Best Cannabis Stocks For Your Watchlist In Q3 2021? 2 Analysts are Predicting To Have Upside
Could These Top Marijuana Stocks Be Game Changers For Your Portfolio?
Should You Buy Top Pot Stocks At These Prices?
As top marijuana stocks see red days in the market, are you looking for stocks to buy during this dip? For many investors, this is an opportunity to find the best pot stocks in Q3 2021 at some of their lowest market value year to date. With earnings season around the corner for cannabis companies, many investors are adding top pot stocks to their watchlist or adding to existing positions at lower levels.
From current trading levels, many analysts are predicting significant upside for top marijuana stocks. As it stands the market is being affected by the surge of the coronavirus delta variant cases spreading across the US and globally. One possible catalyst for marijuana stocks could be federal legalization and reform.
Currently in Congress Senate Majority Leader Chuck Schumer has unveiled a draft of his cannabis legalization legislation to attempt to gain more support from both the Democrats and Republicans. With this long-awaited draft in the beginning stages, we may see an actual bill in the coming months. At the present time, most of the American public approve of cannabis legalization. On the state level, cannabis legalization continues to allow top cannabis companies to expand rapidly.
Understanding The Cannabis Sector And Top Marijuana Stocks
For new investors, there are a few important things to consider about marijuana stocks before investing. For one, the best cannabis stocks are known for being some of the more volatile stocks in the market. Because of this volatility, it’s important for investors to always do their due diligence on a company before investing.
Ultimately researching a company’s financials and studying how the stock performs in the market can help you make the best investment decisions. Also understanding how world events can affect the market can help you establish better returns. For investors looking for new companies to trade we can take a closer look at some of the pot stocks going into August.
Top Marijuana Stocks To Add To Your List Right Now
Columbia Care Inc.
In the state of New York, Columbia Care Inc. could be one of the best-positioned cannabis companies to grow rapidly after legalization is complete. A recent acquisition of a 34-acre Long Island cultivation site has given the company one of the largest cannabis footprints to service the East Coast market. Now, Columbia Care operates in 18 US markets and operates 126 facilities including 95 dispensaries and 31 cultivation and manufacturing facilities. In July the company announced the launch of West Virginia market operations. Columbia Care expects to begin cultivation operations in the state at its Falling Waters facility.
In Q1 of 2021, Columbia Care announced a record combined revenue of $92.5 million an increase of 220% year over year. As a result, the company produced a record combined adjusted gross profit of $37.7 million an increase of 316% from the prior year. In addition, Columbia Care reaffirmed its 2021 combined revenue guidance of $500-$530 million and adjusted EBITDA of $95-$105 million. Recently, the company completed the acquisition of Green Leaf Medical establishing a market-leading position in the mid-Atlantic. With this, Columbia Care appointed Phillip Goldberg of Green Leaf Medical To its Board of Directors. The company is expected to report its second-quarter 2021 results on August 12th before the open.
CCHWF Stock Performance
CCHWF stock is trading at $4.62 on July 27th down 22.31% year to date. The stock has a 52-week range of $2.65-$7.89 and has gained 67.26% in its 1-year performance. According to analysts at Tip Ranks CCHWF stock has a 12-month average price target of $13.55 per share. Essentially, this forecast would represent an increase of 188.30% from its last trading price of $4.62. This predicted upside makes CCHWF stock one of the top marijuana stocks to add to your watchlist before August.
IM Cannabis Corp.
IMC is a global operator in the medical and adult-use recreational cannabis sector. At the present time, the company has operations In Israel, Germany, and Canada. Headquartered in Israel, the company believes that the IMC brand has become a consistent staple in the Israeli medical cannabis market. The Company has also expanded its business to offer intellectual property-related services to the medical cannabis industry. In Europe, IMC operates through Adjupharm, a German-based subsidiary, and EU-GMP-certified medical cannabis distributor.
On July 23rd IMC announced the completion of a state-of-the-art logistics center in Germany. Specifically, this facility will allow Adjupharm to streamline all aspects of its supply chain including repackaging of bulk cannabis. The company also gave investors preliminary Q2 results and a Q3 outlook for 2021. In detail, IMC expects net revenue of $11-$12 million up 30% sequentially. The company is expecting significant revenue growth in the third quarter of 2021 as well. This is partly due to resumed growth in Germany with shipments resuming at the start of the third quarter. Also, another factor is the additional agreements to ensure the flow of EU-GMP supply.
IMCC Stock Performance
Currently, IMCC stock is trading at $4.89 on July 27th down 5.96% for the day. The stock has a 52-week range of $0.78-$11.63 and jumped up significantly around mid-February. According to analysts at Tip Ranks IMVV stock has a 12-month average price target of $9.19 per share. This would represent an increase of 87.18% from its last trading price of $4.89. With this in mind, IMCC stock could be a top cannabis stock to watch for Q3 2021.