Find Out How These Marijuana Stocks Could Climb In A Down Market
Many people are waiting to see marijuana stocks rise in trading as the sector has dropped drastically. Since the middle of February, many marijuana stocks have not been able to climb back to previous trading levels. Prior to the second week of February, cannabis stocks were showing good trading levels overall.
Yet in recent trading that has not been the case for the sector. Even with many marijuana companies releasing good earning reports it has not resonated the same way it used to for the marijuana stocks. In 2020 when a company had solid earnings it would set off a domino effect and other cannabis stocks would also start to see better trading. In fact, when people caught wind of any progress news it would also add some positive sentiment for many cannabis stocks.
Currently with the majority of the sector down another buying opportunity is here. Many of the top marijuana stocks that were once at higher prices are showing better entry levels. Even with the sector down on the day it does run having a portfolio of top cannabis stocks at low prices could pay off big. However, the question still remains what is it going to take to see the cannabis sector run. What most investors are waiting for is what will happen with federal cannabis legislation.
With marijuana federally legal or even rescheduled to call 3 it would open new doors for the cannabis industry. Some people feel with cannabis federally legal it will be a move that will save Canada’s marijuana market. Not only that with each new legal state another cannabis market is being established. With this, it gives more chances for publicly traded marijuana companies to come in and set up shop. Which also can lead to better trading for the sector.
Marijuana Stocks To Watch Right Now In 2021
- Innovative Industrial Properties, Inc. (NYSE:IIPR)
- AFC Gamma, Inc. (NASDAQ:AFCG)
[Read More] Here’s Why These Marijuana Stocks May Reach A Higher Market Level In 2021
Innovative Industrial Properties, Inc.
Innovative Industrial Properties, Inc. is a self-advised Maryland corporation focused on the acquisition, ownership, and management of specialized properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. In the company’s most recent news they have released its second-quarter financial results. Some highlights to mention are the company made a total revenue of approximately $48.9 million in the quarter.
This increase represents a 101% increase from the prior year’s second quarter. Also, the company obtained an investment-grade rating from a national rating agency. In addition to closing on a $300.0 million private placement of 5.50% unsecured senior notes due May 2026. The company also paid a quarterly dividend of $1.40 per share on July 15, 2021.
This was done to common stockholders of record as of June 30, 2021. Furthermore, this represented an approximately 32% increase over the second quarter of 2020’s dividend. Another thing to note is the company has approximately $156.3 million in cash. Which is in addition to cash equivalents and approximately $649.4 million in short-term investments. All this makes for a total of approximately $805.7 million.
IIPR Stock Performance And Market Update
Since the second week of May IIPR stock has been able to see a significant rise in trading. At the start of June IIPR stock was still trading up during a volatile time. During the month of June, the company saw a slow but steady rise the entire month before moving into July.
When trading in July was underway IIPR stock was still trading up showing good signs of growth potential. For the month of July, IIPR stock saw a total increase of 11 percent in the market. Currently in August trading has only continued to rise for this marijuana stock to watch.
AFC Gamma, Inc.
AFC Gamma, Inc. originates, structures, underwrites and manages senior secured loans and other types of loans for established companies operating in the cannabis industry in states that have legalized medicinal and/or adult-use cannabis. Back on August 5th marijuana announced its financial results for the quarter ended June 30th, 2021.
In this time the company saw a net income in Q2 2021 of $4.6 million. As well the company closed $7.6 million of new commitments and funded $10.9 million of new and existing commitments. Which took place during the third quarter as of August 1, 2021.
Words From CEO Of AFC Gamma, Inc.
Our Chief Executive Officer, Leonard Tannenbaum, stated, “AFC Gamma has a best-in-class team, strong balance sheet, and increased access to capital. Entering the second half of 2021, we continue to see substantial demand for capital and we believe that we are well-positioned as a first mover and a leader in the rapidly growing cannabis lending market.”
[Read More] Best Canadian Marijuana Stocks For Your List Right Now
AFCG Stock Performace And Market Update
Since the start of June trading for the company has been fluctuating in the market. The first week of trading in June for AFCG stock was showing solid momentum and was holding a promising market position. Yet after the 8th of June, the company started to see a rapid decline in trading. From this 8th of June AFCG stock dropped in trading the entire month of June. When trading in July began the company started to build back some o fits lost momentum.
Yet this attempt at climbing back up in the market did not last very long. Right after the 13th of July AFCG stock started to dip once again. However at the end of July right before August AFCG stock saw a decent recovery from the 20th to the 26th of the month. Currently in August trading has slowly started to pick back up but only time will tell if this marijuana stock will sustain its upward momentum.
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