While profitability and the stableness of marijuana stocks are one of the main concerns in the industry, it seems as though several companies have defied these odds. This comes at a time when we have seen some large daily gains from some of the biggest losers of the past year. Many of the companies posting these big gains, lost the majority of their respective values during the 2019 fiscal year. With that being said, it seems as though there is something to make these players, marijuana stocks to watch.
One of the reasons that some investors believe these pot stocks are shooting up is as simple as the psychology behind the new year. With a new beginning, it seems as though many have been able to almost forget the woes of last year’s downtrend. This does not mean we are out of the volatility waters by any means, but it is showing itself to be an interesting start to the year. Moving forward, it will be interesting to see if we can keep up this positive momentum moving into February.
Does This Marijuana Stock Have What It Takes To Thrive?
4Front Ventures (FFNTF Stock Report) (FFNT) is one of the leading cannabis companies in the industry. In the past month alone, the company has posted around 39% in gains for its stock price. This is quite substantial and just goes to show that love is being shared across the market. The company participates in many different areas of the cannabis industry, be it retail all the way to plant genetics. For this reason, many investors believe that the company represents a very diverse opportunity.
The company recently announced its newest venture based out of Chicago. This venture, which comes in the form of a retail location, reported incredible sales for its first week. The company states that the Chicago Mission dispensary, which opened on the first of the year, did over a quarter of a million in sales in the first five days. This number also spans across 2,300 customers. With a massive opening like this, there’s no telling what 4Front Ventures could do next. For this reason, the company looks to be a marijuana stock to watch moving forward.
Will This Marijuana Stock See Gains In The Near Future?
HEXO Corp. (HEXO Stock Report) is a perfect example of a company that did not have a bright future coming out of 2019. The company has shed as much as 80% from a high that the stock price hit in April of last year. But, in the past five days, the company did shoot up by around 20%.
Of course, we have to remember that HEXO Corp. is still a cautious choice at this point in time. The company is at risk of losing its NYSE standing which would not be good for its stock price. It is worth noting though that it does have some interesting prospects moving into the next year. Much of this is shadowed by the company attempting to move up in the market so that it does not lose that prestigious standing. As a pot stock to watch, the company does remain an interesting player in the industry.
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