2 Marijuana Stocks To Watch For Your May Watchlist
For those who invest or want to invest in marijuana stocks keep in mind that it’s a volatile sector. For instance, just a week ago marijuana stocks were starting to build back their trading momentum and now they have dipped back down. However, all is not lost as there is now another chance to buy top marijuana stocks off of the dip. This will give new and seasoned investors a better position to see more gains once marijuana stocks start to rise once more.
As well there is a great deal of progress that is happening on a state level that might work in some favor for multi-state operators. For instance, New York who recently went legal is set to make $245 million every year. As well as Illinois breaking another record for cannabis sales in April. More success for legal states creates space for MSO cannabis companies to come in and do business within these legal states.
As well with more states that go legal, it may also resonate well in the market for how cannabis stocks trade. At times when good news or more progress happens for a company or the cannabis industry overall, it can impact how some marijuana stocks move in the market. You want to make sure you keep up to date with all current news and any market info.
This may play a part in someone’s investment choice to buy marijuana stocks. Especially with how volatile the market can be and watch for times like now where buying opportunities are happening. Right now investors are staying hopeful that May will start to show better trading for cannabis stocks. The cannabis stocks below are examples of a few potential plays to watch as the market has dipped once again.
Marijuana Stocks To Watch In May
Planet 13 Holdigs Inc.
Planet 13 Holdigs Inc. is known as the company with a cannabis superstore located in Las Vegas Nevada. In fact, back on 420, the company reported having record-breaking sales on that day. The Company generated US$543,000 in just one day of making sales. This helped the company make a 50% excess gross margins during the month.
“The demand and acceptance for cannabis is growing across the country, and nowhere is that more evident than in Las Vegas. For tourists returning to Vegas, Planet 13 is synonymous with cannabis and an incredible entertainment experience,” said Larry Scheffler, Co-CEO of Planet 13.
During the first week of March, PLNHF stock was having some trouble finding momentum and started to fall. However, from March 8th to the 17th PLNHF stock had a small recovery period. What makes this small window of upward trading so significant is it happened when the sector as a whole was dropping in the market. Yet shortly after the company fell the rest of the month.
However once again as more marijuana stocks started to fall in April PLNHF stock started to climb once again. Trading for PLNHF stock from April from March 30th to April 8th made for gains of 24 percent. But PLNHF stock was not able to sustain this momentum has dropped once more. Currently in May PLNHF stock is still trying to gain back some of its previous trading momentum.
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Jushi Holdings Inc.
Jushi Holdings Inc. is one marijuana stocks that have earned a popular opinion amongst many investors. In the last month of trading JUSHF stock like many others in the sector are trying to reach higher market levels. Looking back at the start of 2021 and you can see even with a volatile pattern of trading JUSHF stock was still trading up. The company saw a nice rise up until the first week and half of February.
But soon after the company had trouble keeping its upward push going. Yet even as the company was trading down in March small moments of upward trading did occur. From March 5th to March 15th JUSHF stock saw a 21 percent increase in trading. Right after this rise, the company started to drop down the rest of the month.
In the beginning of April, JUSHF stock started to rise once again yet ultimately the company couldn’t keep its uptick going. However from April 20th to May 3rd, JUSHF stock began to show better trading. Yet once again the company has dipped back down. In recent news, the company has announced it has completed the acquisition of two California retail dispensaries.
“We are thrilled to close these acquisitions and build depth in California with our second and third retail locations in the state,” said Jim Cacioppo, Chief Executive Officer, Chairman and Founder of Jushi. “Palm Springs and Grover Beach offer premier locations for our expansion as we continue to build our strategic footprint and target limited license market opportunities within the state. We look forward to introducing our BEYOND / HELLO™ retail brand and experience to the locals and visitors of Palm Springs, Grover Beach and Culver City.”