Best Marijuana Penny Stocks To Buy Right Now? 4 For Your List In October

Top Cannabis Stocks And The Current US Market

Are you looking for top marijuana stocks to invest in for October? Last month many of the best cannabis stocks to buy experienced significant declines in value. This has left many top pot stocks trading at penny stock levels. For those not familiar with penny stocks these are any stocks that are trading under the $5 price point. For the most part, penny stocks are known to be some of the more volatile equities in the market. Because of this more investors trade them on a short-term basis.

But there are some penny stocks that could also have long-term potential for investors. These are companies that show strong revenue growth in 2021 and are positioning to grow with the US market.  Although the cannabis industry has been growing rapidly and many of the US companies are delivering strong revenue growth this has not translated into gains in the market.

Instead, top marijuana stocks are trading near some of their lowest stock prices so far this year. In Congress, the House continues to pass marijuana legalization and banking reform but seems to be getting stalled in the Senate. Where Chuck Schumer has unveiled a draft of his bill with no official legislation brought forward for months.  The inaction in Congress has had a severe impact on how the top cannabis penny stocks trade in the market.

Investing In US Pot Stocks In 2021

For investors, it’s important to do your due diligence on a company before investing. Researching a company’s earnings and studying how the stock performs in the market can help you achieve the best results from your investments. With top pot stocks trading at these lower levels, it could be time to make a list of the best marijuana stocks for October. Let’s look at 4 top cannabis penny stocks to add to your watchlist before next week.

[Read More] The House Has Passed A Bill To Federally Legalize Marijuana

Best Marijuana Penny Stocks To Watch Right Now
  1. Planet 13 Holdings Inc. (OTC:PLNHF)
  2. Jushi Holdings Inc. (OTC:JUSHF)
  3. Columbia Care Inc. (OTC:CCHWF)
Planet 13 Holdings Inc.

Planet 13 announced the grand opening of its Orange County superstore which is now the largest dispensary complex in California. The company is based in Nevada, with award-winning cultivation, production, and dispensary operations on the Las Vegas strip. At the present time, on the Las Vegas Strip Planet, 13 is famous for its larger-than-life Superstore dispensary that’s housed in a 112,000 square foot building. As it stands, Planet 13’s two superstore dispensaries are said to be the largest in the world. Additionally, the company has also established a smaller model of its business the Medezin store which encompasses its larger store model and puts it in a compact form.

Planet 13 announced its second-quarter 2021 financials with revenue of $32.8 million up 205% year over year. In Q2 the company delivered an adjusted EBITDA of $7.2 million. Gross profits before biological adjustments were $18.7 million and an adjusted EBITDA of $7.2 million. Planet 13 sustained a net loss of $4.4 million and a net loss before taxes of $0.9 million. This month the company expects to launch Tinley’s products a selection of cannabis-infused beverages. On October 1st Planet 13 completed the acquisition of a Florida Cannabis License. PLNHF stock closed on October 3rd at $4.633 down 3.16% for that day. The stock has a 52-week price range of $2.76-$8.67 and is down 17.19% year to date.

[Read More] Top Marijuana Stocks To Buy In 2021? 4 US Cannabis Stocks For Your List In October

Jushi Holdings Inc.

Jushi Holdings Inc. a cannabis and hemp company that is expanding its presence in the medical and recreational cannabis markets across the US. At the present time, the company is building a portfolio of branded cannabis and hemp-derived assets across the US. As it stands, Jushi operates 36 dispensaries under the BEYOND/HELLO brand. Recently, Jushi expanded its presence in Nevada.  Additionally, Jushi has 31 retail licenses in the US, and its national brand of cannabis dispensaries Beyond/Hello continues to see growth online and in-store.Jushi pot stocks

In August Jushi reported its second-quarter 2021 results with revenue of$47.7 million up 14.6% sequentially. Specifically, the company delivered a net income of $4.8 million and an adjusted EBITDA of $4.6 million. As a result, Jushi saw gross profits of $21.9 million and an increase of 193.7% year over year.  In August the company announced the upcoming launch of branded cannabis products in the commonwealth of Virginia. Jushi will debut its brand The Lab, vaporizable cartridges, and Tasteology its chewable line. The company also plans to launch two flower brands as well. In September Jushi announced the upcoming launch of flower brands The Bank and Seche to Virginia patients. JUSHF stock closed at $4.051 on October 1st down 4.59% for the trading day.

[Read More] Looking For Top Marijuana Penny Stocks To Buy? 2 For Your Watchlist To Start October

Columbia Care Inc.

At the present time, Columbia Care Inc. is positioning to grow rapidly after legalization is complete in the state of New York. This year, an acquisition of a 34-acre Long Island cultivation site has given the company one of the largest cannabis footprints to service the East Coast market. At the present time, Columbia Care operates in 18 US markets and operates 130 facilities including 99 dispensaries and 31 cultivation and manufacturing facilities. In July the company announced the launch of West Virginia market operations. Columbia Care expects to begin cultivation operations in the state at its Falling Waters facility.CCHWF

To highlight, the company delivered its second-quarter 2021 results with a record quarterly revenue of $109.7 million up 232% year over year.  As a result, Columbia Care saw record quarterly adjusted gross profits of $47.7 million an increase of 300% year over year.  On that note, the company has a record adjusted EBITDA of $16.4 million up $21.1 million year over year. Recently, Columbia Care completed the acquisition of Green Leaf Medical establishing a market-leading position in the mid-Atlantic. In September the company has received state approval to rebrand its retail footprint across all its 14 locations in Florida. The company is expected to release its third-quarter 2021 results on November 12, 2021. CCHWF stock closed on October 1st at $3.84 down 7.47% in the past five trading days.

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