For many investors top marijuana stocks to buy are trading at some of the lowest levels seen in 2021. As the markets continue to show the potential to move higher the delays with lawmakers passing cannabis reform legislation are having a major negative impact on the cannabis sector currently. Some investors are taking advantage of this new market volatility by trading top marijuana penny stocks right now. For those traders not familiar with penny stocks these are any stocks that trade under the $5 stock price. Investors consider this area of the market a higher risk-reward area that many traders prefer to play on a short-term basis.
In many cases, traders use day trading and swing trading methods to produce gains with penny stocks. Although some penny stocks also have the potential for long-term upside because of the price swings in the cannabis sector more investors trade them for short-term gains. For investors, it’s important to do your research on a company before investing. Looking into a companies financial results and studying how the stock moves in the market can allow you to produce the largest gains from your investments. For instance, learning how to read charts and using trading tools to find the best setups can increase your success rate when investing.
Right now, there are many top cannabis penny stocks that could have some upside from current trading levels. With the cannabis sector trading near levels seen right after the start of the pandemic, it could be time to start a list of the best marijuana penny stocks to watch in November. In the US and Canada, leading companies are showing revenue growth in their latest results and continue to expand their footprints. Once US federal marijuana legalization is passed in the US top marijuana penny stocks could rebound substantially. Let’s look at 2 top marijuana penny stocks for your list right now in November.
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Up first is Goodness Growth Holdings, Inc. a company focusing on bringing technology, science, and engineering to the cannabis and IP incubator market. Primarily, Goodness Growth’s subsidiary Resurgent Biosciences plans on expanding into clinical research efforts in psychedelic medicine. As it stands, the company has 18 retail dispensaries across the US. Goodness Growth closed on the purchase of 4 cannabis licenses in Nevada before changing its name. These licenses will allow Goodness to cultivate and produce cannabis products to both the medical and recreational markets in Nevada. On November 22nd the company announced the completion of the Charm City Medicus Dispensary in Maryland. In specific this transaction improves Goodness’s footprint in the Maryland medical cannabis market.
In October the company announced its subsidiary Vireo Health will launch flower cannabis products in New York. On November 10th the company delivered its third quarter 2021 results with Q3 GAAP revenue of $13.4 million up 7.2% year over year. In addition, gross profit was $5.1 million or 38% of revenue. In Q3 2021 Goodness sustained a net loss of $6.2 million driven higher by increased operating expenses, and higher interest expense.
GDNSF stock is trading at $1.40 on November 23rd up 9.70% in the last five trading days. Currently the stock has a 52-week price range of $1.075-$3.84 and is almost flat year to date. According to analysts at Market Beat GDNSF stock has a consensus price target of $2.75 per share. In this case this would represent an upside of 87.1% from its current trading price.
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Red White & Bloom Brands Inc. is a company positioning itself to be one of the top multi state operators in the US cannabis market. Primarily, the company is expanding in the legal cannabis and hemp markets with retail locations in Michigan, Illinois, Massachusetts, Arizona, Florida, and California. Recently, RWB made the acquisition of all Florida operations from Acreage Holdings Inc. (OTC: ACRHF). As a result, RWB will have 8 retail stores in prime locations in Florida, a 114,000 SQ. foot facility, and a 400 Sq. foot office building. In August the company closed the acquisition of a 45,000 sq ft greenhouse on 4.7 acres in Florida. The acquisition adds near term cultivation capacity while the company works on its 114,0000 square foot facility in Sanderson Florida.
In November the company entered its second phase in its Florida expansion. Specifically the company installed 30 grow pods in 19,200 square feet of space. In general this will generate $30 million in revenue annually. Primarily, RWB reported its Q2 2021 results with $58.5 million in adjusted sales revenue for the first six months of 2021. The company pulled in revenue of $13.3 million in Q2 2021 compared to $11.8 million in Q1 2021. As a result, gross margin was $9.5 million in Q2 2021. In September RWB appointed Ryan Costello to the board of directors for his experience with US government regulatory policy. The company will report its third quarter 2021 results on November 29th after the market close.
RWBYF stock is trading at $0.4365 on November 23rd down 19.75% in the last month. Currently the stock has a 52-week price range of $0.407-$1.65 and is down 23.95% year to date. At the present time RWBYF stock is holding on to its value in the past five trading days. As declines continue to affect pot stocks RWBYF stock could be a marijuana penny stock for your watchlist right now.
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