Finding The Best Cannabis Stocks To Buy
Are you looking for different ways to invest in marijuana stocks in May? At the present time, top cannabis stocks have seen further declines this month. After a rally to begin 2021 the cannabis sector has been experiencing declines since February. In many cases, this could be an opportunity for investors to find the best cannabis stocks to invest in.
But before investing in pot stocks there are a few important factors to know about marijuana stocks. For one cannabis stocks are traditionally known for being some of the more volatile areas of the market. In general, this can make it more difficult for long-term investing in marijuana stocks. On the other hand, many day traders and swing traders capitalize on this volatility using short-term trading methods in the sector. There are also investors that use a combination of the two strategies adding to long-term positions when the sector is down and taking profits when they move higher.
Whatever your trading style it’s important as an investor to always do your due diligence before investing. Understanding a company’s financial status and studying how a stock performs in the market are key elements to making good investments. One area that has delivered gains for shareholders is marijuana penny stocks. By definition, penny stocks are any securities trading under $5 per share.
Cannabis Industry Investments In 2021
In 2021 these pot penny stocks have seen the most gains but also sustained the deepest declines. Although the volatility could be intense buying and selling stocks at the right time can deliver returns to investors. Currently, many leading cannabis stocks are trading at some of their lowest stock prices in 2021. Given that analyst is predicting significant gains in the cannabis sector this year, it could be a good time to start a watchlist of top marijuana stocks in May.
With the intention of finding marijuana stock options for your watchlist in May, we can research some leading companies. As the cannabis sector begins to recover this year these pot stocks could deliver some gains for investors. Although these marijuana stocks have been seeing declines in the market it could be time for them to begin to rebound. For this reason, let’s take a look at 2 marijuana penny stocks to watch before next week.
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Marijuana Stocks To Watch:
- Vireo Health International, Inc. (OTC: VREOF)
- MedMen Enterprises Inc. (OTC: MMNFF)
Vireo Health International, Inc.
As a cannabis company led by physicians with a science-focused multi-state operation, Vireo Health International, Inc. is bringing state-of-the-art technology and science to the market. Currently, Vireo manufactures branded cannabis products and has established distribution with a growing network of retail locations and 3rd party dispensaries. The company operates 16 dispensaries nationwide across 5 states. And holds additional licenses for expansions into other markets in the future.
In its latest earnings report, Vireo announced fourth-quarter and full-year 2020 results with full-year GAAP revenue of $49.2 million up 64% compared to 2019. The company saw gross profit increase by $9.8 million to $17.1 million. Currently, Vireo is executing its core market strategy which focuses on Arizona, Maryland, Minnesota, New Mexico, and New York. The company is expected to release first-quarter 2021 financial results on May 14th before the market opens.
VREOF stock is up 41.49% year to date but has increased by 318.74% in a 365-day period. Closing on May 12th at $2.09 the stock is down 9.56% in the last 5 days. According to analysts at Tip Ranks VREOF stock has a 12-month average price target of $3.30 per share. In essence, this would represent an increase of 57.65% from current levels. With this in mind, VREOF stock could be a prospect for your penny stock watchlist in May.
[Read More] Top Marijuana Stocks To Watch Now? 2 Trading Under $5 To Consider
MedMen Enterprises Inc.
MedMen Enterprises Inc. is a cannabis retailer with locations in California, Nevada, Illinois, and Florida. The company has an extensive selection of high-quality products, which include MedMen-owned brands LuxLyte, and MedMen Red. In addition, the company has established its distribution through its premium retail stores, proprietary delivery service, as well as curbside and in-store pickup. MedMen reported its third-quarter fiscal 2021 results On May 11th with third-quarter net revenue of $31.7 million up 2.8% sequentially. Additionally, total revenue across MedMen’s operations was $37.8 million an increase of $8.2% sequentially.
Currently, MedMen has investment agreements in New York that are awaiting regulatory approval. The company saw a net loss of $9.7 million in the third quarter compared to a net loss of $68.9 million in the previous quarter. Also, important MedMen is down significantly year over year with third-quarter revenue of $32 million compared to $44.1 million in Q3 of 2020. With the company’s new prime locations like its first dispensary in South Beach Miami, Florida future revenue growth could be a prospect.
MMNFF stock is up 157.75% year to date trading at $0.33 in the first half-hour on May 13th. In February the stock saw a high of $1.47 and is down 4.49% in the last month. According to analysts at Stock Invest, MMNFF stock is expected to go down by 29.15% during the next 3 months. This analysis is based on short-term market trends in the stock trading patterns. With this info MMNFF stock could be a good cannabis penny stock to watch for a lower entry point to start a position.
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