Top Marijuana Stocks In The Summer Of 2021
As the market shows more signs of recovery top marijuana stocks to buy are climbing higher to close out June. Although 2021 has seen cannabis stocks reach new highs it has also shown the market volatility in the cannabis sector. After reaching these new market levels the cannabis sector has pulled back for several months until June. Now to end this month there seems to be more upside for top pot stocks right now.
One potential catalyst that is progressing at the time is US cannabis reform and legalization. On Monday Clarence Thomas a Supreme Court justice said the court’s 2005 ruling to uphold federal laws making marijuana possession illegal may be out of date. Currently, 36 states now have medical marijuana and 18 of those include recreational use. On the federal level lawmakers have introduced several bills that could end the prohibition of cannabis and decriminalize marijuana.
This would have a large impact on the cannabis market in the US and abroad. At the present time, many Canadian cannabis companies have already established a form of entry into the American cannabis market once it’s legal. With the possibilities growing in the next few months, it could be time to find some of the top Canadian marijuana stocks to buy in July.
Investing In The Best Cannabis Stocks Right Now
For investors, it’s very important to do your due diligence and research a company before investing. Studying a stock’s market patterns and looking into its earnings can help you find the best marijuana stocks to invest in. In the cannabis sector establishing a good entry point can make the difference between a profit or a loss.
Because the cannabis sector saw sharp declines following its February high most pot stocks could produce returns for investors from current levels. One area that saw the most gains so far in 2021 is the Canadian cannabis sector. With many leading Canadian cannabis stocks soaring in February then seeing a decline for several months in the market, they could be positioned for market gains in the near future.
With this in mind, we can take a closer look at some of the top Canadian marijuana stocks to add to your watchlist for July. After consolidating for several months at lower levels these Canadian pot stocks could be the top marijuana stocks to buy right now.
Top Marijuana Stocks To Watch
Village Farms International, Inc.
Village Farms International, Inc. is a greenhouse grower of agriculture who does business across North America. Currently, the company is focusing on opportunities in the cannabis and CBD segments in Canada and the US. Village Farms’ wholly-owned subsidiary Pure Sunfarms is considered one of the largest cannabis operations in North America.
Village Farms reported first-quarter 2021 revenue of $52.4 million this was a 63% increase year over year. Actually, the company topped analysts’ estimates with revenue but still reported a larger than expected loss. Primarily, the company sustained a net loss in Q1 of $7.4 million. As a result of this loss, investors left VFF stock trading much lower in the market. Consequently, these lower prices could be an opportunity for investors to buy VFF stock at better stock prices.
VFF stock closed on June 28th at $10.76 up 6.11% year to date. In February VFF stock reached a high of $20.32 and has gained 132.40% in its 1-year performance. According to analysts at CNN Business VFF stock has a 12-month median price target of $18.19 per share. In essence, this would represent an increase of 68.88% from its current trading price. For this reason, VFF stock could be one of the best Canadian marijuana stocks to buy before July.
Fire & Flower Holdings Corp.
Fire & Flower Holdings Corp. is an adult-use cannabis retailer focusing on the Canadian market and international expansion into new markets. The company provides the best-in-class retailing and its HifyreTM digital platform connects consumers with cannabis products online. Earlier this year Fire & Flower announced it made an entry into the U.S. cannabis market through a strategic licensing partnership with American Acres. In particular, the licensing partnership and acquisition option with American Acres gives Fire & Flower entry into the California, Arizona, and Nevada cannabis markets. Also, Fire & Flower subsidiary Hifyre entered into a strategic agreement with leading U.S. analytics company BDSA.
In June Fire and Flower announced its fiscal first-quarter 2021 revenue of $44.1 million up 91% from the prior year. Actually, this marks Fire & Flowers’s fourth consecutive quarter of positive adjusted EBITDA with $2.3 million. As of now the company’s Hifyre digital retail platform generated $2.8 million in Fiscal Q1 an increase of 252% year over year. But Fire & Flower sustained a net loss of $61.6 million in the quarter. On 28th the company announced a strategic supply agreement to expand its Humble’s portfolio to Fire and Flower customers online and in-store throughout North America.
FFLWF stock closed at $0.8657 up 27.32% year to date. In February FFLWF stock reached a high of $1.20 and has gained 66.50% in its 1-year performance. According to analysts at Tip Ranks FFLWF stock has a 12-month average price target of $1.58 per share. This would represent an increase of 82.40% from current trading levels. With this in mind, VFF stock could be a top Canadian marijuana penny stock to add to your watchlist this week.