Cannabis Stocks And The Stock Market In August
Are you looking for top marijuana stocks to add to your list right now? As the best cannabis stocks to invest in see declines this week most pot stocks are trading near their lowest market value in 2021. In August the cannabis sector saw steeper declines as some of the leading cannabis companies delivered strong earnings for this round of financials. During this year’s earnings reports top marijuana stocks have not seen any market gains with strong earnings.
In fact, the opposite has occurred to pot stocks in August. For this year the only event that has been a catalyst for the cannabis sector is federal cannabis legalization and reform. In July Senate Majority Leader Chuck Schumer unveiled a draft of the Cannabis Administration and Opportunity Act.
In detail, this draft was released to gain support for the federal legalization of cannabis and help communities that were directly affected by the war on drugs. Along with Schumer, Senator Cory Booker and Senator Ron Wyden have been taking public comment on the proposal. Currently, it remains to be seen if the lawmakers can gain enough support to get a passing vote in the Senate.
US Cannabis Legalization In 2021
In the meantime, the cannabis industry has been growing on the state level with more states legalizing cannabis in 2021 for medicinal and recreational use. This week New Jersey released its regulations on cannabis which could start cannabis sales in the state for the adult-use market.
Currently, there are some well-positioned cannabis companies in the US. As the cannabis market grows so will their market share and revenue. Some companies have a dominant presence in a particular state. Others have their footprint in several states across the continent. Regardless of the business model, these companies could deliver for cannabis investors in the future.
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For new investors, it’s important to research a company and watch how the stock performs in the market before investing. Getting familiar with a company’s earnings and finding the best position for your investment in the market can help you achieve the largest returns. While the markets could slide further to close out this week from these trading levels many cannabis stocks to buy could produce future upside. With this in mind, let’s look at 2 top marijuana stocks for your list next week.
Top Marijuana Stocks To Watch Right Now
- Columbia Care Inc. (OTC: CCHWF)
- TPCO Holding Corp. (OTC: GRAMF)
Columbia Care Inc.
Recently expanding its footprint in New Jersey, Columbia Care Inc. is positioned to grow rapidly after legalization is complete in the state of New York. In addition, an acquisition of a 34-acre Long Island cultivation site has given the company one of the largest cannabis footprints to service the East Coast market. At the present time, Columbia Care operates in 18 US markets and operates 130 facilities including 99 dispensaries and 31 cultivation and manufacturing facilities. In July the company announced the launch of West Virginia market operations. Columbia Care expects to begin cultivation operations in the state at its Falling Waters facility.
On August 12th the company delivered its second-quarter 2021 results with a record quarterly revenue of $109.7 million up 232% year over year. Columbia Care saw record quarterly adjusted gross profits of $47.7 million an increase of 300% year over year. The company also has a record adjusted EBITDA of $16.4 million up $21.1 million year over year. Recently, the company completed the acquisition of Green Leaf Medical establishing a market-leading position in the mid-Atlantic. With this, Columbia Care appointed Phillip Goldberg of Green Leaf Medical To its Board of Directors.
CCHWF Stock Performance
CCHWF stock closed at $4.03 on August 19th down 13.15% in the last five trading days. The stock has a 52-week price range of $3.14-$7.89 and is down 33.39% year to date. According to analysts at Tip Ranks CCHWF stock has a 12-month average price target of $10.58 per share. Currently, this would represent a gain of 162.53% from its last trading price of $4.03. For this reason, CCHWF stock could be one of the best marijuana penny stocks for your list next week.
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TPCO Holding Corp.
At the present time, TPCO Holding Corp. is considered one of the largest cannabis operators in California. Primarily, the company is composed of direct-to-consumer platform Caliva and hemp manufacturer Left Coast Ventures. Additionally, TPCO also has involved icon and entrepreneur Shawn Jay-Z Carter. Carter is Chief Visionary Officer and brand strategist for TPCO. Also, Roc Nation will be in the partnership providing artists, athletes, and influencers to establish brands. On August 16th the company introduced Troy Datcher as the Company’s new Chief Executive Officer, effective Sept 8th. Initially, Datcher’s appointment represents the first time a Black CEO will lead a major public U.S. cannabis organization.
The Parent company also provided its second quarter 2021 earnings with net sales of $54.2 million. Specifically, this revenue is made up of $11.9 million in direct-to-consumer revenue and $42.3 million in wholesale revenue. As a result, gross profit for Q2 2021 was $8.1 million, or 15% of net sales. In 2021 the company launched Shawn “JAY-Z” Carter’s MONOGRAM a high-end premium cannabis product with reimages of iconic photos of American photographer Slim Aarons. Also, TPCO has three streamlined facilities producing 8 core brands with a focus on higher-margin product offerings. Recently, the company made its first inaugural investments in Black and women-led businesses.
GRAMF Stock Performance
GRAMF stock closed on August 19th at $3.82 down 6.14% in the last five days. The stock has a 52-week price range of $3.80-$13.962 and is down 62.25% year to date. According to analysts at Market Beat GRAMF stock has a consensus price target of $8.00 per share. In essence, this would represent an upside of 109.4% from its last trading price of $3.82. With this in mind, GRAMF stock could be a top cannabis stock for your watchlist in August 2021.
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