Why You Should be Watching These Two Marijuana Stocks
When it comes to finding a marijuana stock to watch, investors often choose the top two or three by market cap. While this can be a good strategy, there are a lot of other pot stocks that are worth watching. So far in August, we have witnessed a lot of positive momentum amongst some of the most popular marijuana stocks to watch. These companies are pushing forward despite Covid attempting to hold them back. And with that, there are some high profile marijuana stocks that are trading well below their fair value. For this reason, now could be a good time to start checking out some of the big-name cannabis stocks.
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These companies fill the cannabis industry and are some of the most prominent companies amongst marijuana stocks. In addition, oftentimes the larger pot stocks can see the brunt of gains in the cannabis industry. This means that when something of value happens to pot stocks, the largest companies are usually the ones that see gains the fastest. Although this is not always the case, it does usually occur in this fashion. With that in mind, here are two pot stocks to watch that could see some momentum in the next few weeks.
Another Major Pot Stock to Watch
Aurora Cannabis Inc. (NYSE:ACB) is another one of the major Canadian cannabis stocks. So far in 2020, ACB stock has shot down by as much as 55%. While this may seem like a lot, most other leading pot stocks have tumbled by a similar amount. Although that number may seem scary, since mid-March, ACB stock has climbed by a solid amount. This, however, has not been enough to get the company fully on track. Rather, ACB stock has seen more stability than gains as the company has been shutting down facilities and laying off staff. 
These moves come as Aurora attempts to show as much profitability in its next quarter as possible. In addition, the laying off comes as Aurora realized it had hired too many staff for its business size. With that, Aurora does look like it could be considered a value pot stock to watch at the current point in time. Investors should wait and see what happens in the next few months before deciding if ACB stock is a pot stock to watch or not.
A Leading Canadian Cannabis Grower
Aphria Inc. (NYSE:APHA) is one of the most popular Canadian marijuana stocks. In the past few years, APHA stock has grown substantially due to the company’s overall growth. In its most recent quarter, Aphria reported profits of around CA$130 million which is quite substantial. This was big news for APHA stock and led to the company garnering a lot of attention. As of may of this year, APHA stock reported having almost $500 million in cash. This number is less than the amount the company had in the prior quarter, but it is still a significant amount of growth.
During its most recent quarter, APHA stock also reported selling 20% more in cannabis than it had in the previous year at the same time. Because of this, it looks like Aphria could be headed on a solid growth trajectory. Of course, we have to note that APHA stock is known to be quite volatile. This is simply due to it being one of the largest cannabis stocks in the industry. Despite this, it remains a leading pot stock to watch.
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