Best Cannabis Stocks In 2021 Downtrend
Are you looking for ways to invest in the cannabis industry before 2022? At the present time, top marijuana stocks have sustained significant declines throughout 2021. Because of this many cannabis stocks are trading near the lowest price points seen by investors this year. As delays continue in Congress to end cannabis prohibition the cannabis sector continues to fall.
Although it seems lawmakers are getting closer to reaching a bipartisan bill to change federal cannabis reform it now is starting to look like things will not get completed this year. But this could be an opportunity for traders to establish positions while pot stocks trade at lower values. Ancillary cannabis companies have been growing rapidly in the industry and not performing that well in the market. Although these ancillary companies have been delivering strong revenue growth in their latest earnings it has not translated into market gains.
For the entire 2021, the only thing that caused upward momentum was the possibility of federal cannabis reform. As legalization continues to be a strong possibility soon these lower prices may be able to give investors future potential growth. For the most part, ancillary companies have shown some more stability than vertically integrated pot stocks. In November they have also seen declines but could bounce back quickly once Congress passes federal marijuana legalization bills.
Finding The Best Trades In Top Pot Stocks
Before investing in cannabis stocks there are a few important factors to consider. For one top marijuana stocks have seen significant market volatility in the past couple of years. This makes them a higher-risk investment that investors should do their research on before trading. Following how a stock moves in the market and looking into a company’s earnings can help you find the best returns for your investments.
There are many different ancillary cannabis companies that are expanding with the cannabis industry. With this drop in value this week it could be time to make a watchlist of the best marijuana stocks to watch right now. Let’s look at 2 top cannabis stocks for your watchlist in November.
Best Marijuana Stocks To Add To Your List In Q4 2021
Agrify Corporation develops precision hardware and software grow solutions for the indoor agriculture marketplace primarily in the United States. In general, the company provides vertical farming units, integrated grow racks, and LED grow lights. At the present time, Agrify’s proprietary hardware and software solutions help its customers achieve the highest quality, consistency, and yield, all at the lowest possible cost. In addition, the company provides associated services comprising consulting, engineering, and construction. Recently, the company made the acquisition of Precision Extraction Solutions and Cascade Sciences two leading providers of equipment and solutions for extraction, post-processing, and testing for the cannabis and hemp industry. In October the company announced its entry into the Arizona cannabis market through a partnership with Olive El Mirage.
On November 10th the company released its third-quarter 2021 results with revenue of $15.8 million up 460% year over year. As it stands Agrify has new bookings of $32.2 million increasing its current backlog to $117.5 million. Specifically, Agrify announced the first total turnkey solution partnership with Bud & Mary’s Cultivation, Inc. to install up to 1200 vertical farming units at its 50,000 SQ FT facility. Also, the company has also established a multi-year research and development partnership with Curaleaf Holdings, Inc. (OTC: CURLF). In detail, this research will study the impact of the cultivation environment on plant health and harvest yield. The company reaffirmed its full-year 2021 guidance of $48-$50 million.
AGFY Stock Performance
AGFY stock is trading at $17.15 on November 22nd down 14% in the past five trading days. The stock has a price range of $6.81-$35.94 and is up 114.91% in the past six months. According to analysts at Tip Ranks AGFY stock has a 12-month average price target of $34.67 per share. In this case, this would be an increase of 101.86%% from its current trading level.
WM Technology, Inc.
WM Technology, Inc. better known as Weedmaps is an online listing marketplace and a major hub for cannabis consumers and cannabis companies. To highlight, the cloud-based SaaS solutions from WM Business provide an operating system for cannabis retailers. In general, WM Business’ tools support compliance with the complex, and constantly evolving regulations in the cannabis industry. This year Weedmaps announced a multi-year partnership with Kevin Durant, Thirty-Five Ventures, and a sponsorship deal with Boardroom. In September the company acquired leading cannabis CRM & marketing platform Sprout.
As it stands, Weedmaps has an estimated 10 million monthly active users and approximately 18,000 business listings in the U.S. On November 11th the company released its third-quarter 2021 results with revenue of $50.9 million. Specifically, US revenue grew by 46% year over year with monthly active users increasing to 13.9 million on September 30, 2021. In addition, gross profit was $48.8 million and net income reached $49.2 million. Currently, WM has a Q4 2021 revenue estimate between $50-$52 million.
MAPS Stock Performance
MAPS stock is trading at $7.60 on November 22nd down 16.08% in the past five trading days. Currently, the stock has a 52-week price range of $7.35- $29.50 and is down 38.68% year to date. According to analysts at CNN Business MAPS stock has a 12-month consensus price target of $16.00 per share. In essence, this would represent an upside of 110.53% from its current trading price.
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