Top Cannabis Stocks To Watch Before September 2021
Are you looking for the best marijuana stocks to buy before September? At the present time, many top cannabis stocks are trading near their 2021 market lows in August. For new investors, this could be a good time to start a watchlist of the top pot stocks to invest in. In 2021 many investors bought into the cannabis sector expecting a quick turnaround for federal cannabis legalization. After eight months with no results from Congress, the cannabis sector is suffering declines.
Now heading into September, the cannabis sector trends lower even though leading cannabis companies have delivered strong earnings. Currently, the rest of the stock market is soaring while top marijuana stocks are trading near 2021 lows. As we head into next month if new legislation is introduced it could be a major catalyst for pot stocks. One area of the cannabis sector is known to be high risk and high reward in marijuana penny stocks.
For those not familiar with penny stocks these are any stocks trading under the $5 mark. These stocks are known for having significant price fluctuations and are mostly traded by investors using short-term trading methods. For example, many times investors will use day trading or swing trading methods on cannabis stock gains. Currently, with some of these top cannabis penny stocks trading near their lowest price points in 2021 it could be time to add them to your list this week.
Investing In Penny Pot Stocks In 2021
For investors, it’s important to do your research on a company before investing. Researching earnings and studying a stock’s trend in the market can help you establish the best investments. With the stock market reaching new highs cannabis stocks are not seeing this trend right now. This could be an opportunity to pick the best marijuana stocks at lower price points. Let’s take a closer look at 2 top marijuana penny stocks to watch this week.
Top Marijuana Penny Stocks For Your List This Week In August
Acreage Holdings, Inc.
Acreage Holdings, Inc. is a US multi-state operator of cannabis cultivation and retail facilities across America. As it stands Acreage has a partnership and a possible acquisition with Canadian giant Canopy Growth Corporation (NASDAQ: CGC). Ultimately, this partnership could make Acreage instrumental in the Canadian cannabis companies’ entry into the US cannabis industry. Acreage has established a large presence in New York and New Jersey and could see significant growth in the coming years from the growing markets there. Currently, Acreage operates the maximum number of dispensaries allowed in New Jersey and is working on completing its New Jersey cultivation facility.
On August 9th Acreage delivered its second-quarter 2021 results revenue growth of 63% and improvements to net loss. Specifically, consolidated revenue was $44.2 million up 15% sequentially. The company produced gross margins of 54% an increase of 12.6% year over year. Acreage had a net loss in q2 2021 of $2.6 million an improvement from the $37.2 million year over year. In addition, the company saw Adjusted EBITDA in Q2 2021 of $8.1 million compared to an EBITDA loss of $6.5 million year over year.
ACRHF stock is trading at $3.084 on August 23rd down 10.47% in the past month. The stock has a 52-week price range of $1.90-$9.00 down 56.44% year to date. According to analysts at Market Beat ACRHF stock has a consensus price target of $7.00 per share. In essence, this would represent an upside of 127.3% from its current trading price. With a significant Upside from analysts ACRHF stock could be a top marijuana stock for your list this week.
Harvest Health & Recreation Inc.
Harvest Health & Recreation Inc. is a vertically integrated cannabis company based in Arizona with one of the largest footprints in that state. In August the company announced it opened its 16th dispensary in Arizona. Additionally, Harvest opened its eleventh store in Florida and has 44 stores nationwide. Earlier this year the acquisition of Harvest Health by Trulieve Cannabis Corp. (OTC: TCNNF) will create the largest US cannabis company in the world once its complete.
In the meantime, Harvest seems to be focusing on growth in Florida and Arizona the states where Trulieve and the company hold the largest market shares. Harvest reported its second-quarter 2021 results with revenue of $102.5 million up 84% year over year. In Q2 the company sustained a second-quarter net loss before non-controlling interest of $19.2 million down from the $23 million in Q1 2021. Harvest produced an Adjusted EBITDA of $28 million in Q2 2021 compared to $26.9 million in Q1 2021. The company maintained its revenue guidance of $400 million in 2021.
HRVSF stock is trading at $2.963 on August 23rd down 12.76% in the last five trading days. The stock has a 52-week price range of $0.97-$3.00 down 33.99% year to date. According to analysts at Tip Ranks HRVSF stock has a 12-month average price target of $3.85 per share. Currently, this would represent an increase of 30.07% from its last trading price.
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