Cannabis Stocks And November Market Volatility
At the present time, are top marijuana stocks a buy after this week’s pullback? In the past few weeks, the best cannabis stocks to watch have seen increased market volatility. Because of this more investors are looking for top marijuana stocks for short-term gains. Penny stocks are securities that trade under the $5 price point. In general, these stocks are considered a higher risk-reward investment that many traders use day trading and swing trading methods to produce a profit.
As pot stocks continue to see price fluctuations in November it could be time to make a list of the best cannabis stocks right now. Before investing in cannabis stocks, it’s always important to do your own due diligence before starting a position. Researching a company’s financials and studying how the stock performs in the market can help you make the largest returns.
In the US some of the leading cannabis companies are now trading at penny stock levels. Because of this many investors can establish a position in some of the top penny pot stocks with less capital. This gives the trader the ability to trade larger positions with less money. From current trading levels, many analysts are forecasting significant upside for marijuana stocks.
Finding Pot Stocks For 2021 Gains
In the US leading cannabis companies are delivering strong earnings during this November round of reporting. With strong financial results and lower price points in the market, it could be time to find the best pot stocks to buy this month. Some of these cannabis stocks are trading near their lowest price points in 2021.
[Read More] Marijuana Stocks Vs Federal Cannabis Reform
With some major catalysts in Congress currently, the cannabis sector could get another boost from federal marijuana legalization and reform. As things progress on Capitol Hill there are many ways to produce gains from current momentum. Let’s look at 2 top pot stocks for your list next week.
Best Marijuana Stocks To Watch In 2021
First up is TerrAscend which cultivates and sells medical and adult-use cannabis in Canada and the United States. Primarily, the company is a leading US cannabis operator with a footprint in Pennsylvania, New Jersey, and California. TerrAscend has licensed cultivation and processing facilities in Maryland and Canada. In general, the company produces and distributes hemp and cannabis-derived products and manufactures artisan edibles for cannabis consumers. Recently, 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.
On November 16th the company reported its third-quarter 2021 results with net sales of $49.1 million up 29% year over year but down 16% sequentially. In addition, TerrAscend has an adjusted gross profit margin of 46% compared to 59% in Q3 2020. TerrAscend signed an agreement to be the sole cultivator and manufacturer of COOKIES branded products in New Jersey and bring COOKIES to the three dispensaries it has in the state subject to regulatory approval. In September the company received Michigan prequalification approval for the acquisition of Gage Growth Corp. (OTC: GAEGF).
TRSSF Stock Performance
Notably, TRSSF stock closed at $6.09 on November 19th down 12.75% in the past five trading days. Currently, the stock has a 52-week price range of $4.89-$16.25 and is down 39.40% year to date. According to analysts at Tip Ranks TRSSF stock has a 12-month average price target of $10.94 per share. In this case, this would represent an upside of 70.68% from its current trading price. Coming very near to penny stock trading prices TRSSF stock could be a top cannabis stock for your watchlist next week.
TPCO Holding Corp.
TPCO Holding Corp. is one of the largest cannabis operators in California. For some background, the company is composed of direct-to-consumer platform Caliva, and hemp manufacturer Left Coast Ventures. In addition, TPCO has involved icon and entrepreneur Shawn Jay-Z Carter. To highlight, Carter is the Chief Visionary Officer and brand strategist for TPCO. Roc Nation is involved in the partnership providing artists, athletes, and influencers to establish brands. In August the company introduced Troy Datcher as the Company’s new Chief Executive Officer. Specifically, Datcher’s appointment represents the first time a Black CEO will lead a major public U.S. cannabis organization. In October the company acquired Coastal Holdings Company, LLC expanding its retail network to 11 operating stores and six delivery depots.
On November 15th TPCO reported its third-quarter 2021 results with net sales of $39.7 million. Gross profit for Q3 2021 was $6.1 million or 15% of net sales. As a result, the company sustained an Adjusted EBITDA loss of $16.2 million. 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. To highlight, TPCO has three streamlined facilities producing 8 core brands with a focus on higher-margin product offerings. The company made its first inaugural investments in Black and women-led businesses. In addition, TPCO expanded its product portfolio with the launch of well-by Caliva lotions and tinctures.
GRAMF Stock Performance
GRAMF stock is trading at $2.28 on November 18th down 31.53% in the past five trading days. At the present time, the stock has a 52-week price range of $2.07-$13.96 and is down 77.47% year to date. According to analysts at Market Beat GRAMF stock has a consensus price target of $8.00 per share. This forecast would represent an upside of 250.88% from its current trading price of $2.28.Currently hitting new lows in 2021 GRAMF stock could be a top cannabis stock to watch right now.
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