Investors Should Pay More Attention To These Marijuana Stocks
Investors are starting to have a bit of renewed faith in the recent rise in marijuana stocks. Since the second week of February, many cannabis stocks were hit hard by the massive downtrend the sector was facing. Since that time many marijuana stocks have started to slowly sustain better momentum.
However, because of previous builds-ups and drops, shareholders remain cautious about this current rise with cannabis stocks. With many cannabis companies releasing their recent earnings so far it has added some positive sentiment in the sector. For each company that has reported good financials, it has started to impact the way marijuana stocks are beginning to perform.
What investors want to know is how long will this current momentum last? The answer is there no way to know for sure how long this boost in momentum will last. From February to now marijuana stocks still have some catching up to do. Yet at this point, cannabis stocks are continuing to climb allowing for some shareholders to see a return on their investment. Which has been the goal over the last several months.
Cannabis Industry And Market Update
Furthermore, as some analysts predicted May has shown to be a better month for many cannabis stocks. Now looking at the other side of the cannabis industry top marijuana companies have been expanding operations to increase their business. As well more legislation is being created to help more states enact some form of cannabis reform.
As more states legalize cannabis it will only further add to the growing cannabis industry in North America. Right now a big focus is on the U.S. cannabis industry. This is due to the U.S. industry’s continuous growth and high revenue yielding cannabis markets. Over the last several years the industry has evolved in major which has only continued in 2021.
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Marijuana Stocks To Watch Right Now
MariMed Inc. is a top multi-state cannabis operator focused on health and wellness. Recently MariMed released its Q1 2021 financial report. During this time the company was able to reflect its highest core revenue profitability made from legal cannabis. The company was able to make core cannabis revenue of $24.6 million. This accounted for a 230% increase of over $7.5 million in Q1 2020.
As well MariMed also reached EBITDA of $7.6 million, a 764% increase over $0.9 million in Q1 2020. Next, the company increased its working capital to $17.1 million. This made for an increase of $19.3 million from negative working capital of $2.2 million, year over year. Some operational highlights consist of closing a $46 million equity financing from Hadron Healthcare Master Fund.
“We are thrilled with our Q1 performance,” said Bob Fireman, CEO of MariMed. “We delivered significant top-line revenue growth together with improved earnings to our shareholders. Our previously announced consolidation plan is working – we are building a strong, consolidated platform of great assets and brands that consumers love, led by deeply experienced corporate and local state level management. We have a new financial partner to support the Company and enable management to meet its growth objectives.”
As of May MRMD stock has started to look better in the market. Even during this recent downtrend, MariMed was able to sustain a decent market position. Since the back half of April MRMD stock has started to climb back up in the market. From April 20th to now MRMD stock is now up 34 percent. With May halfway done shareholders hope to see MRMD stock continue to rise the rest of the month.
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TerrAscend Corp. has been one of the many cannabis stocks that have caused shareholders a bit of uncertainty. Some of this is partly due to how volatile the TRSSF stock performs on top of seeing very little recovery. However, during the 3rd week of April, a bit of upward momentum made its way into the market for TRSSF stock.
Outside of some volatility TRSSF stock was able to recover at a slow pace. Just like MariMed Inc. TRSSF stock even while the sector as a whole dropped the company held a better market position than most. Currently, TRSSF stock is once again beginning to climb back up in the market.
With a few more weeks left in May, only shareholders are keeping watch to see if TRSSF stock will continue to climb. In recent news, the company has announced several things in the last few weeks. Back on May 4th, TerrAscend announced it has completed the acquisition of Maryland-based grower processor HMS Health, LLC and HMS Processing, LLC. Which was purchased from Curaleaf Holdings Inc.
Next the company also recently announced the grand opening of its second New Jersey medical cannabis dispensary in addition to having participated in the upcoming Canaccord Genuity Cannabis Virtual Conference. The company has not let a downtrend impact its business operations as TerrAscend continues to be a marijuana stock to watch in 2021.
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