Marijuana Stocks Begin To See Rapid Gains In The Market
Top marijuana stocks to buy are climbing fast to start the third week in March. After a rough start this month the sector seems to be moving higher in the market. Besides being one of the fastest markets in the world at the current moment the cannabis industry is in the spotlight for new legalizations. In March Mexico has begun to take steps to become one of the world’s largest recreational cannabis markets. And in the U.S. more states are instating cannabis programs and furthering legalization into the recreational market like Arizona.
As a result, most cannabis companies are reporting strong revenue growth this March for full-year financials. Currently, many U.S. cannabis companies are taking advantage of market growth in the U.S. and are expanding. One method that has been predominant across the market is mergers and acquisitions. Generally speaking, leading marijuana companies can quickly introduce their brands into key markets by establishing a footprint that’s already structurally in place.
This is also adding to rapid revenue growth for the cannabis market. One trend that’s present across the U.S. is an increase in people signing up for medical cannabis programs across the country. For example, In states like Florida now over 500k people have become medical cannabis license holders at the present time. In addition, states like Arizona which recently launched recreational sales are expected to see double the cannabis sales from 2020.
Starting this week in March with the Dow, and S&P at new record highs marijuana stocks have also made some gains in the market. As top pot stocks continue gaining value some investors are looking for value in the market in other areas.
One area that gained substantial value so far in 2021 is cannabis stocks trading at smaller values in the market. Actually, most marijuana stocks under $5 per share have seen triple-digit percentage gains to start the year. In reality, this could be an area to find short-term gains in the cannabis market.
Currently, there are cannabis stocks that seem to be consolidating at current levels. As things continue to look good for the cannabis sector these marijuana stocks could see substantial gains in the market. With this in mind, we can do deeper research into some options for the best marijuana stocks to buy under $5. But these marijuana stocks could be good picks for your March watchlist.
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Marijuana Stocks To Watch:
Vireo Health International, Inc.
Vireo Health International, Inc. is a science-focused cannabis company that uses the best technology and science to produce cannabis. At the present time, Vireo manufactures branded cannabis products using state-of-the-art cultivation sites. Consistently the company is growing a network of retail locations and 3rd party dispensaries to distribute its products. Currently, Vireo operates 16 dispensaries nationwide and has its presence in 5 states and additional licenses for future expansion into four new markets.
In February Vireo announced it completed expansion projects in Maryland and opened its first dispensary in the state. Additionally, last month the company completed an expansion of its Arizona cannabis cultivation facility. As a result, increasing vireo’s cannabis production in Arizona as the adult recreational market launches in the state. The company’s Green Goods cannabis centers are being opened in key markets and could increase growth potential for 2021.
VREOF stock is up 104.80% year to date with a high of $3.84 in February. Currently closing trading on March 15th at $3.03 the stock has been trading in this area for most of the month. According to analysts at Stock Invest, VREOF stock is expected to rise 114.48% during the next 3 months. For this reason, VREOF stock is a cannabis stock to watch this week in March.
MediPharm Labs Corp.
MediPharm Labs Corp. is in the production of purified, pharmaceutical quality cannabis oil, concentrates, and advanced derivative products. Presently, MediPharm distributes cannabinoid-based products through its wholesale and white label distribution platforms. Currently, the company distributes cannabinoid-based products both domestically and internationally. Also, in March Medipharm announced the closing of a bought deal stock offering for total gross profits of $33.35 million. To elaborate, the company sold 57.5 million shares at a price of $0.58 in an offering led by Cantor Fitzgerald Canada Corporations.
With the funds, MediPharm intends to grow the company’s cannabis 2.0 product portfolio and expand medical products to Active Pharmaceutical Ingredients. On March 9th MediPharms announced it expanded its distribution footprint in Canada and has entered the Quebec market. Actually, Quebec marks the company’s 7th provincial distribution agreement. The company will supply the growing medical and wellness markets with a variety of cannabis concentrate-based products. MediPharms continues to take advantage of the growing derivatives market in Canada.
MEDIF stock is up over 9.28% in trading on March 15th closing at $0.4252. In February MEDIF stock reached a new high of $0.785. According to analysts at MarketBeat MEDIF stock has a consensus price target of $1.56. Essentially, this would be a 272.9% gain from current levels. With this in mind, MEDIF stock is a top marijuana stock to watch for gains in 2021.