Marijuana Stocks Pull Back From Earlier In The Week
As we head into the close of another week in February marijuana stocks are pulling back from newly established highs in the market. Initially, most cannabis stocks have seen significant gains this week until the entire sector began trading lower in the market on February 11th. Actually, top ancillary marijuana stocks like GrowGeneration Corp. (NASDAQ: GRWG) took a loss of -12.90% giving back some of the upward momenta it achieved for the week.
But this pullback could signal an opportunity for investors to pick up pot stocks at lower market value. Potentially adding value to marijuana stocks for swing trading or short-term investing. As it stands top marijuana stocks have seen substantial gains to start 2021. In reality, many analysts are predicting rapid growth for the cannabis industry for the next 4 to 5 years.
In 2020 we saw many cannabis companies expand their presence in the cannabis market to claim their market share. Essentially, this has continued in 2021 and will help provide revenue growth for marijuana companies in the future. At the present time, cannabis stocks have been delivering massive short-term gains that have attracted more investors to pot stocks.
Cannabis Industry Growth In 2021
In the U.S. the adult-use market could continue to add revenue growth to established cannabis companies across the nation. With emerging markets like Arizona going full rec this year many investors are expecting massive growth in key markets. Provided these gains boost financial results we could see more upside for cannabis stocks in 2021. With this in mind, finding the best marijuana stocks to buy right now requires some research into the sector.
It’s important to realize that cannabis stocks are known for market volatility and recent gains could add to price fluctuation. While trading on February 11th we saw the cannabis sector as a whole fall in the market recent losses could mean an opportunity to find value in pot stocks. Going into the end of the trading week these marijuana stocks could be ones to add to your watchlist. For the purpose of taking a deeper look into marijuana stocks with potential gains let’s research 2 pot stocks that could value in 2021.
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Marijuana Stocks To Watch:
Harvest Health & Recreation Inc.
Harvest Health & Recreation Inc. is a vertically integrated cannabis company and multi-state operator with a big footprint in its home state of Arizona. Currently, Harvest has 15 dispensary locations in the state of Arizona with a total of 37 stores nationwide. On January 22nd Harvest announced the launch of recreational cannabis sales in Arizona. As this new growth market emerges in the state Harvest is one of the best positioned to see growth from the market. Last year in 2020 Harvest was showing substantial revenue growth with Q3 2020 total revenue of $61.6 million. In fact, this is 86% from Q3 of 2019 and could be a trend that goes into 2021.
Harvest also increased its full-year revenue target to $225 million in 2020 and has growth potential in Arizona for 2021. In addition, the company is also expanding its operations in Florida where it currently has 6 operating dispensaries. Chief Executive Officer Steve White says, “Florida is one of our core markets with a rapidly growing medical patient population. We look forward to opening new retail locations in Florida after additional capacity at Alachua comes online.”HRVSF stock is up 80.56% year-to-date with a new high of $4.33 set this week in February. Currently trading at $3.90 HRVSF stock lost -6.25% in trading on February 11th. At the present time analyst at TipRanks are giving HRVSF stock a 12-month price target of $4.60. In essence, this would be a 17.95% gain from current levels. With this in mind, HRVSF stock is cannabis stock to watch for the rest of February.
Indus Holdings, Inc.
Indus Holdings, Inc. is a vertically integrated cannabis company with production capabilities, including cultivation, extraction, manufacturing. In addition, the company also specializes in brand sales & marketing, and distribution. Indus has an extensive portfolio of brands and is a distributor of cannabis products, servicing an extensive portfolio of brands and licensed retailers. On January 7th Indus announced its expansion efforts to a new cultivation and processing facility. In detail, these plans include building a state-of-the-art cultivation and processing facility to produce high-quality cannabis.
In 2020 Indus reported Q3 2020 financials with $14.1 million in revenue a 40% increase from the same period the prior year. Realistically, this was a good performance for Indus after dealing with California wildfires that affected harvesting. Although this was a negative impact on the company it did manage to increase total flower harvest volumes because of expansion efforts earlier in the year.
INDXF stock is up is 35.53% year to date and has a 52-week high of $1.72 set on February 10th. Currently INDXF stock is trading at $1.54 losing 5.96% in early morning trading on February 12th. In general, INDXF stock has shown some upward momentum in February and is now following the market trend for many marijuana stocks to watch. For this reason, INDXF stock is pot stock to watch for gains in 2021.
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