Penny stocks are a great way to make money in the stock market. They’re also an incredible way to take advantage of speculation. Whether it’s weeks leading up to a potential FDA decision, a period of global unrest (like we’ve seen recently), or pending government decisions, traders of cheap stocks tend to play the rumor. In this light, the trend continues with marijuana stocks surging over the last 24 hours, and penny stocks are at the center of the interest. Today we look at a handful of cannabis names to watch as momentum builds on MORE Act speculation.

Marijuana Penny Stocks To Watch

  1. Sundial Growers Inc. (NASDAQ: SNDL)
  2. Corbus Pharmaceuticals Holdings Inc. (NASDAQ: CRBP)
  3. Greenlane Holdings Inc. (NASDAQ: GNLN)
  4. HEXO Corp. (NASDAQ: HEXO)

Best Penny Stocks To Buy

Are marijuana stocks the best types of penny stocks to buy? Since speculation is playing a huge role right now, it’s essential to realize that what you’re seeing in the stock market today isn’t the norm. Looking at the last few years of the cannabis industry shows quite the opposite. This is likely a big reason why there’s been such an amplified move in so many marijuana penny stocks; traders have waited a long time for new developments to emerge on the legislative side of the industry.

While earnings growth has been strong, legalization is one of the biggest hurdles – at least in the US – for the stock market to weigh against. With the MORE Act back on the table (more details on this later), having some marijuana penny stocks on your watch list may not hurt. Here is a few trading below $1 right now.

Sundial Growers Inc. (NASDAQ: SNDL)

One of the most popular marijuana stocks among retail traders has been Sundial Growers. It has long been the go-to for many Robinhooders and Webullers looking for access to the industry. Since so many marijuana stocks are listed on the OTC, it makes it harder to find ways of gaining exposure. SNDL, on the other hand, is one of the few NASDAQ-listed names and, in turn, is tradeable on popular mobile brokerage apps.

Besides the MORE Act speculation, traders of this cheap pot stock are watching for another event next week. Sundial is expected to report earnings for Q4 and full-year, 2021, on March 29th. Sundial has been involved with a planned merger deal with Alcanna Inc. for the last few months. The original October agreement has been Amended and adjusted to improve specific considerations for the roll-up plan. Coincidentally, the deal was supposed to close earlier this year, but an extension now puts the cross-hairs on next week as well. The two extended the agreement to March 30th.

With multiple events to account for next week, SNDL stock could be one to watch heading into the end of the month.

marijuana penny stocks to watch Sundial Growers SNDL stock chart

Corbus Pharmaceuticals Holdings Inc. (NASDAQ: CRBP)

Share of Corbus Pharmaceuticals have also caught a strong surge in the stock market this month. Helping boost sentiment was upbeat sentiment after beating Q4 and 2021 earnings. At the start of the month, Corbus reported an EPS beat for Q4. It also discussed its pipeline plans to extend its reach in the biotechnology area of the cannabis industry.

Corbus specializes in immunology targeting cancer and autoimmune diseases. It’s building a pipeline of candidates based on inhibiting the endocannabinoid system. In particular, its Lenabasum is the most advanced pipeline candidate in the late clinical stages, acting as a CB2 agonist for autoimmune diseases. This quarter, the company is expected to release topline Phase 2 study results on lenabasum in systemic lupus erythematosus.

Considering that next week is technically the end of Q3, this could be important timing for Corbus. You also have the MORE Act that could play a role in marijuana stocks. Given both potential catalysts, CRBP could also be one of the marijuana penny stocks under $1 to watch if the bullish momentum continues.

marijuana penny stocks to watch Corbus Pharmaceuticals CRBP stock chart

Greenlane Holdings Inc. (NASDAQ: GNLN)

In comparison to the other marijuana stocks on this list, Greenlane hasn’t experienced as strong of a move recently. Regardless, GNLN stock has seen a reversal in price over the last few weeks. Part of this has come on the heels of a significant corporate shake-up and capitalization plan.

Greenlane announced fundamental leadership changes, including the Chief Marketing Officer and Chief Commercial Officers positions. The company also reiterated its sales expectations for Q4 and full-year 2021. Greenlane said that net sales should come between $55.5 million and $56.5 million for the fourth quarter. It’s expecting full-year sales to come in between $165.5 million and $166.5 million, with gross margins between 15%-16%.

Next week we’ll see the official numbers as Greenlane reports earnings after next Wednesday’s closing bell. With this in mind and anticipation of a MORE Act vote, GNLN is another of the marijuana penny stocks to watch if sentiment remains high.

marijuana penny stocks to watch Greenlane Holdings GNLN stock chart


Shares of Hexo have gone through their bout of volatility over the last few months as the company navigates M&A activities. Earlier this month, a strategic partnership was announced with one of the popular cannabis companies in the industry, Tilray. Hexo will sell convertible notes to the company, issued initially to HT Investments MA LLC. The partnership is also expected to deliver cost synergies and operational efficiencies, according to Hexo.

“This has been a transformational quarter for the Company, and we’re very pleased with the progress we’ve made on several fronts,” said Mark Attanasio, Chair of the Board and Executive Chair of HEXO, in the company’s latest earnings update.

“We’ve finalized terms of a number of proposed agreements, including the recently announced strategic investment from Tilray, that will, once finalized, restructure the more onerous repayment and liquidity terms of the Secured Note. We expect this much improved structure will allow us to accelerate our growth path and unlock the full potential of the organization.”

Analysts at Canaccord have also weighed in on HEXO stock with an upbeat sentiment. The firm raised its Hold rating to a Speculative Buy. It also boosted its CA$1 target to CA$1.25.

marijuana penny stocks to watch Hexo Inc. HEXO stock chart

Marijuana Stocks & The MORE Act

Are marijuana stocks going full-tilt before next week? Let’s look at some of the quick details. The excitement began building on Thursday as Members of the US House of Representatives announced a floor vote would be held next week. This vote is on the Marijuana Opportunity, Reinvestment, and Expungement (MORE) Act. This Act, or H.R. 3617, “removes marijuana from the list of scheduled substances under the Controlled Substances Act and eliminates criminal penalties for an individual who manufactures, distributes, or possesses marijuana.”

It was placed on Union Calendar No. 203, scheduled for Monday, March 28, 2022. Keep in mind that this is a House vote, and if it passes, it still needs approval from the Senate. Needless to say, this event has come with heavy optimism from retail traders. If you are looking to make a list of marijuana stocks to watch, understand that volatility can become amplified during times like these where speculation is a significant driver. Are marijuana stocks worth the risk right now? That’s something I’ll let you decide, and feel free to drop a comment with your outlook.

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