Are you looking for ways to invest in top marijuana stocks while the markets are down? In October many of the best cannabis stocks are currently seeing the lowest trading levels seen in 2021. It seems until Congress changes federal policy towards cannabis, we could continue to see declines in the sector. This year many leading cannabis companies have been reporting strong revenue growth in their financial results. Unfortunately for cannabis investors, this has not brought any gains for pot stocks.
For the most part, through these earnings investors could see the future potential cannabis stocks may have going into 2022. As marijuana legalization bills and cannabis banking reform are reintroduced Congress is starting to see a bipartisan push for marijuana legalization. From current trading levels, top pot stocks could see significant upside if Congress finally pushes forward with ending marijuana prohibition.
US MSOs are becoming one of the best ways to gain exposure to the growth in the cannabis market for the next several years. With current market value being the lowest traders have seen for the cannabis sector so far in 2021 it could be time to make a watchlist of the top marijuana stocks right now. As top marijuana stocks continue to slip, we could be setting up for another rebound like the one seen in Q4 of 2020.Is It A Good Time To Invest In US Pot Stocks In 2021?
For investors, it’s important to always do your own due diligence on a company before investing. In general, researching a company’s earnings results and following how a stock performs in the market can help you establish the best positions for your investments. Understanding how to read charts and follow moving averages of a stock can help you establish the proper entry points in a trade.
Because the best marijuana stocks to buy are known for having substantial market volatility it’s important to enter a position at the right stock price. In October there are a few top pot stocks that have seen much worse downside right now. Although these cannabis stocks have dropped significantly many analysts are forecasting future upside potential for these pot stocks. Let’s look at 2 top marijuana stocks for your list to start this week.Top Marijuana Stocks For Your Watchlist In OctoberTerrAscend Corp.
TerrAscend cultivates and sells medical and adult-use cannabis in Canada and the United States. Primarily, the company is a leading US cannabis operator with a footprint in Pennsylvania, New Jersey, and California. In general, TerrAscend has licensed cultivation and processing facilities in Maryland and Canada. Currently, the company produces and distributes hemp and cannabis-derived products and manufactures artisan edibles for cannabis consumers. TerrAscend launched a portfolio of Kind Tree Branded products in Maryland. The Maryland facility was already producing 15 strains of flower under the Kind Tree brand and now will add vapes and half gran pre-rolls to the lineup.
In August TerrAscend reported its second-quarter results with net sales of $58.7 million an increase of 72% year over year. Notably, the company has an adjusted EBITDA of $24.3 million up from $22.6 million in Q1 2021. TerrAscend signed an agreement to be the sole cultivator and manufacturer of COOKIES branded products in New Jersey and brings COOKIES to the three dispensaries it has in the state. In September the company received Michigan prequalification approval for the acquisition of Gage Growth Corp. (OTC: GAEGF).
TRSSF stock is trading at $5.75 on October 18th down 16.83% in the past month of trading. Currently, the stock has a 52-week price range of $5.52-$16.25 and is down 40.53% year to date. According to analysts at Tip Ranks TRSSF stock has a 12-month average price target of $12.03 per share. In this case, this would represent an upside of 107.95% from its current trading price.Acreage Holdings, Inc.
First, on the list Acreage Holdings, Inc. is a US multi-state operator with cannabis cultivation and retail facilities across America. Acreage has a partnership and a possible acquisition with Canadian giant Canopy Growth Corporation (NASDAQ: CGC). In general, this partnership could make Acreage instrumental in the Canadian cannabis companies’ entry into the US cannabis industry. Acreage has established a large presence in New York and New Jersey and could see significant growth in the coming years from the growing markets there. Right now, Acreage operates the maximum number of dispensaries allowed in New Jersey and is working on completing its New Jersey cultivation facility. In October the company acquired cultivation, processing, and retail operator in Ohio. Specifically, this would give Acreage a 70,000 sq. foot cultivation facility and 5 operating retail stores.
In August Acreage delivered its second-quarter 2021 results revenue growth of 63% and improvements to net loss. Consolidated revenue was $44.2 million up 15% sequentially. As a result, the company produced gross margins of 54% an increase of 12.6% year over year. Also important, Acreage had a net loss in Q2 2021 of $2.6 million an improvement from the $37.2 million year over year. Additionally, the company saw Adjusted EBITDA in Q2 2021 of $8.1 million compared to an EBITDA loss of $6.5 million year over year.
ACRHF stock is trading at $2.01 on October 18th heading into the close and is down 5.63% for the day. At the present time, the stock has a 52-week price range of $2.00-$9.00 and is down 31.29% year to date. According to analysts at Market Beat ACHRF stock has a consensus price target of $7.00 per share. In essence, this would represent an increase of 228.6% from its current trading price.