Continued Market Volatility For Top Marijuana Stocks
For the past two days leading marijuana stocks have begun to show signs of upward momentum in the market. Living up to their past market volatility the best cannabis stocks to invest in have seen a substantial market fluctuation in 2021. After rallying at the top of the year the cannabis sector has been seeing a decline in the market since reaching a new high on February 10th.
Because of this pullback, many leading pot stocks are trading at much lower levels in the market. Actually, most of the best cannabis stocks to buy are trading around levels they have not seen since December 2020. On the other hand, cannabis companies have been reporting record revenue growth for full-year 2020 financials. In addition, most are also giving 2021 revenue guidance that predicts more growth for this year.
Currently, in the U.S. the rapid expansion is contributing to the growth and every cannabis company is gunning for a piece of the market share. Outside the U.S. Canadian cannabis companies are also moving into a position to establish a presence. Most have done this through strategic acquisitions and partnerships that have put them closer to the U.S. cannabis market. Although unable to sell marijuana legally in the US some have established distribution with CBD products.
Canadian Marijuana Stocks In 2021
At the top of 2021 leading Canadian cannabis stocks saw the most momentum in the market. As the hopes for instant cannabis reform wore off, they have also seen the sharpest declines in the market. With many analysts beginning to feel marijuana stocks are closing on a rebound in the market it could be time to find cannabis stocks for your watchlist. For new investors doing your own due diligence will help you achieve the best positions in the current market. In general, this intel’s researching a company’s earnings and watching the stock’s performance in the market.
With the intention of finding top marijuana stocks that can produce gains in 2021, we can look at some options. At current levels, these cannabis stocks could have future value once the cannabis sector begins to climb higher. For new traders, the cannabis market could be at levels that produce future market gains. Putting some to pot stocks on your watchlist going into the last week in April could be a portfolio game changer.
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Marijuana Stocks To Watch:
- Canopy Growth Corporation (NASDAQ: CGC)
- MediPharm Labs Corp. (OTC: MEDIF)
Canopy Growth Corporation
Canopy Growth Corporation is one of the largest Canadian cannabis companies with a wide variety of high-quality products for both the medicinal and recreational cannabis markets. After a large investment and partnership with Constellation Brands, Inc. (NYSE: STZ) the company became one of the top Canadian marijuana stocks to watch. By its latest earnings report Canopy saw third-quarter fiscal 2021 results with a record net revenue of $153 million. Additionally, Canopy also announced it expects to achieve profitability by 2022.
Earlier in April Canopy entered into an agreement to acquire Supreme Cannabis Company, Inc. (OTC: SPRWF). Specifically, the deal is valued at $435 million in an all-stock deal that gives Supreme Cannabis shareholders Canopy shares upon completion. On April 21st Canopy signed a U.S. distribution agreement with Southern Glazer’s Wine & Spirits for its CBD beverage portfolio. In detail, this partnership will support the recent launch of Quatreau the companies first line of CBD infused beverages sold in the U.S.
CGC stock is up 7.83% year to date with a high of $56.50 in February. Closing on April 22nd at the stock is down 21.13% in the last 30 days. According to analysts at CNN Business CGC stock has a 12-month median forecast price of $31.17 per share. In essence, this would be a 17.28% increase from the current market value. With this in mind, CGC stock could be one of the best Canadian cannabis stocks to invest in for 2021.
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MediPharm Labs Corp.
MediPharm Labs Corp. produces purified, pharmaceutical quality cannabis oil, concentrates, and advanced derivative products. The company distributes cannabinoid-based products through its wholesale and white label distribution platforms. With the distribution of its cannabinoid-based products both domestically and internationally the company is growing globally. In March MediPharms expanded its distribution footprint in Canada and has now entered the Quebec market. Quebec included the company’s now in seven provincial distribution agreements.
On April 13th MediPharms signed a supply agreement with Adjupharm that will pave the way for cannabis branded extracts in Germany. In the future, the company will supply the growing medical and wellness markets with a variety of cannabis concentrate-based products. MediPharms continues to take advantage of the growing derivatives market in Canada, Israel, and Germany.
MEDIF stock is down 7.83% year to date with a high of $0.785 in February. Currently closed on April 22nd at $0.368 the stock is down 5.78% in the last 30 days. According to analyst Market Beat MEDIF stock has a consensus price forecast of $1.38 per share. This would be an upside of 264.8%. For this reason, MEDIF stock is a top Canadian marijuana penny stock to add to your watchlist before next week.
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