Best Marijuana Penny Stocks In 2021
Are you looking for marijuana stocks for short-term market gains? In 2021 the best marijuana penny stocks have seen the most upward momentum in the first quarter. Now having been consolidating at much lower levels than the highs reached in February they could be primed for some upside. But before investing in top cannabis stocks there are a few important factors to know about the cannabis sector.
For one penny stocks are considered a high-risk investment. Primarily this is because of the price fluctuations that happen on a day-to-day basis. On the positive side, there is also the ability for the stock to shoot up quickly as well. In particular, investing in marijuana penny stocks requires investors to do their due diligence before investing.
Generally, this may help traders establish the best possible positions for their portfolios. Notably, the cannabis sector declined in value today giving back some of the upward momentum it has seen so far in June. Inevitably this is giving new investors an opportunity to buy some of the top marijuana stocks on your watchlist at lower share prices. One area that could have significant potential this year is CBD and cannabis extract companies. With the derivatives market growing rapidly in the US and Canada these companies are seeing increasing demand for cannabis derivatives.
Catalyst For Top Marijuana Penny Stocks In June
Currently, in Congress, there could be some federal cannabis reform bills that establish changes to the cannabis industry in 2021. Once passed this could ignite more growth for the cannabis market into new states. According to a BDSA forecast, global cannabis sales are predicted to grow from $21.3 billion in 2020 to $55.9 billion by 2026. Because of this type of growth, the best-positioned cannabis companies could produce significant gains for investors on a short- or long-term basis.
Many investors prefer trading marijuana penny stocks using short-term trading methods because of the market volatility. With this in mind, we can take a closer look at some top pot penny stocks with potential in June. As the cannabis sector continues to recover this month these 2 marijuana penny stocks could be good additions to your cannabis stock 2021 watchlist.
Marijuana Penny Stocks To Watch
Charlotte’s Web Holdings, Inc.
Currently one of the top Hemp CBD wellness producers, Charlotte’s Web Holdings, Inc. has held its leading industry position for many years. At the present time, the company's premium quality products are made solely with American farm-grown hemp genetics and manufactured into hemp extracts. Charlotte's Web is the number one CBD brand in the U.S. with distribution in more than 22,000 retail locations nationwide.
In its most recent earnings report, Charlotte's Web released its first-quarter 2021 financial results with consolidated revenue of $23.4 million. In comparison, this is an increase of 9.1% versus the $21.5 million the prior year. Also important, DTC eCommerce sales increased 14.5% from the prior year and contributed 68.9% to first-quarter revenue. Overall, Charlotte's Web has a large variety of product categories include CBD oil tinctures, CBD gummies, CBD capsules, CBD topical creams and lotions, and CBD products for dogs. Earlier today the company appointed Wessel Booysen as Chief Financial Officer. Specifically, Mr. Booysen is has a decade of experience as an upper-level executive with leadership roles in finance, international expansion, and strategic M&A at MOLSON Coors Beverage Company.
CWBHF stock is trading at $4.22 on June 15th up 31.96% year to date. In February the stock reached a new high of $7.00 and has lost 6.34% in the past five days. According to analysts at Top Ranks CWBHF stock has a 12-month average price target of $5.05 per share. This would represent an increase of 19.59% from its current trading price. For this reason, CWBHF stock could be a top marijuana penny stock to add to your watchlist right now.
MediPharm Labs Corp.
MediPharm Labs Corp. is a leading producer of purified, pharmaceutical-grade cannabis oil, concentrates, and advanced derivative products in Canada and Australia. Primarily, the company has a wholesale and white label distribution platform that distributes to the global markets. In its first-quarter 2021 results, MediPharms reported a gross profit of $0.68 million. Currently, the company has a net loss of $0.07 per share in Q1 2021 an improvement from the Q4 2020 net loss of $0.21 per share. In total MediPharms produced revenue of $5.5 million a 9% decrease sequentially.
In June the company established a strategic partnership with ADREXpharma to continue building its presence in Germany. Specifically, the partnership addresses the rising demand for cannabis in the German medical cannabis market. At the present time, the company is growing its international business and could continue improving its earnings.
MEDIF stock is trading at $0.3956 on June 15th up 2.76% year to date. In February MEDIF stock reached a high of $0.7850 and has climbed 25.06% in the past month. According to analysts at Market Beat MEDIF stock has a consensus price target of $1.25 per share. In essence, this would represent an increase of 197.5% from its current trading price. With this in mind, MEDIF stock could be a top marijuana penny stock to buy in June.
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