Best Cannabis Stocks 2021
Are you looking for the best marijuana stocks to invest in right now? After starting September with some upside this week top cannabis stocks have given most of those gains back in the past couple of days. For over six months we have witnessed a decline in top pot stocks that have left them trading near their lowest levels this year. Mainly these declines have been because the US has not yet changed federal cannabis legalization in 2021. But with a few different legislations circulating in Congress, it’s only a matter of time before cannabis reform in America happens.
In the meantime, leading US cannabis companies continue to deliver strong revenue growth in their latest financials. For the most part, this shows significant growth for the cannabis industry on the state level. As we wait for Congress to pass some form of cannabis reform leading cannabis companies have spent the last few years growing rapidly using M&As as a means of expansion.
Now many of these cannabis companies are combining with other MSOs and LPs to become even larger revenue producers. As new states continue to legalize cannabis either for medical or recreational use new markets are presenting themselves in 2021. In the next five years, the cannabis market is expected to more than double in cannabis sales with a US recreational market estimated at $42 billion. With many companies positioning for their market share finding the best marijuana stocks to buy in September could produce some upside in the future.
Investing In Pot Stocks In Todays Market
For investors making a list of cannabis stocks, it’s important to do your research on a company before investing. Looking into a company’s financials and press releases can help you establish the best marijuana stocks to invest in. In addition, studying how a stock performs in the market and learning how indicators can help you set up trades are good tools for investors to use to help produce gains.
Penny stocks are known to be higher-risk trades and are susceptible to extreme market volatility. For the most part, investors prefer to trade these on a short-term basis to lock in returns. With any indication from Washington that federal cannabis reform will be established in 2021 these top marijuana penny stocks could have some potential upside. Let’s look at 2 top cannabis stocks for your list in September.
Top Cannabis Penny Stocks To Watch This Week
Harvest Health & Recreation Inc.
At the present time, Harvest Health & Recreation Inc. is a vertically integrated cannabis company based in Arizona with one of the largest footprints in that state. Notably, In August the company announced it opened its 16th dispensary in Arizona. Additionally, Harvest opened its eleventh store in Florida and has 44 stores nationwide. Earlier this year the acquisition of Harvest Health by Trulieve Cannabis Corp. (OTC:TCNNF) will create the largest US cannabis company in the world once its complete. In the meantime, Harvest seems to be focusing on growth in Florida and Arizona the states where Trulieve and the company hold the largest market shares. Last month the company also opened a Harvest Affiliated Pennsylvania dispensary in South Philadelphia.On August 10th Harvest reported its second-quarter 2021 results with revenue of $102.5 million up 84% year over year. In Q2 the company sustained a second-quarter net loss before non-controlling interest of $19.2 million down from the $23 million in Q1 2021. As a result, Harvest produced an Adjusted EBITDA of $28 million in Q2 2021 compared to $26.9 million in Q1 2021. The company maintained its revenue guidance of $400 million in 2021.
HRVSF stock closed on September 8th at $2.9405 down 22.13% in the last month. The stock has a 52-week price range of $0.97-$4.50 and is up 36.13% year to date. According to analysts at Tip Ranks HRVSF stock has a 12-month average price target of $3.85 per share. In essence, this would represent an increase of 30.93% from its last trading price of $2.94.
Acreage Holdings, Inc.
Next on the list, is Acreage Holdings, Inc. a US MSO with cannabis cultivation and retail facilities across America? Primarily, Acreage has a partnership and a possible acquisition with Canadian giant Canopy Growth Corporation (NASDAQ:CGC). Ultimately, this partnership could make Acreage instrumental in the Canadian cannabis companies’ entry into the US cannabis industry. Acreage has established a large presence in New York and New Jersey and could see significant growth in the coming years from the growing markets there. Currently, Acreage operates the maximum number of dispensaries allowed in New Jersey. Also, the company is working on completing its New Jersey cultivation facility.
In August Acreage delivered its second-quarter 2021 results revenue growth of 63% and improvements to net loss. Notably, consolidated revenue was $44.2 million up 15% sequentially. As a result, the company produced gross margins of 54% an increase of 12.6% year over year. Acreage had a net loss in Q2 2021 of $2.6 million an improvement from the $37.2 million year over year. Additionally, the company saw Adjusted EBITDA in Q2 2021 of $8.1 million compared to an EBITDA loss of $6.5 million year over year.
ACRHF stock closed at $2.81 on September 8th down 11.65% in the last month. The stock has a 52-week price range of $1.90-$9.00 and is down 9.35% year to date. According to analysts at market beat ACRHF stock has a consensus price target of $7.00 per share. In this case, this would represent an upside of 149.1% from its last trading price of $2.81. As we continue to watch the cannabis sector closely ACRHF stock could be a top marijuana penny stock for your list right now.
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