The Best Cannabis Penny Stocks And Market Declines In August
Today in trading top marijuana stocks to invest in are showing some upward momentum. After a few days of declines, the cannabis sector spent the day in the green before giving back some gains. As investors see cannabis stocks return to prices seen before the first quarter rally we could see a rebound. As the cannabis industry grows across the US and Canada leading cannabis companies are delivering strong earnings. One area of cannabis stocks that investors prefer to trade using short-term methods is marijuana penny stocks.
Generally, penny stocks are any stocks trading under the $5 mark. Considered a higher risk sector of the market many investors prefer day trading and swing trading cannabis penny stocks. Some possess long-term value if you can stomach the price fluctuation during the long hold. Currently, the prolonging by the federal government of cannabis legalization seems to have worn down the sector.
In August leading cannabis companies are reporting very strong financials without any gains in the market. Instead, most have lost value since they reported earnings this season. With that being the market trend finding a top marijuana penny stock at lower trading levels could deliver short-term upside. Before investing it’s important to conduct thorough research into a cannabis company. Studying the stocks market trends and looking into its financials can help you find the best investments for your portfolio.
Waiting On Federal Cannabis Legalization In 2021
For the past six months, marijuana stocks have been declining in the market in 2021. In the past, the only catalysts that seem evident for the cannabis sector are federal policy changes for marijuana. Right now, top pot stocks could be establishing a new base to move higher from. With today’s trading, many cannabis stocks are trading green after several days of declines. Although most of the sector is down for the week it could begin to climb from these levels soon.
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Before investing it’s important to do your research on a company before investing. Getting familiar with how a stock moves in the market and the companies finances can help you make better investments. While top marijuana penny stocks are down, we can start a list to see which could have an upside. Let’s take a closer look at 2 cannabis penny stocks to add to your watchlist this week.
Top Marijuana Penny Stocks 2021
- Gage Growth Corp. (OTC: GAEGF)
- Fire & Flower Holdings Corp. (OTC: FFLWF)
Gage Growth Corp.
Gage Growth Corp. provides branding and support services to affiliated licensed operators that produce, distribute, and sell cannabis and cannabis related products in Michigan. At the present time, the company offers medical and adult-use cannabis in the state and was formerly known as Wolverine Partners Corp. Its portfolio includes the city and state approvals for 19 Class C cultivation licenses, three processing licenses, and 15 provisioning centers.
In July, Gage announced it will bring the iconic cannabis brand COOKIES to the Canadian cannabis market. As it stands, COOKIES is one of the best-known cannabis brands in the world and has one of the largest footprints in the industry. Gage Growth opened its 10th dispensary in Burton, Michigan. The company announced an exclusive partnership with multi-platinum selling artist Wiz Khalifa’s brand. Specifically, Gage will develop and launch a line of Khalifah Kush premium cannabis products in Michigan.
GAEGF Stock Performance
GAEGF stock is trading at $2.00 trading almost flat for the past month. Recently, GAEGF stock has been picked up by AdvisorShares Pure US Cannabis ETF (NYSE: MSOS) one of the leading US marijuana ETFs. The stock has a 52-week price range of $1.6936-$3.00 and the stock has only been trading since May.
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Fire & Flower Holdings Corp.
Fire & Flower Holdings Corp. is a leading adult-use cannabis retailer with more than 85 corporate-owned stores in its network. Currently, the company’s wholly-owned technology development subsidiary, Hifyre Inc., is advancing its retail operations model. Because of this Hihyre is providing additional independent high-margin revenue streams for the company. Recently, Fire & Flower entered the U.S. cannabis market through a strategic licensing partnership with American Acres. Specifically, this licensing partnership and acquisition option with American Acres gives Fire & Flower entry into the California, Arizona, and Nevada cannabis markets. In addition, Fire & Flower subsidiary Hifyre entered into a strategic agreement with leading U.S. analytics company BDSA.
In its latest earnings, the company delivered fiscal first-quarter 2021 revenue of $44.1 million up 91% year over year. Marking, Fire & Flowers fourth consecutive quarter of positive adjusted EBITDA with $2.3 million. The company’s Hifyre digital retail platform generated $2.8 million in Fiscal Q1 an increase of 252% year over year. Fire & Flower sustained a net loss of $61.6 million in the first quarter. In June the company announced a strategic supply agreement to expand its Humbles portfolio to Fire and Flower customers online and in-store throughout North America. Fire Flower officially entered the California market as American Acres changed its name to Fire Flower US Holdings.
FFLWF Stock Performance
Currently, FFLWF stock is trading at $0.7356 down 2.42% in the past five days. The stock has a 52-week price target of $0.60-$1.20 and has declined by 32.06% in the past six months. According to analysts at Market Beat FFLWF stock has a consensus price target of $1.85 per share. In essence, this would represent an upside of 149.8% from its current trading price. For this reason, FFLWF stock could be one of the best marijuana penny stocks for your list right now.
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