The Top Cannabis Stocks In June Of 2021
This week in the stock market and many leading marijuana stocks are giving back most of the upside seen earlier in the month. As a result of an announcement from the federal reserve the market is trading lower going into the weekend. In particular, these lower levels could be an opportunity to find the best marijuana stocks to invest in for next week. One high-risk area of the cannabis market that has already delivered significant gains in the first quarter of 2021 is marijuana penny stocks to buy.
Although extremely susceptible to market volatility these pot stocks have for the most part delivered substantial short-term gains so far this year. In 2021 a couple of these marijuana penny stocks gained worldwide notoriety becoming meme stocks and was being heavily traded by Reddit and Robinhood investment groups.
Undoubtedly this propelled top marijuana penny stocks like Sundial Growers Inc. (NASDAQ:SNDL) to much higher market value on massive volume. In February SNDL stock reached a high of $3.96 per share and is now trading at $0.9347 on June 18th. Recently the company announced better than expected earnings that could move the penny stock higher. But meme stocks are not the only cannabis penny stocks delivering gains for investors.
Top Marijuana Penny Stocks And 2021 Market Performance
Actually, many other marijuana penny stocks have made similar moves in their trading patterns this year. Now after consolidating at lower price points for 4 months there could be some upside for this part of the cannabis sector. For new investors, it’s important to always do your research before investing in a company.
Doing your due diligence on a company and watching how a stock performs in the market can help you establish the best positions for your investments. Especially with marijuana penny stocks market volatility makes it important to make a good entry into the market. Buying a penny stock at a higher stock price may leave an investor more susceptible to losing their investment.
With this in mind, we can take a closer look at some marijuana stocks that could have future potential in the market. Currently trading near some of their lowest price points in 2021 there could be significant upward momentum for this area of the cannabis sector. At the present time, Us cannabis reform seems to be the biggest driver for the cannabis sector in 2021. With legislation getting voted on in June these could be the 2 of the top marijuana penny stocks to add to your watchlist for next week.
Marijuana Penny Stocks To Watch
Red White & Bloom Brands Inc.
In the US Red White & Bloom Brands Inc. is positioning itself to be one of the top multistate operators in America. At the present time, the company is expanding rapidly in the legal cannabis and hemp markets. As it stands RWB has its retail locations in US markets like Michigan, Illinois, Massachusetts, Arizona, Florida, and California. Recently the company made the acquisition of all Florida operations from Acreage Holdings Inc. (OTC: ACRHF). As a result, RWB will have 8 retail stores in prime locations in Florida, a 114,000 SQ. foot facility for cultivation, and a 400 Sq. foot office building.
On June 1st RWB provided operating highlights for Q4 2020 and Q1 2021 for shareholders. Primarily the company produced adjusted sales of $32.2 million in Q1 2021. In addition, RWB delivered adjusted sales of $31.4 million in Q4 2020. Currently, RWB has not completed its audited annual financial statements for 2020. Actually, the company has hired a new auditor and will provide biweekly status reports as long as it’s in default with its annual filing.
RWBYF stock is trading at $0.92 on June 18th up 54.08% year to date. In February the stock reached a new high of $1.65 and is now down 15.43% in the past five days. According to analysts at Wallet Investor RWBYF stock has a 1-year forecast price target of $1.792 per share. In essence, this would represent an increase of 94.78% from its current trading price. For this reason, RWBYF stock could be a top marijuana penny stock to buy in June.
MedMen Enterprises Inc.
MedMen Enterprises Inc. is a cannabis retailer with locations in California, Nevada, Illinois, and Florida. Currently, the company has an extensive selection of high-quality products, which include MedMen-owned brands LuxLyte, and MedMen Red. In its third-quarter fiscal 2021 results, the company saw net revenue of $31.7 million up 2.8% from the previous quarter. In addition, MedMen delivered total revenue across operations of $37.8 million an increase of $8.2% sequentially.
The company managed to cut its net loss to $9.7 million in the third quarter compared to a net loss of $68.9 million in the previous quarter. it is coming closer to profitability. So far in 2021 MedMen is down significantly year over year. In fact, the company reported third-quarter revenue of $32 million versus $44.1 million in Q3 of 2020. Recently in Florida, the company opened a new location in South Beach Miami, Florida. In general MedMen plans to continue expanding and build its presence in the US cannabis market.
MMNFF stock is trading at $0.258 up 109.71% year to date. Reaching a new 52 weeks high of $1.47 in February the stock is down 11.83% in the past month. According to analysts at Stock Invest, MMNFF stock is expected to fall 23.50% during the next 3 months. This analysis is based on the stock short-term trading patterns. With this in mind, MMNFF stock could be a marijuana penny stock to add to your watchlist in June.
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