Marijuana Stocks To Watch Before Friday
Right now marijuana stocks are still showing good buying opportunities even as the sector builds more momentum. Many cannabis stocks have been showing better signs of action in the market. Even with more volatility affecting some cannabis stocks the overall market has looked better for cannabis companies. Many investors grew with doubt over the last 4 months. But with how most marijuana stocks have been building back momentum a renewed faith has taken place.
Over these past 4 months, cannabis investors were starting to show more doubt in cannabis investing. Much of this was due to how long the sector took to start showing more consistency in the market. Marijuana stocks from February to mid to end of May were hit by a big drop in trading. This was the reason for the doubt that investors were confronted by but as of recent trading, opinions have begun to change. Now with the cannabis industry continuing to grow and show more progress people are once again investing in cannabis. Currently more than half of the United States has legalized marijuana in some form.
This is only adding more fuel to the fire behind federal cannabis reform. As top politicians work to pass federal cannabis reform some feel once all 50 states have legalized cannabis it will be the tipping point to enact such a law. So far cannabis reform has come a long way and has much more to go. Yet for the states that have legalized cannabis, it’s only setting the tone for more progress to take place. The more innovation and growth that takes place can also resonate well in the market for marijuana stocks. With this, it’s good to do your due diligence if you are looking to get invested in legal cannabis in 2021.
Marijuana Stocks To Watch This Month
Columbia Care Inc.
Columbia Care Inc. cultivates, manufactures, and provides cannabis-based health and wellness solutions, and derivative products. The company holds licenses in 19 jurisdictions in the United States and the European Union. It operates cultivation facilities, manufacturing facilities, and retail dispensaries. Over the last 4 weeks of trading CCHWF stock has a significant drop in trading for June.
Yet at the end of June moving into July CCHWF stock has begun to rise once again. From June 29th to the 7th of July CCHWF stock is currently up 6 percent from its previous close. Back on July 2nd, the company announced it has completed the acquisition of CannAscned, This company is the owner and operator of 4 dispensaries across Ohio.
Words From The Company
“Ohio is a key state, currently a top-five market for Columbia Care, with year-to-date state sales up more than 110 percent year-over-year and annualized runrate sales of more than $370 million for 2021. We are thrilled to be able to affirm our leadership presence in Ohio with the completion of this acquisition,” said Nicholas Vita, CEO of Columbia Care. “We are grateful to the State of Ohio for its support and have enjoyed the last few years working with the CannAscend team. Combining CannAscend’s footprint with our state-of-the-art cultivation and production facilities and existing dispensary will have an immediate positive financial impact, and we look forward to continuing on the growth trajectory as one company. We are honored to directly serve the medical cannabis community in Ohio, which has grown to more than 200,000 registered patients.”
Acreage Holdings, Inc.
Acreage Holdings, Inc. is a multi-state operator of cannabis cultivation and retailing facilities in the U.S. This includes the company’s national retail store brand, The Botanist. Acreage’s wide range of national and regionally available cannabis products include the award-winning The Botanist brand. As well as the highly recognizable Tweed brand, the Prime medical brand in Pennsylvania, the Innocent edibles brand in Illinois and others. In the last month of trading ACRHF stock also went through a big drop in trading.
Much of the month of June was a loss for ACRHF stock. Yet at the end of the month, the company was able to see a small rise in trading. Currently ACRHF stock is up from the close on July 7th. Right now investors are still keeping watch to see what changes with cannabis stock in 2021. Back on May 10th, the company reported its first-quarter 2021 results. During that time the company Acreage continued to improve its financial performance and made progress against its strategic initiatives.
Words From The CEO
“I am very pleased with our financial performance in the first quarter as we reported positive Adjusted EBITDA for the first time in our history,” said Peter Caldini, Chief Executive Officer of Acreage. “Additionally, our revenue growth accelerated to 58% year over year, and our gross margin of 53.7% once again set a company record. This all validates our refocused strategy, and we are clear on our path to improved performance.”
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