Best Cannabis Penny Stocks In 2021

To start the week many top marijuana stocks to buy continue showing some downside in the market. As earnings approach for top cannabis companies, there could be a reversal for the cannabis sector going into August. With strong financials predicted by analysts, the cannabis industry continues to expand rapidly in 2021. One area of the cannabis sector that could see some upside with better market sentiment is marijuana penny stocks.

For those investors not familiar with penny stocks these are any stock that trades under the $5 price point. As it stands this is one of the high-risk areas of the market but has also delivered significant gains for investors. Because this area of the cannabis sector is the most prone to volatility many investors prefer to use short-term trading methods with penny stocks. In the first quarter of 2021 top cannabis stocks trading under $3 delivered substantial gains for shareholders.

Although after mid-February the cannabis sector sustained heavy declines there could be a rebound in the making. One possible catalyst for the cannabis market right now is US federal cannabis legalization. In July unveiling of a draft of the Cannabis Administration and Opportunity Act has been released to gain support from lawmakers in Congress.

Investing In Penny Stocks In 2021

This would solidify growth in the US cannabis market and could also help other cannabis markets like the Canadian marijuana companies that have been missing earnings estimates in recent reporting. For investors top marijuana penny stocks could represent an opportunity to achieve some gains in the market from current levels.

[Read More] Best Canadian Marijuana Stocks To Buy? 4 Top Pot Stocks To Watch Before Earnings

But before investing it’s important to do your research on these top cannabis companies before investing. Getting familiar with a company’s financial health and how the stock moves in the market can help you establish the best positions for your investments. With this purpose in mind, we can take a closer look at some of the best marijuana penny stocks in 2021.

Best Marijuana Penny Stocks To Watch Right Now

  1. OrganiGram Holdings Inc. (NASDAQ:OGI)
  2. Gage Growth Corp. (OTC:GAEGF)

OrganiGram Holdings Inc.

OrganiGram Holdings Inc. is one of the leading Canadian licensed producers of cannabis and cannabis-derived products. Currently, the company is known for producing high-quality, indoor-grown cannabis products to both the medicinal and recreational markets. In particular, OrganiGram is strategically developing its international business partnerships impacting the company’s presence globally. Additionally, the company is also growing its wholesale shipping of cannabis and sells products online.

OrganiGram has produced 84 new SKUs since July 2020 and is bringing new products to the Canadian cannabis market. The company is attempting to seize the Canadian industry’s growth with the derivatives market increasing cannabis demand. Recently the company launched Big Bag o’ Buds an indoor-grown strain-specific dried flower in 28g format. On July 13th Organigram reported its third-quarter fiscal 2021 results with gross revenue up 51% sequentially to $29.1 million. The company grew its adult-use recreational net revenue by 40% sequentially to $16.8 million in Q3 2021. As of now the company expects sequentially higher revenue and improved adjusted gross margins in Q4 2021.Organigram

OGI stock is trading at $2.58 on July 26th up 84.96% year to date. The stock has a 52-week range of $1.01 -$6.45 and has gained 43.02% in the past six months. According to analysts at CNN Business OGI stock has a 12-month median price target of $3.03 per share. This would represent an increase of 17.79% from its current trading price of $2.58. For this reason, OGI stock could be one of the best Canadian marijuana penny stocks to watch before August.

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Gage Growth Corp.

Primarily, Gage Growth Corp. provides branding and support services to affiliated licensed operators that produce, distribute, and sell cannabis and cannabis-related products in Michigan. As it stands the company offers medical and adult-use cannabis in the state and was formerly known as Wolverine Partners Corp. Currently, its portfolio includes the city and state approvals for 19 Class C cultivation licenses, three processing licenses, and 15 provisioning centers.

On July 26th Gage announced it will bring the iconic cannabis brand COOKIES to the Canadian cannabis market. Right now, COOKIES is one of the best-known cannabis brands in the world and has one of the largest footprints in the industry. Also, this month the company added two more dispensaries to its portfolio opening in Flint and Burton, Michigan. The company announced an exclusive partnership with multi-platinum selling artist Wiz Khalifa’s brand. In detail, Gage will develop and launch a line of Khalifah Kush premium cannabis products in Michigan.

GAEGF stock is trading at $2.00 on July 26th up 6.80% for the day. The stock has a 52-week range of $1.80-$3.00 and has declined 9.54% in the last 30 days. According to analysts at Stock Invest GAEGF stock is expected to fall 10.73% during the next 3 months. This analysis is based on the stock’s short-term trading trends. With this in mind, GAEGF stock could be a top marijuana penny stock to watch this week in the market.

[Read More] Chuck Schumer Is Working Out A Plan To Federally Legalize Marijuana

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