Best Cannabis Stocks On Robinhood App In A Market Pullback
In today’s trading, top marijuana stocks continue to consolidate at some of the lowest market values in 2021. For the past eight months, top marijuana stocks have been declining in the market and continue to trend lower. This is partly due to the inaction of Congress to introduce federal cannabis legalization as expected since the start of the year. In the meantime, many leading cannabis companies are reporting strong revenue growth and better gross margins this earnings season.
Although this has not been a catalyst in the market it does show a rapidly growing cannabis industry. For investors, there are many ways to gain exposure to the cannabis market. Some investors prefer trading marijuana stocks on a short-term basis using day trading and swing trading methods to produce gains. In general, cannabis stocks are known for displaying significant market volatility and short-term traders use this to their advantage.
Before investing in top pot stocks, it’s important to do your due diligence on a company before investing. Researching a company’s earnings and following how the stock performs in the market can help you establish the best position for your investments. With top marijuana stocks trading at some of their lowest price points this year it could be time to start adding cannabis stocks to your list before September.
Top Pot Stocks In 2021 And Potential Market Catalysts
Now as cannabis stocks close out August there is the potential to produce more gains for investors. The major catalyst for the cannabis sector this year seems to be coming from Congress and lawmakers dealing with cannabis reform. As we start the 4th quarter, we could see a formal introduction to Chuck Schumer’s Cannabis Administration and Opportunity Act in the Senate. The Senate Majority Leader released a draft of the legislation back a few months ago but things have been silent since then.
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For investors finding top marijuana stocks at lower prices right now could produce returns once the cannabis sector moves higher. Some of these pot stocks could start showing some upside from these lower going into September. Because these cannabis stocks trade on the Nasdaq they could gain momentum from the index reaching new highs. As August comes to an end these could be the top marijuana stocks for your watchlist right now.
Top Marijuana Stocks To Watch
- High Tide Inc. (NASDAQ: HITI)
- IM Cannabis Corp. (NASDAQ: IMCC)
High Tide Inc.
High Tide Inc is a retail-focused cannabis corporation that also manufactures and distributes consumption accessories. Specifically, High Tide has a portfolio of companies that include a dominant Canadian cannabis retail chain, and a global manufacturer and distributor of cutting-edge smoking accessories. As it stands, the company has established the largest accessories eCommerce platform in the world. In August High Tide opened its 21st retail location in Ontario which is the companies 89th branded retail location across Canada. On August 18th the company announced that its company shares have now been included in the ETFMG Alternative Harvest ETF (NYSE: MJ).
High Tide reported its second-quarter 2021 results with revenue increasing 99% to $40.9 million. In addition, gross profit margins for the first quarter were $4.7 million compared to $1.8 million year over year. In the second quarter, the company completed the acquisition of Smoke Cartel Inc and launched the sale of hemp-derived CBD products under its Grasscity brand. High Tide continues to see rapid expansion into the US cannabis market through the acquisition of a leading online retailer Dankstop. High Tide will provide its third-quarter 2021 results on Tuesday, September 14, 2021, after the market close.
HITI Stock Performance
HITI stock is trading at $7.14 on August 26th up 17.79% in the past month. The stock has a 52-week price range of $3.00-$13.29 and is up 144.63% year to date. According to analysts, Wallet Investor HITI stock has a 1-year forecast price target of $10.316 per share. As High Tide continues growing across the Canadian market HITI stock could be a top Canadian cannabis stock for your list this week.
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IM Cannabis Corp.
At the present time, IMC is a global operator in the medical and adult-use recreational cannabis sector, that supplies products to Israel, Germany, and Canada. Based in Israel, the company has established the IMC brand as a staple in the Israeli medical cannabis industry. IMC has expanded its business to offer services to the medical cannabis industry. Specifically, the company operates in Europe through Adjupharm, a German-based subsidiary, and EU-GMP-certified medical cannabis distributor. The company recently announced the completion of a state-of-the-art logistics center in Germany. Once it’s operating this facility will allow Adjupharm to streamline its supply chain including repackaging of bulk cannabis.
In August the company announced a partnership with cbdMD Inc. to launch cbdMD products in Israel. IMC announced its Q2 2021 revenues of $11.1 million a 27% increase from Q1 2021. The company saw an adjusted EBITDA loss for Q2 2021 of $5.8 million. The company is expecting significant revenue growth in the third quarter of 2021 from growth in Germany. Specifically, the company is resuming shipments at the start of the third quarter as well as the additional agreements to ensure the flow of EU-GMP supply. In detail, the company saw an adjusted EBITDA loss for Q2 2021 of $5.8 million. As of now, the company is expecting significant revenue growth in the third quarter of 2021 from growth in Germany. Currently, the company is resuming shipments at the start of the third quarter as well as the additional agreements to ensure the flow of EU-GMP supply.
IMCC Stock Performance
IMCC stock is trading at $3.71 on August 26th down 5.51% in the last five trading days. The stock has a 52-week price range of $0.784-$11.63 and is down 51.67% year to date. According to analysts at Tip Ranks IMCC stock has a 12-month average price target of $8.01 per share. Generally, this would represent an upside of 116.49% from its current trading price. As a global market cannabis stock IMCC stock could be on your list of top pot stocks to watch in September.
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