Looking For Marijuana Stocks To Buy Right Now? 2 Predicted To See Triple Digit Percentage Gains

Could These Ancillary Cannabis Companies Be Good Investments This Summer?
Looking For Marijuana Stocks To Buy Right Now? 2 Predicted To See Triple Digit Percentage Gains
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Investing In Top Cannabis Stocks In 2021

Are you looking for top marijuana stocks to invest in this summer? Currently, the best cannabis stocks to buy are trading lower in the market. This year we have seen how volatile the cannabis sector can be for investors. After a strong rally since the presidential election in November 2020, there have been many more traders investing in cannabis stocks.

Mainly this increase has come from new retail investors that are predominantly using new popular trading apps like Robinhood and Webull. Early in 2021, these new investors helped propel the cannabis sector to new market highs until almost mid-February. After this rally top pot stocks began to see declines in the market that lasted until June. But there are some areas in the cannabis market that saw significant gains in 2021.

In February Canadian marijuana stocks saw the most upside so far this year. After the decline in pot stocks, they also experienced the largest declines in value. Now they seemed to be positioned for a rebound after months of consolidation. Another area of the cannabis market that has seen substantial growth in ancillary marijuana stocks. Ancillary cannabis companies are those companies that support the cannabis industry without touching the actual plant. Right now, these companies are well-positioned to grow alongside the cannabis industry.

Researching The Cannabis Sector And Studying Pot Stocks

For traders, researching top cannabis companies before investing can help produce the best returns for your portfolio. In addition, studying how a stock performs in the market can help you establish the best entry point for your investment. Because the cannabis sector is known for volatility this becomes an instrumental part of making profitable trades. At the present time, many of the best cannabis stocks to buy are trading closer to their lower price points in 2021. In essence, this could be an opportunity for new investors to start positions at lower entry levels.

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With this in mind, we can take a closer look at some top marijuana stocks in July. As things progress in Congress there is currently a growing chance the US may see federal cannabis reform in 2021. Although there are still some hurdles for Congress to tackle it seems the possibility to see some form of federal policy change on cannabis. Now in mid-July, these could be some top marijuana stocks for your watchlist this summer.

Top Marijuana Stocks To Watch In July

  1. High Tide Inc. (NASDAQ:HITI)
  2. Greenlane Holdings, Inc. (NASDAQ:GNLN)

High Tide Inc.

With over a decade of experience in the cannabis industry High Tide Inc is a leading cannabis enterprise operating across Canada, Europe, and The United States. Currently, High Tide has a portfolio of companies that include a dominant Canadian cannabis retail chain, a global manufacturer, and a distributor of cutting-edge smoking accessories. In addition, the company has also established the largest accessories eCommerce platform that services an international market. High Tide is positioning for international expansion through emerging legal markets.

In June High Tide reported its second-quarter 2021 results with revenue increasing 99% to $40.9 million. As a result, the company saw gross profit margins for Q1 of $4.7 million compared to $1.8 million from the prior year. During the second quarter, the company completed the acquisition of Smoke Cartel Inc and launched the sale of hemp-derived CBD products under its Grasscity brand.

High Tide Inc. Logo (CNW Group/Meta Growth Corp.)

HITI stock is trading at $6.47 on July 15th down 5.60% for the day during the last hour of trading. The stock reached a high of $13.29 in February and is up 128.32% year to date. According to analysts at Tip Ranks HITI stock has a 12-month median price target of $15.858 per share. This forecast would represent an increase of 145.43% from its current trading price. For this reason, HITI stock is a top marijuana stock to add to your watchlist right now.

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Greenlane Holdings, Inc.

Greenlane Holdings, Inc. recently became one of the largest cannabis accessories companies serving the global markets. Specifically, the company is a platform that sells accessories, child-resistant packaging, and specialty vaporization products in the US. Greenlane has a customer base of more than 11,000 retail locations internationally.  In a recent announcement, Greenlane merged with KushCo Holdings, Inc. (OTC:KSHB) in an all-stock deal creating a new provider of cannabis ancillary products and packaging. As of now the two company’s combined are projected to have a pro forma revenue of around $310-$330 million in 2021.

Greenlane released its first-quarter 2021 financials with Greenlane Brand sales setting back-to-back quarterly sales that account for 25% of total revenue. In fact, for the first quarter of 2021 Greenlane Brands saw sales of $8.5 million. In particular, Greenlane delivered total revenue of $34 million in Q1 2021. As the company comes closer to closing the merger this could be a good opportunity to find an ancillary investment in the cannabis market.GNLN

GNLN stock is trading at $3.58 on July 15th down 5.56% year to date. In February GNLN stock reached a high of $8.73 and has lost 6.50% in the past five days. According to analysts at CNN Business GNLN stock has a 12-month median price target of $7.50 per share. This would represent an increase of 109.50% from its current trading price. With this in mind, GNLN stock could be a top marijuana stock to watch this summer.

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