2 Marijuana Stocks To Watch At The End Of The Week
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2 Marijuana Stocks For Your June Watchlist
Right now marijuana stocks are continuing to recover as May comes to a close. This recent upward push for cannabis stocks is setting a good tone heading into June. Analysts feel that in June marijuana stocks will further their rise in trading. However there no way to know for sure but hopes remain in good faith that this momentum will continue. One factor that has been helping the sector rise is more cannabis companies are releasing earnings.
Most times when good news or good financials are released it can add positive sentiment to how marijuana stocks perform. After coming off of a 3-month drop in trading shareholders have been waiting for the right time to take profits. Although some cannabis stock has begun to sustain a longer rise in trading investors need to see a bigger climb before claiming this uptick a real recovery.
Now for those who did take advantage of this recent downtrend were able to find top marijuana stocks to buy at lower prices. So as mentioned above if the sector can further climb June could yield good returns for some shareholders. As far as the operational side of the cannabis industry much progress has taken place. For example, many cannabis companies are continuing to expand operations.
This along with more states going legal and the push to end cannabis prohibition the future of the industry is looking good. Another thing to mention is how even while marijuana stocks were facing a downtrend the progress and pace of business did not slow down. Over the last several months some cannabis companies have either acquired or merged with another cannabis company. This has set a different structure to take over the cannabis industry. As well ventures like these also can help build more momentum for marijuana stocks.
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Cresco Labs Inc.
Cresco Labs Inc. a vertically integrated multistate operator and the number one U.S. wholesaler of branded cannabis products. In the company’s most recent news Cresco has announced its financial results for the first quarter of 2021. During this time the company generated a revenue of $178 million. This is an increase of 9.9% quarter-over-quarter and 168.8% year-over-year.
Next, the company also had a record retail revenue of $82.8 million from 24 stores. This accounted for an increase of 15.2% quarter-over-quarter and 193.2% year-over-year. Another highlight to mention is the company’s adjusted EBITDA1 of $35.0 million. This made for an increase of 16.5% quarter-over-quarter and 507.2% year-over-year.
“In Q1, we delivered sequential growth from existing assets, demonstrated our ability to reach and sustain #1 market share positions in two of this industry’s top-five states, and we’re gearing up to repeat that success in more markets this year. We’re accelerating growth through a diverse set of initiatives including several organic expansions and M&A that will benefit the Company in subsequent quarters. In order to execute all of our pending growth initiatives, we invested in the operating platform to support the growth. We laid the groundwork in Q4 and Q1 and now our expertise with integrating new assets and producing operating leverage will kick in,” said Charles Bachtell, Co-Founder and CEO of Cresco Labs.
During the last 2 weeks of May CRLBF stock has begun to rise once again. Even as the sector was dropping over the last 12 weeks CRLBF stock displayed a bit more fluctuation in price. While CRLBF stock along with other cannabis stocks was hit by this downtrend Cresco still held a decent level to recover from. From May 21st to the 27th CRLBF stock has once again started to pull back up in the market. Moving into June shareholders will wait and see if CRLBF stock will continue to climb.
Planet 13 Holdings Inc.
Planet 13 Holdings Inc. is widely known as the company that owns the cannabis superstore. Located out of Las Vegas Nevada Planet 13 has the largest dispensary in the state. Back on May 5th, the company announced that it has made $10.7 million in cannabis sales in just 30 days. With this volume of cannabis sales, the company has yet again broken a new single-month record of cannabis sales.
“While Larry and I have known for a while that the demand for Vegas is strong, we were absolutely blown away by the rebound in tourist activity and Planet 13 sales this month. It’s clear that word of mouth is spreading. Everyday I speak with someone who was told that Planet 13 is a must visit by a friend or has been eager to visit since they saw an Instagram post,” said Bob Groesbeck, Co-CEO of Planet 13.
Looking forward the company has been able to build off this current momentum in the cannabis sector. After coming off of a long drop in trading seeing this kind of performance is reassuring to shareholders. Even though there is no way to know how long this climb will last.
From May 13th to the 25th PLNHF stock jumped up 8 percent. Furthermore from the 25th to the 27th PLNHF stock has continued to recover with a 3 percent raise. Now as June trading will start next week hopefully this current wave of upward trading will continue next month