Finding Marijuana Stocks To Invest In For 2021
Are you looking for the best marijuana stocks to invest in right now? Many analysts are predicting significant upside for top cannabis stock in 2021. As a new investor current market value for pot stocks could offer returns in the near future. But before investing there are a few important factors prevalent in the cannabis sector to get familiar with. For one the top marijuana stocks to buy are known for being extremely volatile in the market. Because of this unpredictability more investors prefer to trade cannabis stocks for short-term gains.
As we start this week the cannabis sector is for the most part holding its value as other sectors dip due to downward market pressure. Currently, this is a promising sign due to the fact marijuana stocks have been declining in the market for the past few months. As the possibilities of US federal cannabis reform continue to increase there are many different kinds of cannabis investments available to traders.
In Canada, there are companies that have already been establishing entry into the US market. Some have done this by establishing CBD products that can currently be distributed in the US. Others have made acquisitions or partnerships with US companies for a future entry. Also, in the US cannabis companies have been using mergers and acquisitions to establish larger companies with the ability to capture more market share.
M&A’s And The Creation Of Larger Cannabis Companies
In some instances, this has created companies with much higher revenue-producing capability. One of the biggest recent US acquisitions is between Trulieve Cannabis Corp. (OTC: TCNNF) and Harvest Health & Recreation Inc. (OTC: HRVSF). Once the transaction is complete the two companies will combine to produce a consensus 2021 estimated revenue of $1.2 billion. Other major acquisitions have also transformed companies this year. This method has also helped cannabis companies establish a footprint in the industry at a much faster pace.
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With this in mind, we can research some leading marijuana stocks to add to your watchlist this week. It’s essential for investors to do their own due diligence and study how a stock performs in the market before investing. In general, this can help traders make the best investment decisions for gains in their portfolios. Currently, these 2 top marijuana stocks could be ready to rebound in the market.
Marijuana Stocks To Watch:
- HEXO Corp. (NYSE: HEXO)
- Greenlane Holdings, Inc. (NASDAQ: GNLN)
HEXO Corp.
In Canada, HEXO Corp. has been establishing itself as a leading cannabis company in a global market. As a consumer-packaged goods cannabis company, HEXO has created and distributed cannabis products across the world. This morning HEXO announced it agreed to acquire 48North Cannabis Corp. In detail, 48North has a product portfolio that could give HEXO further market penetration. In March HEXO announced second-quarter fiscal 2021 positive adjusted EBITDA and a 94% increase in net revenue from Q2 fiscal 2020.
Specifically, the company saw total net revenue increase to C$32.8 million. Additionally, HEXO’s non-beverage Canadian adult-use revenue increased by 72%. While adult-use net revenue increased by 10.5% in Q2 of 2021. As of April, the company announced a joint partnership between Molson Coors Canada and HEXO. The two will launch one of the largest cannabis-infused beverages with the Truss Beverage Co. Primarily the six new products that will be initially rolled out could be arriving this summer.
HEXO stock is up 64.95% year to date with a high in February of $11.04. Currently trading at $6.03 the stock is down 17.19% in the last five trading days. According to analysts at CNN Business HEXO stock has a 12-month median price target of $8.03 per share. In essence, this would represent a 33.41% increase from current levels. For this reason, HEXO stock could be a Canadian cannabis stock to add to your watchlist in May.
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Greenlane Holdings, Inc.
Greenlane Holdings, Inc. is a platform that sells cannabis accessories, child-resistant packaging, and specialty vaporization products in the US. With a customer base of more than 11,000 retail locations across the world, Greenlane recently made a game-changing acquisition. Specifically, Greenlane announced it has merged with KushCo Holdings, Inc. (OTC: KSHB) in an all-stock deal creating a new provider of cannabis ancillary products and packaging.
In fact, combined the two companies are projected to have a pro former revenue of around $310 million to $330 million in 2021. Greenlane is expected to release its first-quarter 2021 earnings on May 18th With a not-so-stellar performance in its last results the company could use some help from KushCo. Actually, KushCo saw Q2 revenue increase by 23% quarter over quarter ahead of the recent merger.
GNLN stock closed on May 17th at $3.69 up 2.22% for the trading day. In February GNLN stock reached a 52-week high of $8.73. In the last 30 days, the stock is down 30.71% and could be setting up for a rebound. According to analysts at CNN Business GNLN stock has a 12-month median price target of $7.50 per share. This would represent an increase of 103.25% from current levels. Because of this predicted upside GNLN stock could be a top pot stock to watch for gains this week.
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