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Best Marijuana Penny Stocks For List Right Now? Check Out These 2 This Week

Penny Stocks To Watch In November

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This story originally appeared on MarijuanaStocks

Top Cannabis Stocks And November Momentum

Are you looking for top marijuana stocks to buy for November gains? To start this month some cannabis stocks reached some of their lowest trading levels seen in 2021. But on Friday, November 5th an announcement from Congress about a Republican-led cannabis reform legislation sparked an uptrend in top pot stocks. One-way investors are taking advantage of the renewed momentum in pot stocks is by trading marijuana penny stocks.

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For those not familiar with penny stocks these are any securities trading under the $5 price point. For the most part, penny stocks are known for being a higher risk-reward investment that is susceptible to significant market volatility. Many traders take advantage of the price fluctuations in marijuana penny stocks to produce returns in the market. In most cases, these traders use short-term methods like day trading and swing trading to produce gains in the market.

Some top cannabis penny stocks have begun to show some momentum this week. Before investing it’s important to do your due diligence on a company. Looking into a company’s earnings and press releases can help you find the top performs in the market. In addition, studying how a stock behaves in the market can help you establish the best entry points for your investments.

Trading Penny Stocks And Making A Watchlist In 2021

With the possibility of federal cannabis reform, the best penny pot stocks to buy could have increased volatility in November. Making a watchlist of top marijuana penny stocks could help you narrow down the ones that could produce gains in the market. With some thorough information and the right strategy, investors are better equipped to produce a profit trading penny stocks. Let’s take a closer look at 2 top marijuana penny stocks to add to your list in November.

[Read More] 2 Marijuana Stocks To Watch As The Sector Builds More Momentum

Best Marijuana Penny Stocks To Watch This Week

  1. Goodness Growth Holdings, Inc. (OTC: GDNSF)
  2. Harborside Inc. (OTC: HBORF)

Goodness Growth Holdings, Inc.

Goodness Growth Holdings, Inc. is a company focusing on bringing technology, science, and engineering to the cannabis and IP incubator market. In general, Goodness Growth’s subsidiary Resurgent Biosciences plans on expanding into clinical research efforts in psychedelic medicine. At the present time, the company has 17 retail dispensaries across the US. Goodness Growth closed on the purchase of 4 cannabis licenses in Nevada before changing its name. These licenses will allow Goodness to cultivate and produce cannabis products to both the medical and recreational markets in Nevada.Goodness GDNSF

In other events, Goodness announced the agreement to acquire Charm City Medicus Dispensary in Maryland. As a result, this transaction will improve the companies scale in the Maryland medical cannabis market and expand its retail presence in the state.  In October the company announced its subsidiary Vireo Health will launch flower cannabis products in New York. Goodness reported its Q2 2021 financials with GAAP revenue of $14.2 million an increase of 16% year over year. As a result, the company set a record GAAP gross profit margin of 49% reflecting improving efficiency in their operations. In September the company launched its first IRB-approved research study on Entheogens and psychedelic experiences. Goodness Growth is expected to release its third-quarter 2021 results on November 10th before the market opens.

GDNSF Stock Performance

GDNSF stock is trading at $1.41 on November 9th down 15.15% in the last month. Currently, the stock has a 52-week price range of $1.065-$3.84 and is down 5.37% year to date. According to analysts at Market Beat GDNSF stock has a consensus price target of $4.00 per share. In this case, this would represent an upside of 185.7% from its current trading price.

[Read More] Best Penny Stocks To Buy Under $1? 2 Cannabis Stocks For Your Watchlist Right Now

Harborside Inc.

Founded in 2006 Harborside Inc. was awarded one of the first six licenses granted in the United States. Harborside has six dispensaries in California and Oregon. In 2021, Harborside has started expanding its footprint and could continue to grow its presence in the California market. In July the company completed the acquisition of Sublime one of California’s award-winning infused pre-roll brands. Harborside also completed upgrades to its Salinas cultivation facility gaining over 50% annual cultivation capacity and year-round production. In October the company announced a retail partnership with RNBW a new premium cannabis brand produced with music legend Insomniac.Harborside

Harborside delivered second-quarter 2021 gross revenue of $16.2 million up 25% sequentially. To highlight this marks the sixth consecutive report with positive EBITDA. In general, the company’s retail operations saw gross profits of $6.2 million in Q2 2021. Additionally, retail gross margins increased to 56.5% in Q2 2021. As of June 30th, the company had total current assets of about $38.4 million this figure includes $26.9 million in cash. Harborside saw an operating income loss for Q2 20221 of approximately $0.3 million versus an operating income of $0.5 million in Q2 2020. Net income at Harborside was $1.8 million in Q2 an increase of 201% year over year.

HBORF Stock Performance

HBORF stock is trading at $0.75 on November 9, 2021, up 5.89% in the past five days. Currently, the stock has a 52-week price range of $0.637-$2.54 and is down 50.96% year to date. Right now, HBORF stock has declined 59.26% in the last six months. According to Stock Invest HBORF stock is expected to fall by 21.57% during the next 3 months. This analysis is based on the current short-term trend of the stock. With the possibility of lower price points HBORF stock could be a top marijuana penny stock for your watchlist in November.

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