4 Marijuana Penny Stocks To Watch As New York Pushes Legalization

by | Mar 11, 2021 | BioTech Stocks, Energy Stocks, Outside Takes, Penny Stocks, SPACs, Tech Stocks, Weed Stocks

Is It Time To Buy Marijuana Penny Stocks?

While major headlines focus on stimulus to boost broader sectors, there’s other news we’re looking at that has shifted focus to penny stocks, specifically marijuana penny stocks. Lawmakers in Mexico approved a bill this week to legalize recreational marijuana. This is something that has been in the throes of the government’s legislative pipeline for a while now. This marks a major milestone for the country, and some say Mexico could become one of the major cannabis markets in the world.

The Mexican Supreme Court ruled that the country’s ban on recreational marijuana was unconstitutional. This comes more than 3 years after the country medical cannabis was legalized in the country. This would effectively allow adults to smoke marijuana and even grow it with a special permit. Should this become law, it would make Mexico one of a select few countries in North or South America to fully legalize the drug for recreational use.

But this wasn’t the only marijuana headline to spark excitement for marijuana penny stocks. Stateside news out of New York put attention on the Empire State. Some of the top brass in the state have been “really encouraged” by dealings with the Governor’s office regarding legalization.

This week Democratic Assembly Majority Leader Crystal Peoples-Stokes said this “could actually happen outside of the budget process because that’s how close we are to completing a deal…Talks are really good and really fruitful, and I’m really encouraged…I’ve never felt this encouraged before.”

Thanks to these latest headlines, marijuana penny stocks have become a larger focus of some traders. Here are 4 of the trending pot stocks to watch right now.

Marijuana Penny Stocks to Watch 

Vireo Health International Inc. 

Within the cannabis industry, multi-state operators have become extremely popular amongst investors. This is because they are the most forward-facing aspect of the cannabis industry. As an MSO, Vireo has operations in Minnesota, Maryland, New York, and other states worldwide. While all of these markets have been beneficial to the company, its New York State business could get a lot larger.

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Right now, the negotiations ongoing in New York have sparked interest in New York-based pot companies. In the standard talks regarding the state budget, Governor Cuomo has continued presenting difficulties in the face of marijuana legalization. But with more than 40 groups working as a coalition to get cannabis on the map, his opposition may not last long. If this is the case, it would be ideal for Vireo Health and other similar cannabis companies.

In the last year, shares of VREOF have rallied by more than 400%. While it is a small cannabis company compared to the larger ones, it is working to build a larger influence. Many of the markets it is in, including Arizona, have only legalized cannabis recently. This means that the real potential could be in the long term. With all of this in mind, VREOF could be one of the marijuana penny stocks to watch right now.

Penny_Stocks_to_Watch_Vireo_Health_International_Inc_VREOF_Stock

cbdMD Inc. 

cbdMD Inc. is, as its name suggests, a player in the CBD industry. The company offers a large range of products, including tinctures, capsules, gummies, topicals, and even pet products that use CBD. The company states that its products are in more than 6,000 retail stores as of 2021. While a lot of focus has been on cannabis this year, CBD continues to gain popularity.

This compound has indications for use in everything from pain management to pharmaceuticals and much more. Because of this, companies like cbdMD have invested heavily in producing the best products on the market. In its most recent Q1 report for 2021, the company saw its revenue beat expectations by around 8%. 

Right now, cbdMD is capitalizing on the major growth of the CBD market. Its product line of animal health and wellness products is also a strong point in the pet supplement market. The company even won a product of the year award for its Paw CBD brand’s CBD Hard Chews for Dogs product. While all of this is important, cbdMD’s financial situation is arguably paramount to making a decision. So with these considered, is YCBD a penny stock to watch?

Penny_Stocks_to_Watch_cbdMD Inc. (YCBD Stock Chart)

Harvest Health & Recreation Inc.

Arizona based Harvest Health & Recreation is another multi-state operator or MSO working across the U.S. The company operates vertically, which means that it produces, markets, and sells all of its products. This is the best way to ensure maximum profitability with any cannabis business. Only a few months ago, the company reported its first recreational cannabis sales in its home state of Arizona. CEO Steve White stated that: 

 “We are thrilled to record the first sale and begin offering access to regulated and legal cannabis products to recreational customers on this historic day in Arizona. Initial sales commenced only 80 days from the election and 54 days after the election was certified, representing by far the fastest launch to date in history.”

With this, Harvest Health can now sell both medicinal and recreational cannabis in Arizona. Currently, it has 15 dispensaries in the state, across both major and more rural areas. Also, it has processing facilities in two locations domestically. On March 11th, it announced the opening of a new medicinal cannabis dispensary in Whitehall, Pennsylvania.

With this, it is clearly making a big move to capture the East Coast cannabis industry. Regarding this, Steve White stated, “we are pleased to open our ninth Harvest-affiliated location in Pennsylvania, one of the fastest-growing medical markets in the U.S. We look forward to serving patients and providing quality products at this new location in one of our core markets.”

If we consider New York’s potential legalizing cannabis as well, Harvest’s placement on the East Coast seems quite advantageous.

Penny_Stocks_to_Watch_Harvest_Health_&_Recreation_Inc_HRVSF_Stock

Neptune Wellness Inc. 

Another vertically integrated cannabis stock on the radar is Neptune Wellness inc. The company is a producer and provider of cost-efficient cannabis to many markets in North America. This includes facilities in Quebec and North Carolina, where it holds more than 70,000 square feet of production space. A few days ago, the company announced the launch of its second brand of cannabis known as PanHash. This brand will be exclusively available in the Quebec Province of Canada. 

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CEO of Neptune Wellness, Michael Cammarata, stated that “this is a very exciting time for Neptune as we announce the agreement with the SQDC and our newest recreational cannabis brand, PanHash. The addition of PanHash complements Neptune’s original cannabis brand, Mood Ring, which is available through both the Ontario Cannabis Store and the BC Cannabis Store.” 

Neptune Wellness will provide affordable and high-quality cannabis to a large portion of Quebec with this new brand. A few days prior, Cammarata was named one of the top 25 biotech CEO’s in 2021 by the Healthcare Technology Report. Neptune has continued to make groundbreaking progress across several of its key markets.

Penny_Stocks_to_Watch_Neptune_Wellness_Solutions_Inc_NEPT_Stock



Midam Ventures, LLC | (305) 306-3854 | 1501 Venera Ave, Coral Gables, FL 33146 | [email protected]

This is an excerpt of a post published on on PennyStocks.com.

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