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Looking For Top Marijuana Stocks To Watch In June? 2 That Could Be Winners In 2021

Marijuana Stocks To Watch Right Now

This story originally appeared on MarijuanaStocks

Is June The Time To Buy Top Cannabis Stocks?

Have you been watching the top marijuana stocks wondering if you should make an investment? Currently, top marijuana stocks to buy have been showing significant market declines in the past few months. Now in June, there seems to be some upward momentum in the top pot stock to invest in. For new investors looking for an entry into the cannabis sector, this could be a great opportunity to find the best marijuana stocks to buy at lower price points. via MarijuanaStocks

But with so many different options available it could be difficult to determine which are the better pot stocks to invest in for 2021. In the US there are many cannabis companies that have been showing substantial revenue growth in the first quarter of 2021. Even though many cannabis companies are reporting strong earnings this has not translated into gains in the market for pot stocks.

Instead, the steep decline has left investors concerned about what could move the sector higher. With earnings not having a positive effect on share price the only things that seem to move cannabis stocks are federal reform and legalization. Because of recent events in Congress, this could be an area that receives attention from the government in June. With this in the works, there are a few elements investors need to know before starting a position.

Understanding How Pot Stocks Perform In 2021

In the past, the best cannabis stocks to buy are known for having extreme market volatility. Because of this volatility, more investors prefer to use short-term trading methods in the cannabis sector. Relatively speaking marijuana stocks are considered a high-risk high reward area of the market. This is especially true with cannabis stocks that trade at lower levels or under the $5 price point. By definition, these stocks are called penny stocks and marijuana penny stocks have seen the most price fluctuation in 2021.

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Top marijuana penny stocks have seen the biggest move in Q1 and could begin to show upward momentum in the summer of 2021. With this in mind, we can research some of the top cannabis stocks to add to your watchlist this week. In June these marijuana stocks could be beneficial to your portfolio as Congress votes on cannabis reform.

Marijuana Stocks To Watch

  1. Acreage Holdings, Inc. (OTC:ACRHF)
  2. MedMen Enterprises Inc. (OTC:MMNFF)

Acreage Holdings, Inc.

Headquartered in New York City Acreage Holdings, Inc. is a multi-state operator of cannabis cultivation and retail facilities across America. In May Acreage announced its first-quarter 2021 results with consolidated revenue of $38.4 million an increase of 58% compared to Q1 2020. Additionally, the company’s same-store sales grew 16% making the ninth consecutive quarter of double-digit same-store sales growth.  Although revenue grew the company had a net loss in the first quarter of $7.8 million an improvement compared to the net loss of $172 million in Q1 of 2020.

Currently, Acreage is focusing on improving profitability, controlling costs, and accelerating organic growth. For those that don’t know Acreage has a partnership and a possible acquisition with Canadian giant Canopy Growth Corporation (NASDAQ:CGC). Because of this partnership Acreage could play an instrumental role in the Canadian cannabis companies’ entry into the US market. Also, the company has established a large presence in New York and New Jersey and could see significant growth in the coming years from the growing markets there.  In The future analysts are expecting New York to become one of the largest US cannabis markets. At the present time Acreage operates the maximum number of dispensaries allowed in New Jersey currently and is working on the completion of its New Jersey cultivation facility.

ACRHF Stock Performance

ACRHF stock is trading at $25.65 on June 7th up 47.42% year to date. In February ACRHF stock reached a high of $9.00 and is down 11.18% in the last month. According to analysts at Tip Ranks ACRHF stock has a 12-month average price target of $7.00 per share. In essence, this would be an increase of 53.90% from current trading levels.  For this reason, ACRHF stock could be a top marijuana stock to add to your watchlist right now in June.

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MedMen Enterprises Inc.

MedMen Enterprises Inc. is a small-cap cannabis retailer with locations in California, Nevada, Illinois, and Florida. Currently, the company has a selection of high-quality products, which include MedMen-owned brands LuxLyte, and MedMen Red. The company has established its distribution through its premium retail stores, proprietary delivery service, as well as curbside and in-store pick-up. In May MedMen reported its third-quarter fiscal 2021 results with net revenue of $31.7 million up 2.8% sequentially. Additionally, total revenue across MedMen’s operations was $37.8 million an increase of $8.2% sequentially.

Currently, MedMen has investment agreements in New York that are awaiting regulatory approval. In its latest report, the company saw a net loss of $9.7 million in the third quarter compared to a net loss of $68.9 million in the previous quarter. As the company opens new prime locations like its first dispensary in South Beach Miami, Florida we could see significant growth for the company in the next few years.

MMNFF Stock Performance

MMNFF stock is trading at $0.2814 on June 7th up 120.82% year to date. In February MMNFF stock reached a high of $1.47 per share. In June MMNFF could see significant upside with the passing of cannabis reform in Congress. With its 29 retail stores and 6 cultivation sites, MMNFF stock could see some upward momentum this week.

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