These 2 Marijuana Stocks Are On The Rise Right Now
Marijuana stocks are once again on the rise after news about the House passing the SAFE Banking Act. On September 21st cannabis stocks started to pick up in momentum. This was caused by the news about the defense bill that had the cannabis banking attached to it heading to the House. From this point, the entire sector began to wake up, and when it actually passed it has resonated well for most of the top cannabis stocks. What the SAFE Banking Act would do is ensure that no federal regulators could penalize any banks that work with legal marijuana businesses.
As mentioned before most news about federal cannabis reform that is progressive has a positive impact on the sector. Most marijuana businesses around the United States still have an all-cash system. This can lead to many issues down the road for these legal cannabis businesses. So by having cannabis banking legislation passed it will be a big victory for the industry. Yet even though the clearing the House this measure still needs to clear the Senate where historically it has not been so fortunate. Many feel this time around that federal cannabis reform stands a good chance to through each chamber.
Marijuana Stocks And Cannabis Reform
But beyond cannabis banking ending cannabis prohibition overall is the bigger focus. With marijuana either being descheduled or federally legalized it will be the icing on the cake for many in the cannabis industry. Many cannabis stocks seeing a big jump after success with the cannabis banking measure. With this, some feel federal legalization will cause marijuana stocks to run even more. Now there is no way to know for sure if this run will happen but investors remain optimistic about the future of ending marijuana prohibition. Either way as of now investors are happy to see the sector rise.
Top Marijuana Stocks To Watch Right Now In 2021
- Green Thumb Industries Inc. (OTC:GTBIF)
- AFC Gamma, Inc. (NASDAQ:AFCG)
Green Thumb Industries Inc.
Green Thumb Industries Inc. manufactures, distributes, and sells various cannabis products for medical and adult use in the United States. It offers cannabis flowers; and processed and packaged products. Over the last 2 months, the company has released some important company updates. During the second week of August, Green Thumb released its Q2 2021 financial results.
Some highlights are the company in the first half of 2021 increased its revenue. The company jumped up 87.3% to $416.3 million. Next, the company also acquired Liberty Compassion, Inc., a Massachusetts-based medical cannabis cultivator, and retailer. The acquisition adds cultivation and production capacity to the Company’s existing Massachusetts operations.
In other news, Green Thumb at the start of September announced the acquisition of GreenStar Herbals, Inc. With this acquisition, it will further expand the company’s footprint in Massachusetts. In more recent news the company has partaken in an investors conference. In addition to opening Rise Bloomfield, Which is the company’s third store in New Jersey and 65th in the nation.
Words From The Company
“We are excited to open Rise Bloomfield, our third store in New Jersey, as we continue to see sweeping acceptance for cannabis throughout the nation and specifically the East Coast,” said Green Thumb Founder and Chief Executive Officer Ben Kovler. “Community is at the core of Green Thumb, and with each new store opening we have the opportunity to make a positive community impact. We are happy to donate our first day profits to the Bloomfield Youth Aid Foundation, who are providing developmental opportunities to local youth.”
[Read More] The House Has Passed The SAFE Banking Act For The 5th Time
GTBIF Stock Performance And Market Update
At the beginning of September GTBIF stock was still holding a decent market position in comparison to other marijuana stocks. However, at the start of the month, GTBIF stock was still having trouble building its momentum which led to a drop. Yet since then, GTBIF stock has been trying to rise back up despite market volatility. So since the 20th of September GTBIF stock has started to see a promising recovery and is currently up in the market. With more time left in the month hopefully shareholders continue to see this top marijuana stock rise even higher.
AFC Gamma, Inc.
AFC Gamma, Inc. originates, structures, underwrites, and manages senior secured loans and other types of loans for established companies. Particularly operating in the cannabis industry in states that have legalized medicinal and/or adult-use cannabis. It primarily originates loans structured as senior loans secured by real estate, equipment, licenses. As well as other assets of the loan parties to the extent permitted by applicable laws and the regulations governing such loan parties.
Over the last 4-6 weeks the company has released some crucial news. Back on August 31st, the company announced it has provided BeLeaf Medical, LLC with a $23 million senior secured credit facility. This was done to fund its Missouri expansion. Following this, the company stated it has expanded its existing senior secured credit facility with Devi Holdings, Inc. by $30 million. In more recent news the AFC Gamma has increased its quarterly dividend.
[Read More] Top Canadian Marijuana Stocks For Your List In Q4 2021
AFCG Stock Performance And Market Update
In the last month or so AFCG stock has been on a volatile rise in the market. From the middle of August, this marijuana stock has been on the rise. Yet while it’s been rising small dips in trading have occurred on its way up. Now during the second week of September on the 9th AFCG stock saw a drastic drop in trading but was able to recover to even bigger highs. So far in September AFCG stock has shown solid growth potential as it’s up right now in the market. With October quickly approaching it’s possible to see this marijuana stock continue to climb.
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