Are you looking for top marijuana stocks to buy in November? In October the best cannabis stocks have reached the lowest trading levels investors have seen so far this year. For new investors, this could be an opportunity to find the top pot stocks to invest in at lower price points. One-way investors are taking advantage of these lower stock prices for the cannabis sector is by trading marijuana penny stocks. In 2021 penny pot stocks rallied in the first quarter establishing new highs in February.
Since then, the cannabis penny stocks have seen significant declines mostly because of federal marijuana legalization delays. In the US regardless of cannabis reform, the cannabis market is expanding rapidly on the state level. Although penny stocks are known to be a higher-risk investment. Many investors are taking advantage of the market volatility by using short-term trading methods to produce gains.
Specifically, traders use day trading, and swing trading methods to produce returns with penny stocks. Because penny stocks trade under the $5 price point investors can establish larger positions with much less capital. This allows them to make larger profits as the stock price fluctuates from the daily market volatility. For the most part, these are high-risk reward trades that require more attention from the investor.
When investing in penny stocks one method experienced traders use is to always minimize your losses. Knowing your stop loss on a trade and not staying in losing positions is one way to make yourself a better trader. When you manage your losses, your winning trades can keep your portfolio green allowing you to see profits. Before investing in any cannabis penny stocks it’s important to do your own research on a company. Studying how a stock performs in the market and looking into a company’s earnings results can help you find the best trades.
[Read More] Top Marijuana Stocks To Buy? 2 To Watch Heading Into November
In November of 2020, the cannabis sector rallied around the presidential election and the belief that the US would end cannabis prohibition. Now one year later with pot stocks trading near those same levels, it could be time to start a marijuana penny stock watchlist in 2021. US federal cannabis legalization is not a question of if it’s going to happen, the question is when? Once this occurs, we may see another rally in the best marijuana stocks to buy. Let’s look at 2 of the best cannabis penny stocks for your list in November.
In California cannabis retailers Harborside Inc. was founded in 2006. Awarded one of the first six licenses granted in the United States Harborside has six dispensaries in California and Oregon. Harborside has started expanding its footprint and could continue to grow its presence in the California market. In July the company completed the acquisition of Sublime one of California’s award-winning infused pre-roll brands. Additionally, Harborside also completed upgrades to its Salinas cultivation facility gaining over 50% annual cultivation capacity and year-round production. In October the company announced a retail partnership with RNBW a new premium cannabis brand produced with music legend Insomniac.
Harborside delivered second-quarter 2021 gross revenue of $16.2 million up 25% sequentially. To highlight this marks the sixth consecutive report with positive EBITDA. In general, the company’s retail operations saw gross profits of $6.2 million in Q2 2021. Additionally retail gross margins increased to 56.5% in Q2 2021. As of June 30th, the company had total current assets of about $38.4 million this figure includes $26.9 million in cash. HarborSide saw an operating income loss for Q2 20221 of approximately $0.3 million versus an operating income of $0.5 million in Q2 2020. Net income at Harborside was $1.8 million in Q2 an increase of 201% year over year.
HBORF stock is trading at 0.8051 on October 29, 2021, up 11.82% in the past five trading days. Currently, the stock has a 52-week price range of $0.637-$2.54 and is down 48.72% year to date. According to analysts Wallet Investors HBORF stock has a 1-year forecast of $1.263 per share. Essentially this would be an upside of 55.92% from its current trading price.
[Read More] Best Marijuana Penny Stocks To Watch Right Now? 2 To For Your List With November Around The Corner
At the present time, MedMen Enterprises Inc. is a cannabis retailer with locations in California, Nevada, Illinois, and Florida. In general, the company has an extensive selection of high-quality products, including MedMen-owned brands LuxLyte, and MedMen Red. Recently, expanding in Florida the company opened a new location in South Beach Miami, Florida, and continues expanding and in the US cannabis market. MedMen’s current interim Chief Executive Officer and Chairman of the Board of Directors, Tom Lynch, became the permanent Chief Executive Officer.
MedMen reported its fourth-quarter fiscal 2021 results with revenue of $42 million up 55.4% year over year. Specifically, the company-wide gross margin rate was 46.9% compared to 40.5% in Q3. MedMen sustained a net loss of $46.2 million up from the $9.7 million in the previous quarter. For the full fiscal 2021 year, the company produced net revenue of $145.1 million down 6.6% year over year. MedMen sustained a net loss of $157.6 million for the fiscal 2021compared to a net loss of $526.5 million the previous year.
MMNFF stock is trading at $0.2365 on October 29, 2021, down 12.06% in the past five trading days. The stock has a 52-week price range of $0.104-$1.47 and is up 83.89% year to date. According to analysts at Tip Ranks MMNFF stock has a 12-month average price target of $0.31 per share. In this case, this would represent an increase of 29.17% from its current trading level. As we close out the last week in October these could be top marijuana stocks for your watchlist to start next week.
[Read More] Top Marijuana Stocks You Need To Know About Right Now