Are Marijuana Stocks On Your Watch List Right Now?

Tuesday has seen marijuana stocks smoke up the market and penny stocks are a big piece of that. Whether you’re talking about Canadian licensed producers or U.S. multi-state operators, the sector as a whole is on fire this week. Due, in part to broad attention on the space, some speculation from the Reddit community, and strong earnings results from some of the bigger names, heads are turning toward pot right now.

There are a few larger catalysts to take note of especially if you’re looking for marijuana penny stocks to buy. First, cannabis juggernaut, Canopy Growth (NASDAQ: CGC) released its third-quarter earnings for fiscal 2021 on Tuesday. Results showed revenue coming in higher than a year-ago period as well as above FactSet consensus.

The cannabis company reported $152.528 million CAD compared to estimates of $149.8 million CAD. However, its Q3 loss per share widened compared to a year ago and missed estimates. Even with this being the case, shares of CGC stock raced higher during the session. A lot of this was likely due to the company’s overall outlook on future growth prospects in light of more legalization initiatives in North America.

Furthermore, we see Tilray (NASDAQ: TLRY) also giving the sector a boost this week. The company has become one of the WallStreetBets community’s targets on Reddit looking for heavily pressured stocks. Tilray also has a history of massive short squeezes. Something to remember is that the last time TLRY stock actually did squeeze, it was shortly after going public and had far fewer shares in the public float. Needless to say, Tilray also gained interest thanks to some headlines of its own. The company announced an agreement with Grow Pharma to import and distribute medical cannabis in the UK.

Marijuana Penny Stocks To Watch

So, with much more attention on marijuana stocks today, it may not hurt to have a look at a few of the other high volume penny stocks trending on Tuesday. As we know, stocks like Sundial Growers (NASDAQ: SNDL), Hexo Corp. (NYSE: HEXO), Aphria (NASDAQ: APHA), and Aurora (NYSE: ACB) have all been captivating headlines. But here are a few pot stocks that you might’ve missed among all the noise.

MJ Holdings Inc.

What you’ll notice if you’re researching different marijuana stocks today is that many of the U.S.-based companies are traded on the OTC. This isn’t a bad or good thing, necessarily. But it does restrict access to some platforms like Robinhood & Webull. Needless to say, we’ve got plenty of users on platforms like Fidelity, ETrade, and TD Ameritrade, all allowing their users access to OTC penny stocks.

In MJ Holdings’ case, the company has been on a tear for most of the year so far. MJNE stock began 2021 around 30 cents and has since made a quiet move up to highs of $1.35 this week. Some traders will notice that the marijuana stock has seen a substantial jump in trading activity beginning around mid-January. This was just a few weeks before the company had released its first update of the year.

[Read More] Top Penny Stocks To Buy Now? 4 To Watch Today

The company highlighted its most recent letter of intent. It’s to purchase 2 cultivation and 2 production licenses, both sets for medical and recreational use. According to the terms, the LOI provides a closing to happen on or before the end of April. Roger Bloss, the Interim CEO of MJ Holdings, commented, “The acquisition of these licenses will allow us to fully activate our cultivation capacity on our 260 acres of land in Armargosa (The Farm) and will allow us to amicably exit our existing cultivation management agreement with Curaleaf (OTC: CURLF). Additionally, the production licenses will allow us to extract our own cultivated material and take advantage of keeping this resource in-house.”

As the company streamlines its leadership and brings on new potential deals it could put it on the list of pot stocks to watch. MJNE is also one of the lower-volume stocks on this list. So keep that in mind if you’re looking at MJNE right now.

hot marijuana penny stocks to watch MJ Holdings Inc. MJNE stock chart

Corbus Pharmaceuticals Holdings

Focusing on the biotechnology side of things, Corbus Pharmaceuticals, develops treatments targeting the endocannabinoid system. Similar to MJNE, CRBP stock has experienced a strong move already this year. At the beginning of 2021, the marijuana stock was trading around $1.25 and has managed to climb as high as $3.20 this week.

While there haven’t made many new updates this year, it has been active at industry events. Last month, the company presented at the New York Academy of Sciences’ webinar discussing its platform’s therapeutic benefits.

There are currently a few things in its pipeline that may be of note in the near-term. Corbus intends to shorten its fully-enrolled Phase 3 dermatomyositis trial to 28 weeks from 52 weeks. Data is now expected as early as the second quarter of this year. With attention on cannabis biotech names thanks to the Jazz/GW Pharma deal, companies like Corbus have gained some attention. If you’re not up to speed on that, earlier this month, Jazz Pharmaceuticals (NASDAQ: JAZZ) acquired cannabis heavyweight GW Pharmaceuticals (NASDAQ: GWPH) for $7.2 billion in cash.

hot marijuana penny stocks to watch Corbus Pharmaceuticals Holdings CRBP stock chart

Neptune Wellness Solutions

Neptune has followed the 2021 trend in cannabis stocks in concert with the other names on this list. Shares have climbed as much as 60% so far this year. Neptune focuses on the medical benefits of cannabis but for a retail-driven model. Late last year, the company announced that it completed a strategic transition from hemp & cannabis extraction to consumer packaged goods & branded products. The company also began its commercial hashish production in Quebec. It shipped the firm commercial batch of moodRing hashish in Canada at the end of January.

Through this “evolutionary” phase, CEO Dr. Toni Rinow said that it would include “the development of vapes, gummies, flower, and other infused products under the Mood Ring™ label and additional brands to announced.”

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What is on the horizon for Neptune? Next week the company is set to report its fiscal 2021 Q3 earnings. With the buzz in cannabis names right now, next week could be an important one for the company and those looking at the stock. So mark down February 15th as the date to look for these results. There will also be a conference call to follow on the 16th before the market open.

hot marijuana penny stocks to watch Neptune Wellness NEPT stock chart

Are Marijuana Penny Stocks Part Of your 2021 Strategy?

If you’re looking for hot penny stocks today, pot stocks are right up near the top of the active-list. One thing to remember is that they can be very “trendy,” especially in light of bigger headlines. There is definitely heightened optimism in the stock market today in light of the latest from companies like Canopy Growth and Tilray. Remember, no one ever goes broke taking a profit. Also, if a trend is truly strong, there will be more opportunities to trade later on. However, with a pro-cannabis legalization administration in the White House, this likely won’t be the last we hear of hot marijuana penny stocks to watch in 2021.

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