Top Marijuana Stocks To Buy Right Now? 2 To Watch This Week
Will These Cannabis Stock Continue Moving Up In June?
Top Cannabis Stocks In June 2021
So far in June many leading marijuana stocks to buy are showing some upside in trading. After 3 months of declining in the market, the cannabis sector is gaining momentum in the past couple of days. So, what does this mean for new investors looking to invest in cannabis stocks? For one because of declines in value many top marijuana stocks to buy are trading much lower than the highs they achieved this year.
Because of this drop in value, some cannabis stocks are at price points that could deliver some returns for investors in the future. But before investing in cannabis stocks there are a few important factors to consider. Generally speaking, the cannabis sector is known for being one of the more volatile areas of the stock market. Initially, this volatility makes it harder for investors to make long-term investments into pot stocks.
With more traders using short-term trading methods like day trading and swing trading top marijuana stocks are considered a high-risk high reward area of the market. One example of Canadian cannabis stock that’s gained notoriety in 2021 is Sundial Growers Inc. (NASDAQ:SNDL). Up 13% on June 2nd closing at $1.13 SNDL stock has seen extreme market volatility in 2021. But this has given investors some quick gains in the market earlier in the year. In May Sundial released some better-than-expected earnings for shareholders.
Top Marijuana Stocks And Upside In June
With the cannabis sector showing upward momentum to start June it could be time to put some of these top marijuana stocks on your watchlist. As an investor, it’s important to always do your own due diligence before starting a position in a top pot stock. Researching the best-positioned companies and watching how the stock performs in the market are some of the best ways to establish the best entry point for your investment.
With this in mind, we can start researching some top marijuana stocks to buy in June. As it stands these cannabis stocks could produce some returns for investors from current trading levels. For the purpose of taking a closer look at some leading companies right now let’s find 2 top marijuana stocks to add to your watchlist in June.
Marijuana Stocks To Watch
Founded in 2015 cbdMD, Inc. is a producer and distributor of various cannabidiol (CBD) products. At the present time, the company owns and operates a few consumer hemp-based CBD brands, such as cbdMD and Paw CBD. Primarily, cbdMD brand products include a variety of CDB tinctures, gummies, topicals, capsules, bath bombs, bath salts, and sleep aids. In April cbdMD announced it would launch Spring 2021 products that include cbdMD drink mixes. Other new products are cbdMD gummies that include cbdMD sleep gummies and cbdMD calming gummies.
In May cbdMD released its second-quarter fiscal 2021 financials with net sales of $11.8 million an increase of 26% year over year. In addition, e-commerce direct-to-consumer net sales were $8.4 million up by 23.3% from the prior year. Also, Paw CBD saw net sales of $1.4 million an increase of 84% year over year. During Q2 of fiscal 2021, the company entered the global beauty and skincare market with the launch of cbdMD Botanicals. Actually, cbdMD won the 2021 Product of the year award for cbdMD’s CBD Gummies and Paw CBD’s Hard Chews for Dogs.
YCBD stock closed on June 2nd at $3.22 up 9.90% for the trading day. In February YCBD stock reached a high of $6.83 and is now up 9.15% year to date. According to analysts at CNN Business YCBD stock has a 12-month median price target of $5.00 per share. This would be an increase of 54.80% from current trading levels. For this reason, YCBD stock could be a top marijuana stock to watch the first week of June.
OrganiGram Holdings Inc.
As a leading Canadian licensed producer of cannabis and cannabis-derived products, OrganiGram Holdings Inc produces high-quality, indoor-grown cannabis products to both the medicinal and recreational markets. Currently, OrganiGram is developing its international business partnerships contributing to its presence in the global market. The company also engages in wholesale shipping of cannabis and sells products online.
In April the company announced its Q2 fiscal 2021 earnings report. Specifically, the company saw a net revenue decline year over year of 37% to $14.64 million. Although the company reported a loss for the quarter it did produce 62 new SKUs since July 2020 as a revamping process. OrganiGram is taking advantage of the Canadian industry’s growth with the derivatives market increasing demand. In fact, in Canada, the number of retail stores is increasing significantly on a weekly basis. In May the company launched Big Bag o’ Buds an indoor-grown strain-specific dried flower in 28g format. Additionally, the company also announced it has appointed Megan Mcrae as the company’s Senior Vice President of Marketing and communications.
OGI stock closed on June 2nd at $3.19 up 8.50% for the day. In February OGI stock reached a new high of $6.45 and is up 139.85% year to date. According to analysts at Market Beat OGI stock has a consensus price target of $4.41 per share. In essence, this would represent an increase of 38.8% from current levels. With this in mind, OGI stock could be one of the best Canadian cannabis stocks to watch in June.