How The Cannabis Sector Is Trading Heading Into July
While the S&P 500 and the Nasdaq set record highs could marijuana stock see upward momentum in the market? So far in June top cannabis stocks have seen some market gains this month. After several months of market declines there seems to be some upward momentum in the cannabis sector. Now heading into July there are some factors that could propel the cannabis sector to higher market values. For one new legislation for cannabis, reform has been introduced on the federal level.
In 2021 federal reform has been the biggest driver of the cannabis sector this year. Since the beginning of the year, top pot stocks have seen higher volume from investors that belief the cannabis market in the US this year will see federal policy changes. Currently in the US cannabis companies have been delivering strong earnings and expanding rapidly across the nation. Although these solid earnings have not become higher market value, they do show future growth for the industry in 2021.
But the cannabis sector has seen its share of market volatility in 2021. After reaching new highs in February most leading cannabis stocks took a sharp decline for several months. For new investors looking to start a position, this could be time to find the best marijuana stocks to invest in for the summer. Many analysts believe the top marijuana stocks on your watchlist could begin to see significant upside before the year’s end.
Finding The Best Cannabis Stocks To Invest In For July
For investors doing your due diligence and researching a company’s financial results can help you find the best companies to invest in. It’s also important to study a stock’s performance in the market to find the best entry point for your investment. In essence, these methods can help you establish the most returns from your investments. Additionally, studying a pot stocks trading pattern can help you understand the best buying opportunities with each individual stock.
With this in mind, we can take a closer look at some top marijuana stocks to invest in this summer. As the cannabis sector continues to improve in the market these cannabis stocks could see significant upside for traders. As June ends let’s take a look at 2 of the best marijuana stocks to add to your watchlist before July.
Marijuana Stocks To Watch In July
TerrAscend is a leading US cannabis operator with a footprint in Pennsylvania, New Jersey, and California. In addition, the company has licensed cultivation and processing facilities in Maryland and Canada. Specifically, the company produces and distributes hemp and cannabis-derived products and also manufactures artisan edibles. TerrAscend operates the Apothecarium a dispensary brand that has won previous awards as well as best in class cultivation.
TerrAscend reported first-quarter 2021 net sales of $53.4 million and adjusted EBITDA of $22.6 million For future reference, the company raised its full-year 2021 guidance for net sales to exceed $300 million and an adjusted EBITDA to be more than $128 million. In June TerrAscend launched a portfolio of Kind Tree Branded products in Maryland. The Maryland facility was already producing 15 strains of flower under the Kind Tree brand and now will add vapes and half gran pre-rolls to the lineup.
TRSSF stock is trading at $10.15 on June 28th up 3.18% year to date. In February TRSSF stocks reached a high of $16.25 and have gained 386.10% in their 1-year performance. According to analysts at Tip Ranks TRSSF stock has a 12-month average target price of $16.87 per share. This forecast would represent an increase of 66.12% from current levels. For this reason, TRSSF stock could be one of the best marijuana stocks to watch going into July.
Jushi Holdings Inc.
Jushi Holdings Inc. is a cannabis and hemp company that is expanding its presence in the medical and recreational cannabis markets. At the present time, the company is focusing on building a portfolio of branded cannabis and hemp-derived assets across the US. Currently, Jushi operates 11 dispensaries under the BEYOND/HELLO brand. Recently the company completed the acquisition of two California dispensaries and closed another acquisition of Dalitso LLC Facility establishing its footprint in Virginia. Additionally, Jushi has 30 retail licenses in the US, and its national brand of cannabis dispensaries Beyond/Hello continues to see growth online and in-store.
In June Jushi Holding Inc. delivered its fourth quarter and full-year 2020 financials with Q4 2020 total revenue increased by 29.6% sequentially to $32.3 million. Full-year total revenue increased approximately 689.6% year over year to $80.8 million. In addition, for the first quarter of 2021, the company has total revenue of $41.7 million an increase of 29% from Q4 2020.
JUSHF stock is trading at $5.75 on June 28th up 7.16% in the past five trading days. In February JUSHF stock saw a high of $9.06 and has gained 329.05% in its 1-year performance. According to analysts at Market Beat JUSHF stock has a consensus price target of $8.25 per share. This would represent an increase of 44.7% from its current trading price. With this in mind, JUSHF stock could be one of the best cannabis stocks to buy for July.
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