Top Cannabis Stocks and Earnings In 2021
As the stock market absorbs a busy earnings week, top marijuana stocks are recovering some of the value lost in previous trading sessions. In 2021 the best cannabis stocks to invest in have seen their fair share of market volatility. After reaching new highs in the market before mid-February most of the top pot stocks have seen a steep decline that has persisted for several months. This has positioned the best marijuana stocks to buy at much lower market value during the summer.
For new investors, this could be a good opportunity to find the best cannabis stocks for your watchlist in August. One area of the cannabis sector that has delivered significant gains in 2021 is top marijuana penny stocks. For those not familiar with penny stocks these are any securities that are trading under the $5 price point.
Most investors consider this area of the market high risk and usually trade these pot stocks on a short-term basis. For the most part, investors use day trading and swing trading techniques to lock in returns with top cannabis penny stocks. Because of the market volatility with penny pot stocks, it’s very important for traders to research these stocks before investing. Studying how a penny stock performs in the market can help you make the most gains on your investment.
Investing In Penny Stocks In 2021
Some top marijuana penny stocks have gained extreme notoriety as meme stocks with Reddit investors and traders using the Robinhood platform. At the top of 2021 new retail investors caused a huge uproar when their influence in the market squeezed large investment firms who held short positions to a massive loss in the market.
Recently some of these meme stocks began regaining the interest of Reddit investors. As we head into earnings for cannabis stocks investors are hoping for a rally in August. It could be time to add some of these top marijuana penny stocks to your list for August. From current trading levels, many analysts are predicting significant upside for cannabis stocks. As we head into August these could be some game-changing penny stocks for your portfolio.
Top Marijuana Penny Stocks To Watch Right Now
- Goodness Growth Holdings, Inc. (OTC:GDNSF)
- Red White & Bloom Brands Inc. (OTC:RWBYF)
- Sundial Growers Inc. (NASDAQ:SNDL)
Goodness Growth Holdings, Inc.
Goodness Growth Holdings, Inc. is focusing on bringing technology, science, and engineering to the cannabis market. In June Goodness Growth announced its subsidiary Resurgent Biosciences plans on expanding into clinical research efforts in psychedelic medicine. At the present time, the company has 16 retail dispensaries across the US. The company produced gross profit margins of $5.6 million up 42.6% year over year. Goodness Growth closed on the purchase of 4 cannabis licenses in Nevada before changing its name. These licenses will allow Goodness to cultivate and produce cannabis products to both the medical and recreational markets in Nevada.
This month Goodness announced the agreement to acquire Charm City Medicus Dispensary in Maryland. This transaction will improve the companies scale in the Maryland medical cannabis market and expand its retail footprint in the state. GNDSF stock is trading at $1.546 up 7.47% year to date. The stock has a 52-week range of $0.51-$3.84 and has declined by 34.84% in the past six months. With more interest in the cannabis sector GDNSF stock could be a pot stock to add to your watchlist before August.
Red White & Bloom Brands Inc.
Red White & Bloom Brands Inc. continues positioning itself to be one of the top multi-state operators in the US market. Currently, the company is expanding rapidly in the legal cannabis and hemp markets with retail locations in Michigan, Illinois, Massachusetts, Arizona, Florida, and California. The company made the acquisition of all Florida operations from Acreage Holdings Inc. (OTC:ACRHF). With this, RWB will have 8 retail stores in prime locations in Florida, a 114,000 SQ. foot facility, and a 400 Sq. foot office building.
On July 27th RWB provided its Q1 2021 financial results with adjusted sales of $32.7 million an increase of 14.5% sequentially. This figure was reduced by the strengthening Canadian dollar and would have been about $1 million higher using a constant dollar comparison. RWBYF stock is trading at $0.8769 on July 28th down 4.1639% in the last hour of trading. According to analysts at Wallet Investor RWBYF stock has a 1-year price forecast of $1.52 per share. For this reason, RWBYF stock could be a top marijuana stock trading under $1 to add to your watchlist for August.
Sundial Growers Inc.
Known as one of the meme stocks heavily traded by Reddit investors, and Robinhood investors Sundial Growers Inc gained major notoriety earlier in the year. Sundial surprised investors with its first positive earnings report from operations in the company’s history. The company delivered 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. Recently, Sundial managed to harvest its highest potency flower with Top Leaf’s LA Kush Cake producing 28% THC.
Sundial has another segment they are focusing on for-profits which are the company investments. In addition to the cannabis business, the company realized C$2.8 million in interest and fee revenue from long-term loans to third parties. Sundial has C$12.9 million in realized and unrealized gains from securities.
SNDL stock has been getting renewed interest from Reddit and Robinhood investors in June. Now in July SNDL stock is up 66% year to date and trading on July 28th at $0.849 per share. The stock has a 52-week range of $0.138-$3.96 and has declined by 18.97% in the past month. As Canadian cannabis stocks begin to climb SNDL stock could be a top marijuana penny stock to watch in August.
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