Will These Marijuana Stocks Reach New Highs In 2021?
A great deal of the current uptick in trading for marijuana stocks started back in November. During that time we had the presidential elections as well as more states legalizing cannabis in some form. In addition to this, there was also a lot of hype which is still present today around federal cannabis reform.
With all this occurring it caused a renewed interest for many investors to start looking for the best marijuana stocks to buy. Back in January, the Georgia Senate runoffs added to the upward push when the Democrats gained control of the Senate. The importance of Democrats running the Senate is having a better chance of passing federal cannabis reform especially with the support of Senate Minority Leader Mitch McConnell.
Since that time the cannabis industry has continued to grow. Recently marijuana stock to watch Green Thumb Indsitries Inc (GTBIF) announced the first U.S. cannabis initial public offering. While Green Thumb can uplist to the New York Stock Exchange or Nasdaq, the SEC declared Green Thumb’s registration effective. This was a good move for the company with the anticipation of federal cannabis reform.
On the Canadian side of the cannabis industry, there are a few reasons why Canadian marijuana stocks haven’t performed as they should. When Canada has the rollout of legal sales there was a great deal of expectation that was not met. For one there were limited cannabis stores along with much competition which made things more challenging for Canada’s cannabis industry.
Now if federal reform ends up happening it may be the saving grace for Canada’s cannabis industry. This will be because now Canadian cannabis stocks can no trade on U.S. exchanges. The cannabis stocks below may be able to see some positive sentiment resonate in the market with federal cannabis reform.
Pot Stocks To Watch In 2021
Charlotte’s Web Holdings, Inc.
Charlotte’s Web Holdings, Inc. is known as one of the top CBD companies in the cannabis industry. The company was first established by the Stanley Brothers and is headquartered out of Boulder, Colorado. This marijuana stock is said to have the number 1 CBD product in the United States. In recent news, the company announced it has been granted U.S. Utility Patents. This patent is for its hemp genetics that was approved by the United States Patent and Trademark Office.
“Achieving the first patented hemp hybrids demonstrates that it is possible to improve hemp through similar methods as other agronomic crops using natural breeding techniques. We believe that ‘Kirsche’ and ‘Lindorea’ are some of the hardiest botanical hemp varietals under cultivation.” said Bear Reel, Charlotte’s Web vice president of cultivation and R&D
In addition to being approved for its patent CWBHF stock was able to see an increase in trading back in November. From this point, the initial start of December looked good for CWBHF stock until a downtrend occurred at the end of December. Since then momentum has picked up from the start of the new year. Overall for January CWBHF stock shot up 9 percent before bouncing in early February. The start of February was looking good for the company. February 1st to the 10th CWBHF stock reached gains of 63 percent before dropping 16 percent. The hopes are that the company recover from its current dip to rise in the market once again.
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MariMed Inc. is a multi-state operator that has a strong focus on the health and wellness sector through the use of cannabis products. Although down from the February 10th trading session at the end of 2020 to now the company has picked up more market momentum. Looking back at November 23 to the 30th MRMD stock saw a big upward push in trading. When this influx in trading occurred it made for a total increase of 188 percent in trading.
This upward push helped investors see a profitable return during this time. At the start of December MRMD stock started to dip a bit before picking back up in the middle of the month. For the entire month of December, MRMD stock saw a total of a 4 percent increase in trading. However, when the start of the new year came like many other cannabis stocks MRMD stock started to climb again. In the first few weeks of trading, the company picked up some solid momentum. January 4th to the 8th MRMD stock had a 16 percent increase in trading.
This was a much-needed jump to show investors that the company is still a cannabis stock to watch for potential future gains. From the 8th to the 15th the MRMD stock continued to rise in trading producing gains of 37 percent. Shortly after the 22nd of January MRMD stock started to drop but was able to recover at the start of February. Although down from previous highs in February overall MRMD stock is up 30 percent for the month with the potential to see more gains.