Hot Marijuana Penny Stocks To Watch Next Week? 2 For Your Summer Watchlist
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Finding The Best Cannabis Stocks To Invest In
Are you looking for top marijuana stocks to buy right now? So far in 2021 investors have seen top cannabis stocks continue showing market volatility in the first quarter of this year. In February most top pot stocks reached new highs in the market on the premise of US federal cannabis reform and legalization. Due to the fact, this has not yet been established the cannabis sector began seeing a decline in the market.
Now after about three months June has brought some upward momentum for many top cannabis stocks to buy. One area that has seen extreme volatility this year is marijuana penny stocks. Earlier this year some of these penny stocks like Sundial Growers Inc. (NASDAQ:SNDL) gained worldwide notoriety after Reddit investors made this one of the marijuana stocks that the community was focused on in January.
After reaching new highs in February SNDL stock saw sharp declines in market value until the end of May. Now in June SNDL seems to be back in focus gaining some momentum the first week of June. This renewed interest in SNDL stock comes on a better-than-expected earnings report and better investor sentiment in the cannabis sector. Now considered a cannabis meme stock this marijuana penny stock could be a good short-term play in June.
Finding The Best Marijuana Penny Stocks In 2021
Along with Sundial, there are many other marijuana penny stocks that could have some gains for investors as the cannabis sector begins to recover. Because of the market volatility, the sector is known for more investors prefer using short-term trading methods to capitalize on the market swings. But before investing it’s always important to do your own due diligence on a cannabis company. In general, researching a company’s earnings results and studying how the stock performs in the market can help you establish the best position for your investments.
With this in mind, we can look into some marijuana penny stocks to add to your watchlist in June. Currently, many pot penny stocks are trading near some of their lowest levels in 2021. In essence, this could be a good time to start a position before a catalyst like the MORE Act reignites the cannabis sector as it introduced on the house floor. Given the potential gains, the cannabis sector offers in the near future here are 2 of the best marijuana penny stocks to invest in for June 2021.
Marijuana Penny Stocks To Watch
One of the original California cannabis retailers Harborside Inc. was founded in 2006. Initially, the company was awarded one of the first six licenses granted in the United States Harborside has six dispensaries in California and Oregon. At the current time, Harborside has started expanding and could continue to grow its presence in California. On May 31st Harborside released its first-quarter 2021 financials with Q1 gross revenue of $13 million. Additionally, the company saw Q1 2021 Adjusted EBITDA grow to $1 million from $0.3 million in Q1 2020.
Also, important Harborside reaffirmed gross revenue between $68-$72 million in 2021. Primarily, this increase in revenue is seeing growth by better retail pricing and increases from wholesale operations.
HBORF stock is trading at $1.90 on June 4th up 21.02% year to date. In February the stock reached a new 52-week high of $2.54 and has increased 322.22% in its 1-year performance. According to analysts at Wallet Investors HBORF stock has a 1-year forecast price target of $3.50 per share. From current trading levels, this represents a significant upside for traders. With this in mind, HBORF stock could be one of the best marijuana penny stocks to add to your watchlist in June.
Cansortium Inc. is a cannabis company focusing on providing the highest quality marijuana in the state of Florida. At the present time, the company has operations in Texas, Michigan, and Pennsylvania. On May 28th the company announced its first-quarter 2021 financial results. In detail, for Q1 the company’s revenue increased by 49% year over year to $15.1 million. Additionally, Consortium had Adjusted EBITDA of $4.4 million.
Cansortium has 24 operational dispensaries in Florida. In particular, its brand the Fluent has a wide variety of premium dried flowers, edibles, and full-spectrum concentrates, cartridges, and creams. In Florida, the company’s revenue increased by 41.4% to $13.1 million. Although the company has improved immensely it produced a net loss totaling $5.1 million or $0.03 per share. In 2021 Cansortium expects to have 27 dispensaries operational and issued annual revenue guidance between $90-$100 million.
CNTMF stock is trading at $1.159 on June 4th up 45.45% year to date. In April the stock reached a high of $1.35 and is up 143.48% in the last six months. According to analysts at Tip Ranks CNTMF stock has a 12-month average price target of $1.30 per share. In essence, this represents an increase of 12.21% from current levels. For this reason, CNTMF stock could be a top marijuana penny stock to buy in June.