2 Marijuana Penny Stocks To Watch In June 2021
With only a few days left in May, marijuana stocks are still showing signs of upward trading. With the last 3 months of having a drop in trading cannabis stocks may reach even better levels come June. Before the start of May, some analysts spoke on how they felt an increase in trading would come. However, initially, at the start of May, some marijuana stocks were not able to rise like they are now.
Furthermore, even with the sector climbing back up shareholders are still skeptical about another drop in trading. During the pique of this recent downtrend, many investors purchased the dips of some of the top marijuana stock to buy. Yet even at that time when some cannabis stocks had a spike in trading, it was short-lived. This made it tough for investors to see a decent return.
Especially when certain cannabis stocks continued to drop even lower from where some investors bought shares. So now it has become a waiting game until the sector recovers to the point where shareholders can either break even or make a profit. Because of these issues shareholders and investors are moving with caution with investing in marijuana stocks. When looking beyond just marijuana stocks the cannabis industry overall is still thriving and reaching new milestones.
For example, in recent reports, the U.S. cannabis industry has now generated $8 billion in cannabis tax revenue. With some states using cannabis tax money to promote social equity this $8 billion is just a glimpse of things to come. The cannabis industry has been developing for quite some time yet in the last year a large amount of growth has taken place. This ranges from companies expanding operations and the push for better cannabis legislation. Heading into the future hopefully, this growth continues.
Marijuana Stocks To Watch Right Now
Organigram Holdings Inc.
OrganiGram Holdings Inc. for those who are not familiar with the company is a leading licensed producer of cannabis. Over the last month, the company has released some important news. To start, back in April OrganiGram announced the results of its Q1 2021 earnings. Yet what the company reported was less than stellar due to various factors.
Pushing forward the company also recently released news about appointing a vice president of Innovation. OrganiGram has selected Borna Zlamalik as the company’s Vice President of Innovation. His role as new Vice President of Innovation became effective back on May 10th. Mr. Zlamalik will draw upon his international expertise in cannabis and cannabinoid-based product advancement.
In addition to commercialization, and pricing strategy to direct consumer product innovation. As the Company’s Vice President, Innovation, Mr. Zlamalik will oversee all R&D and product development. Lastly, Organigram announced the launch of Big Bag o’ Buds. This is a lineup of dried flower products featuring a roster of well-known genetics. As well as an exciting rotation of one-time offerings (OTO) in a 28g format.
With all these ventures in motion, it’s no wonder why trading has started to look better for OGI stock. Even with not-so-good earnings, the progress of the company’s operation has played a part in seeing more market momentum for Organigram. Since falling back in March OGI stock has been faced with the same issues as other cannabis stocks. However over the last week or so OGI stock has started its road to recovery. From May 17th to May 26th OGI stock is now up over 14 percent. Heading in June shareholders will keep watch to see if this rise will continue next month.
Greenlane Holdings, Inc.
Greenlane Holdings Inc. has been one of the handfuls of marijuana stocks to watch over the last week. Just like most of the sector GNLN stock has been working to see a substantial recovery in the market. Now GNLN stock is a bit more of volatile marijuana stock to watch. However at the start of 2021 that volatility played a role in the company rising before the downtrend took place.
Yet since February GNLN stock has dropped over 50 percent. With the sector building more momentum GNLN stock is showing signs of recovering. Yet the company has ways to climb before reaching previous highs or a level of trading that’s better than now.
The concern though remains the same throughout the sector and that is will this rise continue heading into June. Currently GNLN stock is up 8 percent from the 21st to 26th of May. In recent news, the company announced its completion of the key regulatory conditions for its merger with KushCo Holdings Inc. This deal is projected to close during Q3 of 2021.
Words From The Company
“We welcome this latest development in the formation of the combined company and look forward to continued progress on the remaining steps required to complete the Transaction,” said Nick Kovacevich, KushCo’s Co-founder, Chairman, and Chief Executive Officer. “We are excited to begin our work together and to begin realizing the potential opportunities and proposed synergies provided by this transformational combination to accelerate and execute on the significant market opportunities in our evolving industry.”