Are the best marijuana penny stocks ready to bounce back? 2 Top Penny Stocks For Your List This Week

Best Cannabis Stocks in 2021 and Investing in Penny Stocks

While strong earnings exceed the expectations of many leading tech companies, many marijuana stocks show some upside this week in the market. After hitting some of their lowest trading levels seen this year in October, the best cannabis stocks to invest in might be poised to bounce back as the market continues to improve. One way for investors to take advantage of the recent downtrend in the cannabis industry is to trade marijuana penny stocks. – MarijuanaStocks

For those unfamiliar with penny stocks, these are stocks that trade below the price of $ 5. In general, these stocks are known to be volatile and many traders prefer to trade them short. By using short term trading methods like swing trading and day trading, investors can get returns with these high risk investments. Because these stocks are trading at much lower prices, traders can establish larger positions with less capital.

This gives the investor the opportunity to see larger gains with smaller movements in the stock price. In 2021, some cannabis penny stocks gained worldwide notoriety as memes stock and became favored by Reddit investors. In the first quarter of 2021 Sundial Growers Inc. (NASDAQ: SNDL) peaked at $ 3.96 per share before falling back to current levels of $ 0.68 on October 20, 2021 at 3:08 a.m. EDT. Sundial was one of the top performing Canadian companies in 2021, showing market growth and company investment.

Penny Stocks in 2021 and the Cannabis Industry

For investors, researching a company’s earnings and studying how a stock is going in the market can help you make better investment decisions. Patience and understanding how to place yourself in winning positions are key to achieving your investment goals. Generally speaking, although major cannabis penny stocks are known to have significant market volatility, many investors have learned to use these price swings to consolidate their gains.

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With the possibility of federal marijuana legalization being reintroduced in Congress, there is a potential catalyst for better cannabis stocks. Although some penny pot stocks continue to show a decline, things can now change quickly with penny stocks. Some of those cannabis companies that sell marijuana penny stock are successful companies with future potential. Let’s take a look at the 2 best marijuana penny stocks for your October list.

Best marijuana penny stocks for 2021

  1. Planet 13 Holdings Inc. (OTC: PLNHF)
  2. TPCO Holding Corp. (Over-the-counter: GRAMF)

Planet 13 Holdings Inc.

In 2021, Planet 13 announced the official opening of its Orange County hypermarket, which is now the largest dispensary complex in California. The company is based in Nevada, with award-winning growing, production, and dispensary operations on the Las Vegas Strip. Right now on the Las Vegas Strip, 13 is famous for its larger-than-life Superstore dispensary, housed in a 112,000 square foot building. Primarily, Planet 13’s two large-scale dispensaries would be the largest in the world. In addition, the company has also established a smaller model of its business, the Medezin store, which encompasses its larger store model and presents it in a compact form. planet13

Planet 13 reported its financial results for the second quarter of 2021 with revenue of $ 32.8 million, up 205% year-over-year. In the second quarter, the company generated adjusted EBITDA of $ 7.2 million. Gross profit before biological adjustments was $ 18.7 million and adjusted EBITDA of $ 7.2 million. Planet 13 incurred a net loss of $ 4.4 million and a pre-tax net loss of $ 0.9 million. This month, the company plans to launch Tinley’s products, a selection of cannabis-infused drinks. On October 1, Planet 13 completed the acquisition of a cannabis license in Florida.

PLNHF share performance

At present, the PLNHF title closed on October 20e at $ 4.20, down 3.96% for the trading day preceding the close. The stock has a 52-week price range of $ 3.013 to $ 8.67 and is down 21.83% year-to-date. According to analysts at Tip Ranks, PLNHF stock has a 12-month average price target of $ 5.67 per share. In this case, that would represent a 35% increase from its current price of $ 4.20.

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TPCO Holding Corp.

Through a SPAC agreement, TPCO Holding Corp. is one of the largest cannabis operators in California. The company is primarily made up of the direct-to-consumer platform Caliva and hemp maker Left Coast Ventures. TPCO also involved icon and entrepreneur Shawn Jay-Z Carter. Specifically, Carter is the visionary director and brand strategist for TPCO. Roc Nation is also in the partnership providing artists, athletes and influencers to build brands. In August, the company introduced Troy Datcher as the new CEO of the company. To highlight, Datcher’s appointment represents the first time that a black CEO will lead a large US public cannabis organization. October 4e the company acquired Coastal Holdings Company, LLC, expanding its retail network to 11 operating stores and six delivery depots.

TPCO also provided its second quarter 2021 results with net sales of $ 54.2 million. Typically, these revenues come from $ 11.9 million in direct consumer revenues and $ 42.3 million in wholesale revenues. As a result, the company achieved gross profit for the second quarter of 2021 of $ 8.1 million or 15% of net sales. In 2021, the company launched Shawn “JAY-Z” Carter’s MONOGRAM, a premium cannabis product with iconic photo re-images by American photographer Slim Aarons. In addition, TPCO has three streamlined facilities producing 8 major brands with a focus on higher margin product offerings. The company made its first inaugural investments in businesses run by blacks and women. In addition, TPCO has expanded its product portfolio with the launch of well-by Caliva lotions and tinctures.

GRMF stock market performance

Currently, GRAMF stock is trading at $ 3.17 on October 20, 2021, down 55.74% in the past six months. Currently, the stock has a 52-week price range of $ 2.75 to $ 13.96 and is down 68.73% year-to-date. According to Market Beat analysts, GRAMF stock has a consensus price target of $ 8.00 per share. This forecast would represent an increase of 152.8% from its current price of $ 3.17.

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