Top Cannabis Stock And Trading In May
For the first week in May, most leading marijuana stocks have seen some turbulence in the market. After starting the week with some upward momentum most pot stocks gave back most of the value from the start of the week. Now heading into the weekend, the best cannabis stocks to invest in could be well-positioned for future gains in the market. While more investors look toward US MSOs like Curaleaf Holdings, Inc. (OTC: CURLF) there are new companies for investors to consider.
Since 2020 there are new investment opportunities that have been brought to the market. In 2020 some new cannabis companies were introduced to the market by way of SPAC deals. SPACs or special purpose acquisition companies have become a more popular method of bringing companies to the market in recent years. Although some investors consider these stocks riskier some of them could be the best marijuana stocks to invest in. When it comes to the growing cannabis industry there are many different ways to invest in the market. Some investors like short-term positions in vertically integrated cannabis stocks that are known to be susceptible to market volatility.
Other investors prefer to trade ancillary marijuana stocks that do not handle the cannabis plant. In reality, a variety of different cannabis companies can give you a well-rounded exposure to the cannabis sector. Another area of cannabis stocks that have performed well is ancillary marijuana stocks. By definition, ancillary cannabis companies are those that support that cannabis industry without working with the cannabis plant.
Better Performing Marijuana Stocks
In 2020 some ancillary marijuana stocks outperformed the pure-play pot stocks. One of the best cannabis stocks to watch GrowGeneration Corp. (NASDAQ: GRWG) a hydroponic supply and gardening center is up 791.45% for its 1-year performance.
But finding the right cannabis stocks to buy requires some due diligence from investors. In particular, studying how a company is performing financially and watching how the stock moves in the market can help you make better investments.
For the purpose of finding top marijuana stocks for your watchlist next week, we can research some companies. As new publicly traded companies, these cannabis stocks can be new opportunities for investors. In general, due to how much the cannabis sector has declined in market value this could be a good time to start an entry position. With this in mind here are 2 top marijuana stocks to watch for next week in May.
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Marijuana Stocks To Watch:
Silver Spike Acquisition Corp. (Weedmaps)
Better known as the online platform Weedmaps Silver Spike Acquisition Corp. is the SPAC that brought WM Holdings Company public in December 2020. For those not familiar with the platform Weedmaps it’s an online listing marketplace for cannabis consumers and cannabis companies. The company has built one of the largest online markets for connecting cannabis companies to new consumers. In 2020 WMH holding was valued at having an estimated $160 million in revenue. With a market valuation of $1.5 billion, Weedmaps can continue to be a major online hub for cannabis consumers.
Weedmaps currently has an estimated 10 million monthly active users and approximately 18,000 business listings in the U.S. Primarily, Weedmap’s client base includes over 55% of holders of retail licenses in all cannabis markets. With more cannabis sales moving online for deliveries and pickups Weedmaps continues to connect cannabis consumers on a daily basis.
SSPK stock is up 24.98% year to date with a high of $29.50 in February. Currently trading at $15.84 in the last hour of trading on May 7th the stock is down 16.61% in the last month. According to analysts at Wallet Investor SSPK stock has a 1-year price forecast of $32.92 per share. In essence, this would represent a 107.82% increase from current trading prices. For this reason, SSPK stock is a top cannabis stock to add to your watchlist in May.
TPCO Holding Corp.
TPCO Holding Corp. is a cannabis company with one of the largest operational footprints in California. Known as The Parent Company or TPCO the newly formed public company is made up of direct-to-consumer platform Caliva, and hemp manufacturer Left Coast Ventures. Also, TPCO also brings on global icon and entrepreneur Shawn Jay-Z Carter as Chief Visionary Officer and brand strategist along with Roc Nation. Additionally, One of Carter’s responsibilities is to help provide funds and investing for minority-owned and black-owned cannabis businesses as the industry prospers.
Presently, from its most recent guidance, the company expects pro forma revenue of $334 million in 2021. TPCO plans to continue its growth through its reach of over 50% of cannabis consumers in California through the platform Caliva.com. In TPCO’s latest earnings report the company saw Q4 of 2020 consolidated pro forma revenue of $40 million. As for full-year 2020 unaudited consolidated pro forma full-year revenue is $189 million. This month, TPCO is expecting to release its first-quarter 2021 financial results on May 17th.
GRAMF stock is down 11.64% in the last 30 days. Currently trading at $7.30 in the last half hour of May 7th the stock is down 28.75% year to date with a high of $13.96 in February. According to analysts at Market Beat GRAMF stock has a consensus price target of $15.00 per share. At the present time, this would represent a 108% increase from current levels. With this is in mind, GRAMF stock could be a top pot stock to add to your watch list for the second week in May.
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