2 Marijuana Stocks To Watch As Trading In April Starts To Pick Up
Marijuana stocks in recent trading have slowly started to look better. On the early morning of April 15th, marijuana stocks started to reach better market levels. However, some stocks have dropped since then but overall cannabis stocks are looking like better trading is starting to happen. Now the question becomes will these marijuana stocks be able to sustain this upward momentum. Right now some investors are taking advantage of the dip in the sector.
For instance, because of how low some marijuana stocks are trading investors have been able to purchase shares at lower prices. If cannabis stocks can at least recover to February highs or near it it will help shareholders see a nice return. The cannabis industry as a whole is growing at a fast pace especially on the U.S. side of the market. In a recent poll, 60 percent of the U.S. now stands in favor of cannabis, which can have great influence when it comes to passing better cannabis legislation. With the possibility of federal cannabis reform, many investors have been trading off speculation.
The reason for this speculative trading is people are not sure of when it will happen but they want to be prepared for when it does. Some analysts feel on the day cannabis goes federally legal it will cause a rally in trading. With the current state of marijuana stocks now is a good time to start looking into building a portfolio of the best marijuana stocks you can buy. As well there are more states looking to legalize cannabis which can have a positive impact on how pot stocks trade in the market. Below are a few cannabis stocks to watch as the sector slowly starts to show better signs of momentum which hopefully leads to better trading in April.
Marijuana Stocks To Watch This Month
Trulieve Inc. has been more than a marijuana stock to watch. The company has been one of the most progressive cannabis companies in the space. Even in midst of a global pandemic, Trulieve was able to expand its business as if nothing can stop it. In recent news, the company announced it will entering the Virginia cannabis market. Three West Virginia dispensary permits have been granted to Trulieve which has solidified the company’s position in the state.
“This acquisition enables Trulieve to broaden and solidify our position in the newly created West Virginia market. Solevo was granted three dispensaries as part of the application process entered by the Company before becoming part of the Trulieve family. Adding Solevo to our production and dispensary permits, as well as our recently announced definitive agreement to acquire Mountaineer Holdings and its cultivation and dispensary permits, will create a fully vertical presence in the state with nine dispensaries,” said Kim Rivers, CEO of Trulieve. “We look forward to providing the highest level of cannabis products and customer experience through authentic and reciprocal relationships to West Virginia patients.”
Over the last 12 months of trading, the company has seen a great amount of growth in the market. In just the last 2 months some upward trading has occurred before this current downtrend hit the market. For the first 1o days of February TCNNF stock reached gains of 26 percent before dropping down the rest of the month.
Final Thoughts On TCNNF Stock And Market Performance
In March much of the trading continued to drop. Yet a small recovery period took place from the 8th of March to the 16th which made for a 21 percent increase in trading. As well this helped investors to take some form of profit before the next drop in trading happened. Currently in April TCNNF stock is still trading down but investors remain hopeful better trading will happen soon.
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Harborside Inc. is one of the more unique cannabis companies in the industry. The company was one of the initial cannabis companies to be granted a license in California. Over the last 6 months of trading HBORF stock has jumped up over 60 percent in the market. Even with trading down for many marijuana stocks HBORF stock still holds a decent market position. As well just like most cannabis stocks the start of the new year brought with it some needed trading momentum.
In the first 20 days of January, HBORF stock saw gains of 46 percent. Yet shortly after the company started to decline in trading. Heading into the following month HBORF stock started to recover in the first 10 days of February. During this time HBORF stock hit gains of 30 percent before once again dropping the rest of the month. When the start of March came the company continued to feel the impact of the downtrend. This happened for most of the month. As of now, HBORF stock is still down in April. However with how volatile the market things may change for this marijuana stock to watch.