Top Cannabis Stocks In Today’s Market
As the overall markets reach new highs top marijuana stocks to invest in are also showing some possible upside in July. Since the start of June, top cannabis stocks have started to see upward momentum in the market. This comes after 4 months of declines in market value that left the cannabis sector trading much lower. But these lower values could be an opportunity for investors to start positions in the best marijuana stocks to buy at better entry points. In 2021 the cannabis industry represents one of the fastest-growing markets across the world.
Since the advent of the pandemic, the cannabis market has experienced an expansion that now has 37 US states implementing a medical cannabis program. As of now 18 states also include adult recreational use as well. On the federal level, Chuck Schumer just revealed a draft of the Cannabis Administration and Opportunity Act. This long-awaited legislation could gain enough support from both parties to pass into law this year.
If this bill passes this could be an enormous catalyst for the cannabis sector in 2021. So far this year top marijuana stock rallied in January and February as an influx of new retail investors invested heavily in the cannabis industry. One area of cannabis stocks that saw the most upside is marijuana penny stocks. For those investors not yet familiar with penny stocks according to the SEC, these are any stocks trading under the $5 mark.
Investing In Penny Stocks: What To Know About Pot Stocks In 2021
Penny stocks are considered a high-risk area of the market that can also produce large returns in a short period of time. This is mainly due to extreme market volatility within the sector. For the most part, many investors prefer to use short-term trading strategies when approaching top marijuana penny stocks.
For investors, it’s important to always do your due diligence on a company before making an investment. Ultimately, researching a company’s financials and studying how the stock performs in the market can help you make better investment decisions.
In 2021 some of these marijuana penny stocks also gained notoriety as meme stocks. As new retail investors entered the market some looking for investment ideas joined the Reddit community for trading information. This helped these meme stocks reach new highs in the market, but they have since fallen too much lower trading prices. With this in mind, this could be a good time to find the best marijuana penny stocks to add to your list in July.
Top Marijuana Penny Stocks Right Now
The Valens Company Inc.
Recently The Valens Company Inc. is exploring new areas of the cannabis market and has made entry into the flower, pre-rolled categories of the industry. Specifically, the company is introducing new edibles and concentrates in a partnership with Verse Cannabis. Primarily, the company provides processing services, product development, and supplies consumer packaged goods for the cannabis market. As a result of this partnership, Valens will add a new dimension to its portfolio.
In its first-quarter fiscal 2021 financials, Valens reported gross revenue of $21.8 million up 21.4% versus year over year. Also, the company saw net revenue increase 24.7% to $16.0 million from the year prior. Valens continues to establish its place as one of the largest third-party vape manufacturers in Canada. At the present time, the company has manufactured and distributed the second-best-selling vape SKU across the major markets in Canada. Additionally, Valens is establishing entry into the US market with the acquisition of a leading CBD company Green Roads.
VLNCF stock closed on July 14th at $2.0464 up 57.42% year to date. In May VLNCF stock reached a new high of $3.31 and is down 10.52% in the last five days. According to analysts at Tip Ranks VLNCF stock has a 12-month average price target of $3.80 per share. This forecast would represent an increase of 85.69% from its last trading price. For this reason, VLNCF stock could be a top marijuana penny stock to buy in July.
Sundial Growers Inc.
In the first quarter of 20201 Sundial surprised investors with its first positive earnings report from operations in the company’s history. As it stands, the company saw first quarter 2021 earnings of C$1.7 million compared to a loss of C$32.7 million sequentially. In addition, the company reported a first-quarter positive adjusted EBITDA of C$3.3 million compared to a loss of C$5.6 million sequentially. Also, in 2021 Sundial delivered high quality inhalable cannabis and invested in its library of premium cannabis strains. In fact, the company now managed to harvest its highest potency flower with Top Leaf’s LA Kush Cake producing an excess of 28% THC.
Another important element for the company is Sundial’s two main segments their profits from cannabis operations and the other company investments. In particular, the company realized C$2.8 million in interest and fee revenue from long-term loans to third parties. As of now, Sundial has C$12.9 million in realized and unrealized gains from investments in securities. Recently Sundial has been getting renewed interest from Reddit and Robinhood investors this summer. In Canada Sundial is one of the few cannabis companies that managed to beat earnings estimates in 2021.
SNDL stock closed at $0.84 on July 15th up 77.40% year to date. In February SN stock reached a high of $3.96 and is down 20.75% in the past 30 days. According to analysts at CNN Business SNDL stock has a 12-month median price target of $0.68 per share. This would represent a decrease of 19.65% from its last trading price. With this in mind, SNDL stock could be a top meme marijuana penny stock to watch in July.
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