Best Cannabis Penny Stocks To Invest In For September
This week has been a volatile one for top marijuana stocks. After a rough start at the beginning of the week, the best cannabis stocks to buy are showing some upside in the last few days of trading. This is partly due to the federal cannabis banking reform amendment that’s attached to a defense bill that passed in the House. With the possibility of seeing some form of cannabis reform in the fourth quarter investors have a renewed interest in pot stocks.
For months marijuana stocks have seen declines in value mainly because of inaction from Congress on legalization. Now with the bill making its way to the Senate an important element in the cannabis market could be about to change. One way many more investors are beginning to take advantage of the market volatility in cannabis stocks is by using short-term trading methods.
In general day traders and swing traders take advantage of the short-term price fluctuations to produce gains. This is considered a higher-risk investment that could produce gains and losses quickly. Specifically, top marijuana penny stocks are showing some upside in recent trading. For those not familiar with penny stocks these are any stocks that trade under the $5 price point. In the first quarter of 2021, this part of the cannabis sector saw substantial upside for traders.
Before Investing In Penny Stocks In 2021
Before investing in cannabis stocks, it’s always important to research the company and the stock’s performance before investing. Looking into a company’s earnings and using market indicators to find possible plays can help you achieve better returns. In September there are some top cannabis penny stocks that could deliver some potential gains for investors.
As the cannabis sector shows upward momentum it could be time to make a watchlist of the best marijuana penny stocks right now. Although some of these cannabis companies are trading at lower price points, they have become rather large companies in the cannabis market. As the cannabis industry continues to expand across the US and internationally these companies are positioned to continue gaining market share. Let’s look at 2 top marijuana penny stocks for your list this week.
Best Cannabis Penny Stocks As Marijuana Banking Reform Passes In The House
Harvest Health & Recreation Inc.
First up is Harvest Health & Recreation Inc. is a vertically integrated cannabis company based in Arizona with one of the largest footprints in that state. In August the company announced it opened its 16th dispensary in Arizona. Additionally, Harvest opened its 14th store in Florida and has 47 stores nationwide. Earlier this year the acquisition of Harvest Health by Trulieve Cannabis Corp. (OTC:TCNNF) will create the largest US cannabis company in the world once its complete. Currently, Harvest seems to be focusing on growth in Florida and Arizona the states where Trulieve and the company hold the largest market shares.
In August Harvest reported its second-quarter 2021 results with revenue of $102.5 million up 84% year over year. In Q2 the company sustained a second-quarter net loss before non-controlling interest of $19.2 million down from the $23 million in Q1 2021. As it stands, Harvest produced an Adjusted EBITDA of $28 million in Q2 2021 compared to $26.9 million in Q1 2021. The company maintained its revenue guidance of $400 million in 2021.
HRVSF stock is trading at $3.259 on September 23rd up 10.25% in the past five trading days. The stock has a 52-week price range of $0.97-$4.50 and is up 44.44% year to date. According to analysts at Tip Ranks HRVSF stock has a 12-month average price target of $3.85 per share. In essence, this would represent an upside of 17.38% from its current trading price.
Red White & Bloom Brands Inc.
Next on the list is Red White & Bloom Brands Inc. a company positioning itself to be one of the top multi-state operators in the US cannabis market. Primarily, the company is expanding in the legal cannabis and hemp markets with retail locations in Michigan, Illinois, Massachusetts, Arizona, Florida, and California. RWB made the acquisition of all Florida operations from Acreage Holdings Inc. (OTC: ACRHF). As a result, RWB will have 8 retail stores in prime locations in Florida, a 114,000 SQ. foot facility, and a 400 Sq. foot office building.
In August the company closed the acquisition of a 45,000 sq ft greenhouse on 4.7 acres in Florida. The acquisition adds near-term cultivation capacity while the company works on its 114,0000 square foot facility in Sanderson Florida. To highlight, RWB reported its Q2 2021 results with $58.5 million in adjusted sales revenue for the first six months of 2021. The company pulled in revenue of $13.3 million in Q2 2021 compared to $11.8 million in Q1 2021. As a result, the gross margin was $9.5 million in Q2 2021. In September RWB appointed Ryan Costello to the board of directors for his experience with US government regulatory policy.
RWBYF stock is trading at $0.74 on September 23rd up 8.57% in the last month of trading. Currently, RWBYF stock has a 52-week price range of $0.604-$1.65 and is up 24.49% year to date. According to analysts at Wallet Investor RWBYF stock has a 1-year forecast price target of $1.088 per share. As things heat up for pot stocks these could be the best marijuana stocks for your list this week.
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