Are Top Marijuana Stocks On Your Watch List In July? Here Are 3 To Take A Closer Look After The 4th Of July Firework Show
Many investors are right when they assert that the possibilities to make money with penny stocks in the short term. This is, of course, compared to buying blue-chip stocks that take time to see increases of 50% or more. It can be particularly rewarding with regards to a growing industry like marijuana. And right now pot penny stocks are hot across North America. In fact, a number of these marijuana stocks trade in both the US and as Canadian penny stocks.
However, you’ll need to do quality research and keep an eye on the market before making a choice on which marijuana stocks to buy. Making a list of penny stocks to watch is a good way to start. From there, look at the technical indicators and fundamental overviews of each company on your list. Research is the #1 thing to start with before you make any decision. On that note, here are three pot penny stocks to watch after July 4th that have made significant moves recently.
Pot Penny Stock To Watch #1:
MediPharm Labs (LABS) (MEDIF)
MediPharm Labs Corp (LABS Stock Report) (MEDIF) has been a top performer in the cannabis market this year. LABS stock soared by as much as 180% in 2019. The company focuses on the extraction and purification of dried cannabis and has quickly become an important player in the industry.
This week, the stock rose by as much as 8%. This happened after it emerged that back in June MediPharm signed purchase agreements that would see the company handling 9,000 kilos more of dried cannabis. This was a significant development and the marijuana stock reacted accordingly. As the month of July rolls on, this is a pot penny stock to watch after July 4th.
Pot Penny Stock To Watch #2:
MedMen Enterprises (MMEN) (MMNFF)
MedMen Enterprises (MMEN Stock Report) (MMNFF) has been another marijuana penny stock that not only soared 10% this week but had been on a rally for three weeks prior to that. Over that time, it rose by 35%. MedMen, like many other cannabis companies, is trying to make it known that medical cannabis can be beneficial to people with chronic illnesses.
In a new development, the company announced a partnership with Epilepsy Florida. It’s an important step for the company and could have a long term effect on its operations depending on how it’s monetized. However, even after the recent rise, the stock is still trading lower by 30% so far this year. A lot of the negative sentiment surrounding the company happened earlier in the year.
Management pay was a big question mark and had a negative impact especially when operations continued to struggle. Since then, MedMen has worked to remedy the situation by further expanding operations and further, its court case against management was dropped voluntarily.
Pot Penny Stock To Watch #3:
Green Growth Brands (GGB) (GGBXF)
Green Growth Brands (GGB Stock Report) (GGBXF) was, however, the biggest mover among pot penny stocks this week as it surged by as much as 20%. This came after signing a landmark retail agreement back in June.
Green Growth has been one of the top cannabis retail companies over the past few months. In June it announced that iconic teenage apparel store chain Abercrombie & Fitch had reached an agreement to retail its products at 160 of its stores. The company’s CBD products under the brand Seventh Sense are going to be retailed at those stores.
After having a solid start in 2019, the stock went up 40% in January alone and reached its 52-week high of $5.21. However, the stock made a reversal and started correcting since early February. After hitting lows of $2 last week, GGB stock has started to see a bullish trend once again. The stock traded its highest share volume of the year on July 3rd so this is definitely something to make note of heading into the remainder of the month. Can GGB return to its previous 52-week high before September?