Top Cannabis Stocks And 2021 Declines
Are you looking for ways to take advantage of marijuana stocks when they are trading near the lowest price points seen in 2021? Known for having significant market volatility top cannabis stocks have seen much higher stock prices in the first quarter of 2021. One of the major causes for this downturn in pot stocks is the delays with establishing federal marijuana legalization and cannabis banking reform in the US.
As most cannabis investors expected to see some form of federal cannabis policies changed this year the recent removal of the SAFE Banking Act from the NDAA caused further declines in an already hurting cannabis sector. One-way active traders like to take advantage of increased market volatility is by trading marijuana penny stocks. Penny stocks are any stocks trading under the $5 price mark.
In general cannabis penny stocks rallied substantially in the first quarter of 2021. After February marijuana penny stocks began to decline in the market but have shown significant price fluctuations throughout the year. Many traders use day trading and swing trading methods to produce gains on a short-term basis. Some of these trades can last a few minutes and others a few days depending on the stock’s price action.
Trading Penny Stocks In Q4 2021
Before investing in marijuana penny stocks, it’s important to do your own due diligence on the company. Researching a company’s earnings and studying how the stock moves in the market can allow you to produce the best returns on your trades. In addition, learning to understand a stock’s trading patterns can allow you to produce the largest gains and minimize your losses as well. Let’s take a closer look at 2 top marijuana penny stocks for your list for next week.
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Top Marijuana Penny Stocks For Your December 2021 Watchlist
- Columbia Care Inc. (OTC: CCHWF)
- Goodness Growth Holdings, Inc. (OTC: GDNSF)
Columbia Care Inc.
Columbia Care Inc. is primed for enormous growth in the state of New York. The company just purchased a 34-acre cultivation facility on Long Island, giving it one of the East Coast’s largest cannabis footprints. Columbia Care now has 130 locations throughout 18 markets in the United States, including 99 dispensaries and 31 growing and production facilities. The company opened its first location in Missouri, a Cannabis Dispensary, in October. This month, the company announced the opening of its third gLeaf dispensary in Virginia. Heavyweight champion Mike Tyson’s highly anticipated Tyson 2.0 Cannabis brand will also be arriving in Colorado, according to Columbia Care. On December 8th, the company announced a rebranding in the Florida market and at its retail locations. The new shop design and experience from Cannabist will be available soon.
In the third quarter of 2021, Columbia Care reported a record quarterly revenue of $132 million, up 144 % year over year. The company posted a record quarterly Adjusted gross profit of $64.5 million, up 205 percent over the prior quarter. Columbia Care also achieved a new high of 49% Adjusted gross margin and $31 million Adjusted EBITDA, up 634% year over year. The company increased its revenue forecast for 2021 to $470-$485 million and adjusted EBITDA to $85-$95 million. In September, the company received state approval to rebrand its retail footprint across all of its 14 Florida sites. On December 14th, Columbia Care, the first company in the UK to manufacture extract vaporization devices, revealed the UK’s largest line of medical cannabis extract vape pens.
CCHWF Stock Performance
On December 17th, CCHWF stock was trading at $2.91, down 6.73 % in the previous five trading days. The stock is currently trading in a 52-week price range of $2.79-$7.89, and it is down 51.90 % year to date. CCHWF stock has a 12-month median price objective of $10.00 per share, according to CNN Business analysts. This would indicate a gain of 243.64% over the last trading price of $2.91.
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Goodness Growth Holdings, Inc.
Goodness Growth Holdings, Inc. is a cannabis and IP incubator company that focuses on delivering technology, science, and engineering to the market. Resurgent Biosciences, a subsidiary of Goodness Growth, intends to expand into clinical research in psychedelic medicine. Currently, the company has 18 retail dispensaries across the United States. Before changing its name, Goodness Growth completed the purchase of four cannabis licenses in Nevada. Goodness will be able to cultivate and produce cannabis products for both the medical and recreational markets in Nevada with these licenses. The Charm City Medicus Dispensary in Maryland was completed on November 22nd, according to the firm. This deal specifically strengthens Goodness’ position in the Maryland medicinal cannabis market.
Vireo Health, the company’s subsidiary, stated in October that it would introduce flower cannabis products in New York. The company announced its third-quarter 2021 results on November 10th, with Q3 GAAP revenue of $13.4 million. In fact, this is an increase of 7.2 % year over year. Furthermore, gross profit was $5.1 million, or 38% of revenue. Goodness reported a net loss of $6.2 million in the third quarter of 2021. This is because of rising operating expenses and interest expenses.
GDNSF Stock Performance
On December 17th, GDNSF stock was trading at $1.32, up 4.55 percent over the previous trading day. The stock is currently trading in a 52-week price range of $1.204-$3.84 and is down 10.78% year to date. GDNSF stock has a consensus price target of $2.75 per share, according to Market Beat analysts. In this situation, this forecast would be a gain of 108.3 % over the current trade price of $1.32.
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