Are you looking for the best marijuana stocks to buy in October? For several months top cannabis stocks have seen substantial market declines as the year has progressed. After rallying in the first quarter the best pot stocks are trading at much lower levels since their peak. This is partly due to…
lawmakers not establishing federal marijuana legalization earlier in the year. At the present time, the House has passed marijuana legalization and cannabis banking in the last month.
This could be a catalyst for marijuana stocks if it makes it through the Senate. So far this year the federal legalization of cannabis has been the biggest force for upside in the market. Although most of the best marijuana stocks to invest in are trading near 2021 lows these same companies are delivering strong earnings.
This year many of the leading cannabis companies reported strong financial results for the first half of the year. Across the US states are seeing increases in sales nearly in every market. In Michigan, cannabis sales increased to $161.4 million up 52.5% year over year. In addition, many new states are establishing cannabis markets giving the industry a larger area to grow in. Many of the best cannabis companies are expanding using mergers and acquisitions to grow rapidly.
Penny Stocks And Ancillary Marijuana Stocks In 2021
There are many ways to gain exposure to the growing cannabis industry. Some investors take advantage of the cannabis sector’s market volatility and trade marijuana penny stocks. Penny stocks are those stocks that trade under the $5 mark. Many investors trade these pot stocks using short-term trading methods like day trading and swing trading. These are considered higher-risk reward trades that require a much more involved investor. Another way investors are gaining exposure to the cannabis industry is with ancillary marijuana stocks. Ancillary marijuana companies are those companies that support the cannabis industry without touching the actual cannabis plant. These companies have seen significant growth and provide many different services for the market.
Before investing in cannabis stocks it’s important to research a company thoroughly and find the ones with the best earnings. Reading a company’s financials and watching how the stock moves in the market can help you establish the best entry points for your investments. With most of the best cannabis stocks to you trading near their lowest values this year it could be time to start a watchlist. Let’s look at 2 top marijuana stocks for your list for the second week of October.
Top Marijuana Stocks To Watch This Month
WM Technology, Inc.
WM Technology, Inc. is considered a driving force behind much of the legislative change in the cannabis industry in the past 10 years. Better known as Weedmaps this online listing marketplace is a major hub for cannabis consumers and cannabis companies. Primarily, the cloud-based SaaS solutions from WM Business provide an operating system for cannabis retailers. WM Business’ tools support compliance with the complex, and constantly evolving regulations in the cannabis industry. In August Weedmaps announced a multi-year partnership with Kevin Durant, Thirty-Five Ventures, and a sponsorship deal with Boardroom. In September the company acquired leading cannabis CRM & marketing platform Sprout.
Notably, Weedmaps has an estimated 10 million monthly active users and approximately 18,000 business listings in the U.S. In August the company reported its second-quarter 2021 financials and 2021 outlook. To highlight, the company delivered second-quarter revenue of $47 million. As a result, total revenue grew 21% year over year with US revenue up 55% from the previous year. In addition, the company reaffirmed prior full-year 2021 revenue of $205 million and adjusted EBITDA guidance of $50 million.
MAPS stock closed on October 11th at $13.52 down 8.89% in the past five trading days. Currently, the stock has a 52-week price range of $10.01-$29.50 and is up 5.87% year to date. According to analysts at CNN Business MAPS stock has a 12-month median price target of $18.50 per share. In essence, this would represent an upside of 36.83% from its last trading price
IM Cannabis Corp.
For the penny stock investor, IMC is a global operator in the medical and adult-use recreational cannabis sector, that supplies products to Israel, Germany, and Canada. Headquartered in Israel, the company has established the IMC brand as a staple in the Israeli medical cannabis industry. As it stands, IMC has expanded its business to offer services to the medical cannabis industry. Primarily, the company operates in the European market through Adjupharm, a German-based subsidiary, and EU-GMP-certified medical cannabis distributor. Earlier this year, the company announced the completion of a state-of-the-art logistics center in Germany. Once it’s operating this facility will allow Adjupharm to streamline its supply chain including repackaging of bulk cannabis.
In August the company announced a partnership with cbdMD Inc. to launch cbdMD products in Israel. IMC announced its Q2 2021 revenues of $11.1 million a 27% increase from Q1 2021. The company saw an adjusted EBITDA loss for Q2 2021 of $5.8 million. The company is expecting significant…
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