2 Marijuana Stocks To Add To Your Watchlist This Month
During the trading day on January 6th, almost every marijuana stock in the market started to rally off the open. This wave of momentum that entered the market was caused by the Democrats taking control of the Senate. With the Dems in control, it makes a smoother process for the President-elect Joe Biden to pass different bills. However, the importance behind this for the entire U.S. cannabis industry is now the MORE Act has a strong chance of passing the Senate. Prior to this runoff election, the Senate was controlled by the Republicans which many believe would have stopped the MORE Act from passing.
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To recap a bit the MORE Act is a bill that back in 2020 was passed by the House that would decriminalize cannabis on a federal level. Marijuana stocks like KushCo Holdings, Inc. (KSHB Stock Report), Vireo Health International Inc. (VREOF Stock Report) all saw gains of over 22% during this time. Much of this momentum died off later in the day but most marijuana stocks still were able to continue their upward push. In my opinion, the spike in trading on January 6th shows the potential and strength of one of the fastest-growing industries in the world. So with we will look at 2 marijuana stocks that have the makings to be top gainers in 2021.
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TILT Holdings Inc. (TLLTF Stocks Report)
Tilray, Inc. (TLRY Stock Report)
Top Marijuana Stocks To Watch Right Now TILT Holdings Inc. (TLLTF)
During the trading day of January 6th, TLLTF stock saw a subtle gain of 8.79% from its previous close. For many marijuana stocks, this is largely due to speculation of what’s to come from the Democrats winning the runoff election. Prior to this TLLTF stock started to recover from March lows. During 2020 the company put a lot of things in motion for future business. Not only did TILT Holdings Inc. post a record adjusted EBITDA of $2.8 million. Not only that the company was finally able to complete its purchase of Blackbird along with being granted the green light to expand its cultivation operation in Massachusetts.
Currently, the company has a few more projects in the works that may resonate well for TLLTF stock. With cannabis companies like this how operations are maintained and handled is important to future growth. After slightly dipping back on December 1st TLLTF stock rose back up on December 28 by 13% before dipping back down. When the end of December came TLLTF stock dropped s bit more heading into the new year. Since that time TLLTF stock has begun to rise in the market. So far for the month of January TLLTF stock is up over 10%. This push the TLLTF stock is having is a good indicator that the company has good growth potential for the near and distant future. As the company continues to build more momentum it’s possible that this marijuana stock to watch continues its climb in the market.
Top Marijuana Stocks To Watch Right Now: Tilray, Inc. (TLRY)
Tilray, Inc. is another marijuana stock that saw an increase in trading due to Senate being controlled by the Democrats. On January 6th TLRY stock saw a gain of 13% from its previous close on the 5th of the same month. After March lows like many marijuana stocks TLRY stock began to move up in the market. However, from the beginning of June to the end of September TLRY stock started to dip back down. It wasn’t until October when TLRY stock began to rise again in the market.
For the month of October, TLRY stock shot up 16%. This push allowed TLRY stock to continue its momentum most of the following month. During the month of November, TLRY stock saw gains of 35% for that whole month. Heading into the following month TLRY stock dropped to $7.37 a share in mid-December before rising up to a share of $8.26 a the end of that month. At one point in time, Tilray Inc. was known as one of the top marijuana stocks in the cannabis industry.
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Currently, the company is working to progress its business to reach previous highs. Now that the senate is run by the Dem’s cannabis companies like Tilray are in a great place. All in all, investors are keeping watch for marijuana stocks to buy. Especially in a time when cannabis legislation is in favor of the industry. So as things move into the future many marijuana stocks have the chance to see more gains.