3 Pot Stocks To Watch At The End Of August
3 Top Pot Stocks That Are Gaining More Attention
Will These 3 Marijuana Stocks Pick Up Momentum Before September?
What will it take to see pot stocks rise once again and with more upward consistency? This is the same question many investors have been plagued with for quite some time. The current fluctuation in the cannabis sector has been a wild ride for many marijuana stocks. With the amount of uncertainty surrounding investing in cannabis stocks, some are holding on others panicking and some are even buying more.
The reason for the panic is due to many cannabis stocks not being able to trade at higher levels to which is creating unwanted anxiety amongst some investors. Others are still nervous but are keeping hope and holding to their position. Another factor that keeps investors in despair is what the future legislation will look like for the cannabis industry in its entirety.
What this means is on state-level Congress has left establishing rules and regulations up to each individual legal state. However, while this is a huge milestone on its own passing federal reform is what many are waiting to see happen. The issue with federal reform is it seems Congress is not satisfied with what has currently be presented.
This is what led to the reintroduction of the MORE ACT. In addition to Chuck Schumer’s federal cannabis bill. Now even with 2 attempts to pass some type of federal reform some feel it will take more time. The cannabis industry is in need of more comprehensive reform.
More Progress For The Cannabis Industry
With proper reform in place, it may be the catalyst needed to finally see more marijuana stocks reach higher market levels. For now, people of the industry are remaining patient and keeping watch for any sudden changes in the sector. The growth of the cannabis industry has not gone unnoticed. This continuous growth has attracted more people into the cannabis world. To which these individuals are now looking for ways to invest in marijuana.
Top Marijuana Stocks For Your Investment Portfolio
- Trulieve Cannabis Corp. (OTC:TCNNF)
- Greenlane Holdings, Inc. (NASDAQ:GNLN)
- GrowGeneration Corp. (NASDAQ:GRWG)
Trulieve Cannabis Corp.
Trulieve Cannabis Corp. together with its subsidiaries operates as a medical cannabis company. The company cultivates and produces products in-house and distributes its products to Trulieve branded dispensaries across the United States. As well the company controls the dominant share of Florida’s medical marijuana market.
In one of the more recent bits of news, Truelieve has become the first MSO to initiate the sale of clones in Massachusetts. This only shows the inevitable growth of the company as things continue to look promising for the future.
Words From The CEO
“Trulieve supports home grow initiatives in Massachusetts and we are excited to offer our top-tier genetics to those who would prefer to grow their own cannabis plants at home,” said Kim Rivers, CEO of Trulieve. “We’re delivering on our promise to meet cannabis consumers wherever they are in their level of experience, as well as our commitment to expanding access to the plant as we continue to grow in the Massachusetts market.”
TCNNF Stock Performance And Market Update
At the start of August, TCNNF stock started with a bit of some up and down trading. In the initial 9 days of August, TCNNF stock was moving in the market with some volatility. Up until the 9th, the company was working to increase its market position but failed to do so. From the 10th of August to the close on the 20th TCNNF stock has continued to fall. Now with a new week of trading here it’s possible to see this cannabis stock to watch pick up more momentum.
Greenlane Holdings, Inc.
Greenlane Holdings, Inc. sells cannabis accessories, child-resistant packaging, and specialty vaporization products in the United States, Canada, Europe, Australia, and South America. During the second quarter of 2021, the company reported having a revenue of $34.7 million.
In addition to a record core revenue of $34.5 Million. Some other Q2 highlights are the company achieved its third consecutive quarterly sales record for Greenlane Brands. Which grew to $9.0 million in Q2 2021, up 62.5% compared to $5.5 million in sales for Q2 2020.
Words From The Company
‘Our second quarter 2021 results reflect the success of our efforts to drive growth in our core business lines and higher-margin Greenlane brands,” said Aaron LoCascio, Greenlane’s Chairman and Chief Executive Officer. “I am proud of our accomplishments and want to thank our entire team for their ongoing dedication as we execute on the opportunity ahead. During the quarter, we drove solid Greenlane Brands revenue growth, up 62% year over year and representing 26% of our total Q2 revenue, supported by strong organic growth.”
GNLN Stock Performance And Market Update
In the last 4-6 weeks of trading GNLN stock has been one of the many cannabis stocks that have felt the effects of the market volatility. Even at the end of May GNLN stock showed a small glimpse of momentum but was not able to climb in the process. Currently for the month of August GNLN stock has faced a big drop in trading.
However, as a sign of progress outside of the market, Greenlane produced strong Q2 earnings. Nonetheless, this success has not yet caused any upward momentum in the market. For now, it’s a waiting game to see what will come of this marijuana stock to watch as more develops for the company.
GrowGeneration Corp. through its subsidiaries owns and operates retail hydroponic and organic gardening stores in the United States. On August 12th the company released its Q2 2021 results. During this time GrowGen saw a record revenue of increase of 190% to $125.9 million.
Next, the company’s Adjusted EBITDA was $14.5 million for the second quarter of 2021. Which is in comparison to $4.4 million for the same period last year. Also, the company back in April 2021, acquired Downriver Hydroponics, a Michigan-based indoor garden center in Wayne County.
Words From The CEO Of GrowGeneration Corp.
Darren Lampert, GrowGeneration’s Co-Founder and CEO stated, “The GrowGen team delivered an exceptionally strong second quarter, with revenues up 190% compared to the same period last year, with same store sales up 60%. The entire enterprise generated more revenue in the first half of 2021 than all of 2020 and adjusted EBITDA in the first half of 2021 was more than all previous periods combined. For the year, we closed 12 acquisitions, adding 20 hydroponic retail locations, bringing our total store count to 58. Our ability to attract and purchase the “best of breed” and largest hydroponic operators in the country was again evident with our signing of HGS Hydro, the country’s third-largest hydroponic chain. The strategies implemented several quarters ago are now positively impacting margins.
GRWG Stock Performance And Market Update
Trading in the month of August for GRWG stock has been interesting, to say the least. In the first 11 days of August, the company was on a slow but steady incline. Yet shortly after this time, GRWG stock was not able to keep its momentum going. The company ran into a complication in the market and has not been able to fully recover since.
After the 11th of August GRWG began its descend in the market. As of the close on the 20th of August small amount of upward trading has occurred, Now the question is will this marijuana stock be able to sustain this upward push to an even better market position.