Best Cannabis Penny Stocks In 2021
Yesterday due to investor concerns in the market top marijuana stocks saw further declines in trading. After several months of declines, top cannabis stocks to invest in are trading at their lowest values in 2021. This year the cannabis sector rallied in Q1 on the notion that a Democratic-run Congress would legalize federal cannabis. Entering the fourth quarter investors may not see cannabis reform in 2021.
As more important events like getting the Delta variant under control take center stage cannabis reform seems to be in the back of lawmaker’s minds. As market uncertainty continues more investors are looking for short-term investments to capitalize off. One area of the market more traders look towards for short-term potential is marijuana penny stocks. For those investors not familiar with penny stocks these are considered any stocks that are trading under the $5 price point.
At the top of the year, cannabis penny stocks rallied the most in the market but have also seen the steepest declines. In general penny stocks are considered a high-risk trade and these equities are known for extreme market volatility. For this reason, more investors prefer using short-term trading methods to produce returns in the sector.
Stock Market Pullback And Top Penny Pot Stocks
As choppy trading in the stock market continues it could be time to add top marijuana penny stocks to your watchlist. Doing your own due diligence and researching a company thoroughly can help you make the best investment decisions. Finding the best entry point for your position can help you maximize your returns, and this can be achieved by studying how a stock performs in the market.
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For investors making a list of pot stocks to watch is a good way to find the best entry point for your investment. As top penny pot stocks trade at lower price points this could be a good area for investors to watch for an entry position. For investors looking for short-term gains in marijuana penny stocks, we can take a closer look at some current options. Let’s take a closer look at 2 top marijuana penny stocks for your watchlist this week.
Top Marijuana Penny Stocks To Watch This Week
- 4Front Ventures Corp. (OTC: FFNTF)
- MedMen Enterprises Inc. (OTC: MMNFF)
4Front Ventures Corp.
In the US 4Front Ventures is a national MSO and retailer advancing in mass-produced low-cost quality branded cannabis products. Specifically, the company distributes a portfolio of over 25 cannabis brands. 4Front has dispensaries in Illinois, Massachusetts, California, Michigan, and Washington state. During August, 4Front closed the first phase of a 558k sq. ft. cultivation and production facility in Illinois. In detail, the deal is backed by Innovative Industrial Properties, Inc. (NYSE: IIPR) and estimates construction to be complete by Q2 2022.
On August 16th 4Front reported its Q2 2021 financial results with systemwide pro forma revenue of $34.4 million versus sales of $31.4 million sequentially. In addition, the company delivered Q2 2021 adjusted EBITDA of $7.5 million an increase of 27% sequentially. 4Front reaffirmed its full-year guidance of pro forma revenue of $170-$180 million. And adjusted EBITDA of $40-$50 million.
FFNTF stock closed on August 16th at $1.11 down 6.72% in the last month. The stock has a 52-week price range of $0.50-$1.98 and is up21.98% year to date. According to analysts at Wallet Investor FFNTF stock has a 1-year price forecast of $1.913 per share. As the cannabis market rebounds off current lows FFNTF stock could be a top marijuana penny stock for your watchlist right now.
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MedMen Enterprises Inc.
At the present time, MedMen Enterprises Inc. is a cannabis retailer with locations in California, Nevada, Illinois, and Florida. At the present time, the company has an extensive selection of high-quality products, including MedMen-owned brands LuxLyte, and MedMen Red. Recently, In its Q3 fiscal 2021 results, the company saw net revenue of $31.7 million up 2.8% from the previous quarter. In addition, MedMen delivered total revenue across operations of $37.8 million an increase of $8.2% sequentially.
MedMen improved in the third quarter cutting its net loss to $9.7 million compared to a net loss of $68.9 million in the previous quarter. In 2021 the company is down significantly year over year with third-quarter revenue of $32 million versus $44.1 million in Q3 of 2020. Adding to its operations in Florida the company opened a new location in South Beach Miami. Additionally, MedMen continues expanding and in the US cannabis market. MedMen’s current interim Chief Executive Officer and Chairman of the Board of Directors, Tom Lynch, became the permanent Chief Executive Officer.
MMNFF stock closed on August 16th at $0.2625 up 11.84% in the past five days. The stock has a 52-week price range of $0.104-$1.47 and has gained 102.39% year to date. According to analysts at Wallet Investor MMNFF stock has a 1-year forecast price target of $0.452 per share. The stock is down 48.33% in the past six months. Because of this, it could be positioned for some upside as market sentiment improves. For this reason, MMNFF stock could be one of the best cannabis stocks for your watchlist under $1.
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