These Marijuana Stocks Are Working To See More Gains
Over the past few months, we have witnessed some major positive sentiment in the cannabis industry. With the majority of leading marijuana stocks making some positive movements in that time period, many believe that cannabis stocks may be on the way to reaching new highs. This comes after a several month-long battle with volatility related to the coronavirus. As well as the potential of cannabis being legalized on a federal level. Which has the potential to give many marijuana stocks even more momentum. Now, however, we are seeing the increased demand for cannabis from the quarantine play a role in the financials that leading marijuana stocks are putting out. Of course, it is still too early to claim that we are out of the woods. However, the continued positivity in the cannabis industry is helping to illustrate that we could see a brighter future ahead.
If we look back earlier in 2020 during the middle of March, the largest marijuana ETF, Horizons U.S. Marijuana Index, posted over 90% in gains. While this movement is not unprecedented for the cannabis industry, it has come as a surprise to most. Mark Noble, VP of strategy at Horizons ETFs Management stated that “I think this is an inflection point where the U.S. market is becoming the dominant market in the global marijuana space.” With this in mind, there are several leading cannabis stocks that have continued to show positive momentum. Now although this was back in March many top pot stocks have reached similar gains since that time. These two pot stocks below are working to stay ahead as we move into the near future.
Top Marijuana Stocks To Watch
A Top Marijuana Stock To Watch In The Cannabis Industry: Cresco Labs Inc. (CRLBF)
Cresco Labs Inc is one of the better performing marijuana stocks of 2020. Like other pot stocks CRLBF stock has been to consistently trade up in the market for the better part of 2020. Just in October alone CRLBF stock posted gains of 20%. This price movement has been consistent even in November and now with December almost gone this momentum has died down yet. So far in December CRLBF stock is down from previous highs in the month. Yet due to how volatile the market is small drops may be a sign of a possible uptick to new highs.
In recent news, the company the opening of its tenth Illinois dispensary in the third-largest city in the state, Naperville. With Illinois being a new cannabis market moves like this give Cresco to corner the market before future competitors. In addition to this, Cresco has also has extended its partnership with leading California-based cannabis brand Kings Garden Inc. As it stands the company is taking the necessary actions to give themselves the best start in 2021. So as things shape up for the Cresco they look to be a marijuana stock to watch in the new year.
A Top Marijuana Stock To Watch In The Cannabis Industry: Cronos Group Inc. (CRON)
Cronos Group Inc. is in my opinion a good example of a marijuana stock that has faced the negative and positive side of volatility. Even after many marijuana stocks recovered from lows earlier in the year, CRON stock took a different route. Shortly after March Cron stock was impacted by market volatility. Now, this could be due to many factors but it wasn’t until October that the company began to see more upward momentum. Although currently down from previous highs CRON stock is still at a higher share price than earlier in 2020. If we look back at the start of October to the first trading day in November CRON stock went up by 20%.
All things considered, this is a solid market movement especially trading up and down most of 2020. During November, many top marijuana stocks saw exceptional gains due to the presidential election. As well as top-performing marijuana stocks posting record-breaking earnings which resonated well for most pot stocks. In fact, November was the month the Cronos saw its biggest increase. From the start of the month to the day before December CRON stock saw a massive gain of over 58%. As mentioned before although down from November highs CRON stock still shows signs of continued momentum. The company is working to sustain its current market levels and not fall back down to previous lows. With that said the new year may bring with it some much-needed momentum not just for Cronos but the marijuana stocks and the entire cannabis industry.