As More Momentum Enters The Sector Can These Marijuana Stocks Continue Rising?
So far in the first week of May marijuana stocks have shown to be a bit more volatile in trying to rise in trading. Over the last several month’s marijuana stocks have been impacted by the drop in momentum the sector has been facing. Some analysts feel this month will be a better month of trading for the sector. However, that has yet to be seen but with this drop in trading still occurring some investors are still buying shares of different cannabis stocks. Buying marijuana stocks off of the dip is a good strategy but when will things start to climb is the question investors and shareholders want to know.
Right now, a great deal of uncertainty is spreading throughout the sector. This is in regards to when better trading will make its way back into the sector. As well many investors are focusing on the U.S. side of the industry as that’s where the most consistent growth has happened. Many analysts feel once federal reform is enacted it will help not only the cannabis industry but the way cannabis stocks trade. Meaning analysts believe federal reform may cause the sector to rally on the speculation of what’s to come once marijuana is legal on a federal level.
Market Updates And Industry Info On The Cannabis Sector
Currently, on a state level, much progress is taking place as more cannabis companies despite a downtrend are expanding operations. For instance companies like Trulieve Cannabis Corp (TCNNF) and Green Thumb Industries Inc. (GTBIF) in the middle of a pandemic and a downtrend in the sector, have continued to grow and flourish. Some feel that even while marijuana stocks being down that on the operation side of some of these publicly traded companies continuing to grow. This is partly why more people are investing in the cannabis industry because of the current and future progress.
Furthermore adding the topic of better trading the more a company performs well will only add more potential momentum. This will help when things start to recover further for the sector. As many shareholders remain patient for better trading investors are still looking to add more cannabis stocks to their investment portfolio. The marijuana stocks mentioned below are just a few plays that may see better trading this month.
Top Marijuana Stocks To Watch This Month
- Harborside Inc. (OTC:HBORF)
- OrganiGram Holdings Inc. (NASDAQ:OGI)
Harborside Inc.
Shortly after February 10th Harborside Inc. like many other marijuana stocks started to fall in trading. It wasn’t until the 5th of March when the company started to a small uptick in trading. Yet this boost did not last as long as it needed before dipping back down. From the 5th of March to the 11th HBORF stock was able to rise in trading by 12 percent. With as much as the company has dropped this upward push was a good sign for future momentum to come. The rest of the trading in March resulted in a continuous drop in trading the followed into the next month.
Trading in April was the same as March and mid-February a drop that continued up until recently. So far in May HBORF stock has started to see a small boost in trading. So shareholders and potential investors are a bit worried about how long this boost in trading will last. In recent news, the company released its fourth-quarter and full-year 2020 financial results.
“We have also ensured that Harborside has a strong balance sheet, successfully raising C$35.1 million and securing a US$12 million revolving credit facility subsequent to year-end. In addition, we have also started taking definitive action towards settling our preexisting 280E liabilities, which includes the recent 9th Circuit affirmation of the prior lower court ruling with respect to our appeal. We have already accounted for and reserved for these liabilities, and the ruling does not change the company’s plans to negotiate with the IRS. We have both the resources and focus to execute on our California first growth strategy.” said Matt Hawkins, Chairman of Harborside
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OrganiGram Holdings Inc.
OrganiGram Holdings Inc. is one of the few marijuana stocks to watch that has recently started to build more momentum. So far May has shown its self to be a volatile month. At the start of May, some cannabis stocks were not able to rise like others. As well just a few days into May and OGI stock was not able to reach a better market position. Although from mid-March to now OGI stock has been on a downtrend small spikes in trading have occurred.
Even with these small upticks in trading, this may have made some shareholders skeptical about the companies future market performance. In recent news, the company CEO has stepped down from his position. However, Greg Engel will still be a special advisor to the Board of Directors Interim Leadership Appointed. In his absence, Peter Amirault, current Board Chairman, will serve as executive chair on an interim basis.
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