2 Marijuana Stocks To Watch For Better Trading As The Sector Is Still Down
As marijuana stocks and much of the sector continue to trade down investors are wondering how long this downtrend will last. Much of this ongoing drop-in marijuana stocks came shortly after mid-February. Prior to the start of the new year, many marijuana stocks were able to see better trading. However, some analysts feel marijuana stocks will recover eventually which will be good for some shareholders. The hope is the most cannabis stocks in the near future reach similar trading levels like back at the start of February.
Right now there is much concern over federal cannabis reform for the U.S. cannabis industry. In a recent report, White House Press Secretary Jen Psaki was not able to solidify if Joe Biden would sign off to federally legalize cannabis. This has caused a bit of concern for those who work on the U.S. and abroad markets. Having federal cannabis reform it will allow for cannabis companies outside of the states to do business in the U.S. As well with more states going legal it will put more pressure on the white administration to sign a reform bill. Now hopefully marijuana stocks can see some better trading beforehand but some do believe federal reform will cause some cannabis stocks to rally.
So until then, many new and seasoned investors are scanning the market looking for the best marijuana stocks to buy. Because of how low pot stocks are currently trading now is a good time to start investing in the market before things start to recover. Just make sure you do your research before investing so you have a thorough understanding of each company. Below are a few marijuana stocks to watch that may be a good addition to your portfolio before things start rising in the market.
Marijuana Stocks To Watch Right Now
Harvest Health & Recreation Inc.
Harvest Health & Recreation Inc. is one of the many marijuana stocks that has been trying to find better momentum during this downtrend. Even with HRVSF stock down at the moment the company still holds a higher market level than it did before the start of the new year.
Just last month the company released its fourth-quarter and full 2020 financial results. During that time the company generated a revenue of $69.9 million for Q4 2020. This was an increase of 85 percent from Q4 of 2019. As well the full 2020 year revenue is up 98 percent with a revenue of $231.5 million. This is in comparison to $116.8 million made back in 2019. Here’s what the company had to say about its earnings.
“Our fourth quarter results and the initial success of recreational sales in Arizona demonstrate the efficacy of our strategy to make targeted investments in our core markets of Arizona, Florida, Maryland, and Pennsylvania” said Chief Executive Officer Steve White. “We are focused on continuing to build on this positive momentum as we execute on our plan in 2021.”
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Cresco Labs Inc.
Cresco Labs Inc. has been one of the few marijuana stocks that have seen any sign of better trading. Especially in the last few days of April. With much of the market trading down it’s a positive sign to see a company such as Cresco exhibit some form of upward movement. Now the question becomes for this marijuana stock to watch is will this small uptick in trading lead to an even higher market level.
From March 30th to the 5th of April CRLBF stock did show a bit of an upward push. During this uptick in trading, CRLBF stock did generate some subtle gains. However, the company was not able to sustain its upward push in the market. But as mentioned above has started to once again show a small pick up in momentum. In the company’s most recent news releases they have announced appointing Tarik Brooks to its board of directors. As well as the retirement of Dominic Sergi.
“I’m thrilled to welcome Tarik Brooks to our board of directors. He has remarkable experience building and managing consumer brands and will be an invaluable member of our organization as cannabis continues to evolve as a consumer packaged good,” said Tom Manning, Cresco Labs Executive Chairman
Final Thoughts On CRLBF Stock And News Updates
As well in some more recent news Cresco also mentioned they have officially acquired Bluma Wellness. With this deal, Bluma Wellness will be moving into the Florida cannabis market. This deal is a strong sign of growth potential especially as the industry continues to expand at a rapid pace. As well if things execute as they need to this may help to see better trading for CRLBF stock.
“We couldn’t be more excited to begin working with Cresco Labs to execute our shared vision for aggressive expansion in Florida,” said Brady Cobb, CEO of Bluma Wellness. “Cresco’s deep operational efficiency and relentless focus on quality, combined with Bluma’s best-in-state cultivation operations and innovative approach to retail, creates the perfect operating environment for our continued success in Florida.”
