’s appointment marks the first time a Black CEO has led a major public cannabis company in the United States. In addition, Coastal Holdings Company, LLC was acquired in October, bringing the company’s retail network to 11 stores and six delivery hubs.
TPCO reported net sales of $39.7 million and a gross profit of $6.1 million, or 15% of revenue, for the third quarter of 2021 on November 15th. In addition, the company lost $16.2 million in Adjusted EBITDA in the third quarter. To close Q3 2021 the company had cash and equivalents totaling $206.7 million. To close November the company appointed Tiffany McBride as Managing Director of Social Equity Ventures and Kerry Arnold As Chief People Officer.
GRAMF stock is trading at $1.69 on December 13th down 8.15% for the trading day. Currently, the stock has a 52-week price range of $1.55-$13.96 and is down 81.82% year to date. According to one analyst at Market Beat GRAMF stock has a consensus price target of $8.00 per share. In this case, this forecast would represent an upside of 334.8% from its current trading price of $1.69.
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Greenlane Holdings, Inc.
Greenlane Holdings, Inc. is one of the most well-known cannabis accessory firms in the world. The company primarily distributes premium cannabis accessories, child-resistant packaging, and specialist vaporization goods in the United States and internationally. Greenlane currently has over 11,000 retail outlets throughout the world as customers. Greenlane concluded its merger with KushCo Holdings, Inc. in 2021. DaVinci, a premier inventor, and manufacturer of premium portable vaporizers were acquired by the firm in October.
The company published financial results for the third quarter of 2021 in November, with total revenue of $41.3 million, up 16% year over year. Greenlane’s sales increased to $8.4 million, the second-highest amount in the company’s history. Greenlane brand revenues are expected to be $70-$100 million in 2022 and 2023, according to the business. Following the completion of Greenlane’s acquisition of KushCo Holdings, the company might become one of the major auxiliary services providers in the world.
GNLN stock is trading at $1.145 on December 10th up 8.33% in the past five trading days. Currently, the stock has a 52-week price range of $1.02-$8.73 and is down 70.45% 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 334.78% from its current trading price of $1.145.As the market continues to show extreme volatility these could be some of the best marijuana penny stocks for your list right now.
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