Marijuana penny stocks have become popular among new investors in the past couple of years. Due to the fact, the US continues legalizing cannabis more people are seeing the potential in investing in the best cannabis stocks to buy. For new investors theirs a couple of important factors about investing in marijuana stocks before starting a position.
For one pot stocks are known for their market volatility especially when it comes to penny stocks. Since the start of 2021 cannabis stocks trading under $5 have seen the most market fluctuation. After reaching new highs in February the cannabis sector took a plunge in the market that’s persisted for over 2 months. Another important part about investing is doing your own due diligence before starting a position.
Most of the time, researching a company’s financials and studying a stock’s market performance can help you make better investment decisions. In many cases, this can be the difference between making a profit and losing money with marijuana penny stocks. In general, this is considered a high-risk high, reward area of the market. And many pot stocks have delivered gains for investors in 2021.Cannabis Stocks To Watch Before May
As we head into May top marijuana stocks have begun to show some upward momentum in the market. Currently, more investors have turned their focus to the US MSOs due to the delays in American cannabis reform and federal legalization. But one example of a Canadian marijuana penny stock that’s gained much notoriety is Sundial Growers Inc. (NASDAQ: SNDL).
After becoming a favorite among Reddit investors SNDL stock rallied in the market until February 10th. Currently, the stock is up 89.69% year to date but has lost 19.80% in the last month. At current market value stocks similar to SNDL stock could have potential gains for investors.
At the present time, some short-term investors like the leverage they can achieve by buying marijuana stocks at lower price points. Finding the right cannabis penny stock to buy in 2021 can mean some short-term market gains for investors. Because of the recent drop in the cannabis sector, there are some marijuana penny stocks that could hold future value. With this in mind let’s take a look at 2 top marijuana stocks trading under $2.
- Will These Marijuana Stocks Be On Your May Watchlist?
- The Texas House of Representatives Has Passed New Cannabis Bill
At the present time, Red White & Bloom Brands Inc. is attempting to position itself as a top multi-state operator in the US legal cannabis and hemp markets. With investments in key US markets like Michigan, Illinois, Massachusetts, Arizona, and California the company just added another state to the list. On April 28th RWB completed the acquisition of All Florida operations from Acreage Holdings Inc. (OTC: ACRHF). The company will have 8 leased stores in prime locations throughout Florida with its new licenses in the state. In addition, RWB also acquired property over 15 acres with a 114,000 SQ. foot facility for cultivation and a 400 Sq. foot office building.
Now with the acquisition, complete RWB plans to introduce award-winning platinum vape brands into the Florida cannabis market. In addition, the company also plans to launch platinum vape brands into the recreational market in Arizona. With its expansion into Florida RWB can begin to see significant revenue growth in the near future. And RWBYF stock has managed to hold on to most of the market value it gained in 2021.
RWBYF stock is up 97.24% year to date trading at $1.16 heading into the close on April 30th. With a high of $1.65 in February, the stock is up 7.27% in the last month. According to analysts at Wallet Investor RWBYF stock has a 1-year forecast of $1.932 per share. In essence, this could be gains of 66.55% from current levels. With this in mind, RWBYF stock is a top marijuana stock to watch under $2 per share.
[Read More] Marijuana Stocks To Buy? 2 To Watch Next WeekThe Supreme Cannabis Company, Inc.
The Supreme Cannabis Company, Inc. has a global and diversified portfolio of distinct cannabis companies, products, and brands. Currently, the company has become one of the world’s premium producers of cannabis products. The Supreme portfolio consists of brands that cater to both the recreational and medical cannabis markets.
Earlier in April, the company announced it entered into an agreement to be acquired by Canadian cannabis giant Canopy Growth Corporation (NASDAQ: CGC). In reality, the Supreme acquisition will benefit Canopy and help the company reach its profitability prospects. Currently, the Supreme brand portfolio includes some of Canada’s premium brands. Now with Canopy’s support, Supreme can achieve greater sales through the company’s sales and distribution networks.
SPRWF stock is up 150% year to date with a high of $0.4750 in February. In April SPRWF stock has seen some upward momentum gaining 43.19% in the last 30 days. According to analysts at Tip Ranks SPRWF stock has a 12-month average price target of $0.39 per share. In essence, this would be a 31.27% increase from its current market price. For this reason, SPRWF stock could be a penny stock to watch in May.