Best Marijuana Penny Stocks To Watch Right Now? 2 With Potential Upside From Analysts
Could These Cannabis Penny Stocks See Momentum In November?
Top Cannabis Stocks In 2021 And Federal Cannabis Reform
Are you looking for the best marijuana stocks to buy this week in November? Since the announcement of a GOP legislation the State’s Reform Act being introduced in Congress, we have seen some activity with the top cannabis stocks. At first marijuana stocks began to show some upside on the initial announcement but now that upward momentum has faded.
To close last week Washington DC lawmakers met to push bills through that would legalize recreational marijuana and expand medical cannabis in the district. As the market continues to climb this week many top pot stocks are trading near the lowest price points, they have seen this year. For new investors, this could be an opportunity to find top marijuana stocks at a better value. As the potential of reaching federal cannabis reform increases cannabis stocks could bounce off these lower levels.
One-way investors are taking advantage of the increased price volatility is by trading marijuana penny stocks. For those unfamiliar with penny stocks, these are any stocks trading under $5. Considered a higher risk-reward investment many investors trade cannabis penny stocks on a short-term basis. In general, they use day trading and swing trading methods to produce gains in the market. Researching the best companies to invest in by looking into their earnings and press releases can help you narrow down the list.
Studying Top Pot Stocks In The Market
In addition, following how a marijuana stock performs in the market can allow you to find the best entry points to establish the largest returns. Learning how to read chart patterns and using tracking tools can help you achieve a greater success rate trading. As we move through Thanksgiving week it could be time to start a watchlist of the best marijuana stocks right now. Let’s look at 2 of the best cannabis penny stocks to watch this week.
Top Marijuana Penny Stocks In Q4 2021
Columbia Care Inc.
First up, Columbia Care Inc. is positioned to grow for significant growth in the state of New York. Recently the company acquired a 34-acre Long Island cultivation site has given the company one of the largest cannabis footprints to service the East Coast market. At the present time, Columbia Care operates in 18 US markets and operates 130 facilities including 99 dispensaries and 31 cultivation and manufacturing facilities. In October the company opened a Cannabis Dispensary in Missouri its first location in the state. On November 8th the company announced it has opened its third dispensary in Virginia under the gLeaf brand. On November 18th Columbia Care announced its bringing heavyweight champion Mike Tyson’s highly-anticipated Tyson 2.0 Cannabis brand to Colorado.
Columbia Care delivered its third-quarter 2021 results with a record quarterly revenue of $132 million up 144% year over year. In detail, the company saw a record quarterly Adjusted gross profit of $64.5 million an increase of 205% year over year. Also, the company had an Adjusted gross margin of 49% and a record Adjusted EBITDA of $31 million up 634% year over year. The company revised its 2021 guidance to $470-$485 million and Adjusted EBITDA of $85-$95 million. Recently, Columbia Care appointed Phillip Goldberg of Green Leaf Medical To its Board of Directors. In September the company received state approval to rebrand its retail footprint across all its 14 locations in Florida.
Words From The CEO
“We are pleased to report accelerating momentum and another record quarter for Columbia Care as fundamentals continue to improve and we execute on our national strategy. With sequential revenue growth of over 20%, Columbia Care has continued to outpace the market while also maintaining margin discipline to achieve record company profitability, reflected in increased EBITDA margin and gross margin for the quarter.”
Nicholas Vita, CEO of Columbia Care.
CCHWF Stock Performance
CCHWF stock closed on November 19th at $2.95 down 15.71% in the past five trading days. The stock has a 52-week price range of $2.83-$7.89 and is down 51.44% year to date. According to analysts at Tip Ranks CCHWF stock has a 12-month average price target of $8.29 per share. In essence, this would represent an upside of 181.02% from its last trading price of $2.95.
Cansortium Inc. is a leading cannabis company focusing on providing the highest quality cannabis in the state of Florida. At the present time, the company has established operations in Texas, Michigan, and Pennsylvania. This year, the company is expanding its presence in Florida and Pennsylvania fully funded by a debt and equity financing of $90 million. Recently, the company opened a dispensary in Fruitland Park, Florida. As it stands, Cansortium has 27 operational dispensaries in Florida giving it a sizable presence in the state.
To highlight, the companies brand Fluent has produced a wide variety of premium dried flower, edibles, and full-spectrum concentrates, cartridges, and creams. Cansortium released its Q2 2021 results with revenue up 24% year over year to $16.5 million. In detail, the company reported an adjusted EBITDA of $5.2 million. The company saw adjusted gross profits increased 24% to $10.7 million or 65.1% of revenue. Fluent by Cansortium expanded its Florida cultivation with new greenhouse facilities in Homestead and Sweetwater. The company is expected to release its third-quarter 2021 results on November 30th after the market close.
CNTMF stock closed on November 19th at $0.695 up 5.53% for the trading day. Currently, the stock has a 52-week price range of $0.45-$1.35 and is up 2.96% in the past five trading days. According to analysts at Market Beat CNTMF stock has a consensus price target of $1.20 per share. In this case, this would represent an upside of 72.7%. With the possibility of federal cannabis reform increasing right now top marijuana penny stocks could be good for your list this week.