How Will Top Cannabis Stocks Perform For The Rest Of July?
As top marijuana stocks begin to see declines in July is it time to make an investment in the cannabis sector? This week in July the best cannabis stocks to invest in have seen significant market volatility. One cause of this volatility could be associated with Senate Majority Leader Chuck Schumer revealing his federal cannabis reform bill. In detail along with Senate Finance Committee Chairman Ron Wyden and Sen. Cory Booker, the congressmen presented the draft of the 163-page proposed bill.
Some of the main objectives of the Cannabis Administration and Opportunity Act are to federally reschedule cannabis, expunge the previous cannabis convictions, and leaving the power of the state to decide their own marijuana laws. But after revealing the draft there was a response from The White House press secretary reaffirming President Joe Biden’s stance.
In particular, the president would prefer a more incremental cannabis reform. On the campaign trail, Biden stated that he would back such things as cannabis decriminalization. Although this is not a deal closer it does put some pressure on lawmakers trying to push cannabis reform in 2021. Now with the White House drawing a line in the sand lawmakers pushing reform have to adapt the bill to achieve Biden’s signature.
Cannabis Industry Growth In The US
Regardless of what occurs on the federal level, the cannabis industry has been growing rapidly on the state level. Across the US more states are implementing cannabis legalization for medical and recreational adult use. As a result, cannabis companies are experiencing strong revenue growth in the first quarter of 2021.
As earnings season approaches, we could witness another round of increasing revenue for cannabis companies. Unfortunately judging from the Q1 reports cannabis stocks did not see upside when they delivered those earnings. Since the start of 2021 top marijuana stocks to buy have been showing upward momentum because of the possibility of federal cannabis reform.
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For investors, this could be a good time to find top cannabis stocks to invest in while they trade at lower price points. Researching a company’s financials and watching how the stock moves in the market can help you establish the best investments. With this in mind, we can take a closer look at some of the best cannabis stocks to add to your watchlist for next week.
Top Marijuana Stocks To Watch In July
Jushi Holdings Inc.
In 2021 Jushi Holdings Inc. is a cannabis and hemp company that is expanding its presence in the medical and recreational cannabis markets. Primarily, the company is focusing on building a portfolio of branded cannabis and hemp-derived assets across the US. As it stands, Jushi operates 11 dispensaries under the BEYOND/HELLO brand. On July 15th the company announced it finished the acquisition of a licensed cultivator OhioGrow LLC in Ohio.
Additionally, Jushi has 30 retail licenses in the US, and its national brand of cannabis dispensaries Beyond/Hello continues to see growth online and in-store. Jushi Holding Inc. delivered its fourth quarter and full-year 2020 financials with Q4 2020 total revenue of $32.3 million up by 29.6% sequentially. Full-year total revenue increased approximately 689.6% year over year to $80.8 million. In addition, for the first quarter of 2021, the company has total revenue of $41.7 million an increase of 29% sequentially.
JUSHF stock closed at $5.47 on July 16th down 6.73% year to date. In February JUSHF stock reached a high of $5.46 and has gained 304.86% in its 1-year performance. According to analysts at Tip Ranks JUSHF stock has a 12-month average price target of $10.25 per share. This would represent an increase of 87.45% from its last trading price. For this reason, JUSHF stock could be a top marijuana stock to add to your list to close this week.
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Charlotte’s Web Holdings, Inc.
Charlotte’s Web Holdings, Inc is one of the market leaders in Hemp CBD wellness products in the US. Currently, the company has held its leading industry position in the US CBD market and continues showing growth potential. In particular, Charlotte’s Web has premium quality products that are made with American farm-grown hemp genetics. The company manufactures this into hemp extracts and in the US market, the company is the number one CBD brand. In fact, Charlotte’s Web has distribution through more than 22,000 retail locations across the nation.
Charlotte’s Web released its first-quarter 2021 earnings with consolidated revenue of $23.4 million. This is an increase of 9.1% compared to the $21.5 million in Q1 2020. The company’s, DTC eCommerce sales increased 14.5% year over year. In perspective, these eCommerce sales have contributed 68.9% to first-quarter revenue. Last month, the company appointed former Canopy Growth executive Tim Saunders to the board of directors. This is in addition to another new appointment of Wes Booysen as Chief Financial Officer. Charlotte’s Web made an exclusive multi-year agreement to be available at 140 plus LifeTime Athletic Clubs and premier events across the US.
CWBHF stock closed at $3.34 on July 15th up 1.20% year to date. In February CWBHF stock reached a high of $7.00 and has decreased by 19.52% in the last 30 days. According to analysts at Market Beat CWBHF stock has a consensus price target of $6.93 per share. This forecast would represent an increase of 107.6% from its last trading price. With this in mind, CWBHF stock is a top cannabis stock to watch in July.
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