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Many U.S. cannabis companies appear to be performing well in the wake of the COVID-19 pandemic. However, several Canadian marijuana companies continue to face headwinds, with restrictions on retail cannabis stores still in place.

The COVID-19 pandemic has affected nearly every part of the global economy, including the cannabis industry. In many U.S. states, cannabis dispensaries were designated as essential businesses. Cannabis sales boomed in some states during the first few months of the coronavirus outbreak, driven in part by more time spent at home and increased anxiety. Marijuana growers and retailers benefited, as did ancillary providers selling gardening supplies and other products to these companies.

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Impact of COVID-19 on marijuana stocks

U.S. cannabis companies can’t easily secure capital from banks or financial institutions since marijuana remains illegal at the federal level. Innovative Industrial Properties (NYSE:IIPR) helps to solve that cash shortage for growing marijuana companies by buying properties owned by U.S. medical cannabis operators and leasing those same properties back to them. The property sale to IIP provides the cannabis operator with much-needed cash, and the lease agreements create a steady revenue stream for IIP.

With the legal recreational marijuana market in Illinois opening for business at the beginning of 2020, this company is benefiting from tremendous growth in its home state. Along with the opportunity to expand into additional states such as New York and New Jersey, the company has significant growth potential.

The marijuana industry is expected to double in value by 2025, and many investors are seeking to profit. As states and entire countries decriminalize or legalize cannabis and/or its components, there are growing opportunities for entrepreneurs and existing companies.

GrowGeneration (NASDAQ:GRWG) is another ancillary provider and the largest specialty retail chain focused on the cannabis market. The booming U.S. cannabis industry has created fast-growing demand for hydroponics supplies, which are used to grow plants in liquid nutrient solutions without soil and for organic gardening.

These are the marijuana stocks on the Nasdaq with the highest year-over-year (YOY) sales growth for the most recent quarter. Rising sales can help investors identify companies that are able to grow revenue organically or through other means, and find growing companies that have not yet reached profitability. In addition, earnings per share can be significantly influenced by accounting factors that may not reflect the overall strength of the business. However, sales growth can also be potentially misleading about the strength of a business, because growing sales on money-losing businesses can be harmful if the company has no plan to reach profitability.

These are the marijuana stocks trading on the Nasdaq exchange with the lowest 12-month trailing price-to-sales (P/S) ratio. For companies in the early stages of development or industries suffering from major shocks, this can be substituted as a rough measure of a business’s value. A business with higher sales could eventually produce more profit when it achieves, or returns to, profitability. The P/S ratio shows how much you’re paying for the stock for each dollar of sales generated.

On March 31, 2021, New York passed a law legalizing recreational cannabis, expanding medical use, and decriminalizing possession of small amounts of marijuana, among other measures. Not all of these provisions will go into effect immediately and there is no timeline yet of a date by which all these measures will be fully implemented.

Fastest Growing Marijuana Stocks on the Nasdaq

Marijuana stocks, as represented by the ETFMG Alternative Harvest ETF (MJ), have outperformed the broader market. MJ has provided a total return of 40.0% over the past 12 months, above the Russell 1000’s total return of 37.5%. These performance figures and all statistics in the tables below are as of July 21, 2021.

The marijuana industry consists of companies directly related to the research, development, and distribution of cannabis products, as well as companies that indirectly support these operations. Traditional stock market indices such as the Nasdaq continue to include more companies from the marijuana industry as a growing number of regions around the world legalize marijuana. The number of U.S. states that permit marijuana use in some form increased to 36 after voters in several states approved marijuana legalization initiatives on their ballots in last year’s U.S. presidential election. Some of the Nasdaq-listed marijuana companies include Tilray Inc. (TLRY) and OrganiGram Holdings Inc. (OGI). Many of these companies have managed to maintain revenue growth in spite of the COVID-19 pandemic.

Here are the top 3 marijuana stocks on the Nasdaq with the best value, the fastest growth, and the most momentum.

These are the marijuana stocks on the Nasdaq that had the highest total return over the last 12 months.

On August 03, 2021 Pure Harvest Corporate Group signed an agreement to supply CBD products to individuals covered under self-insured corporate health and wellness plans through Third-Party Administrators. This assignment agreement with Doc.U.Care, Inc. allows Pure Harvest to be the exclusive provider of CBD, hemp, cannabis, cannabinoids, fungi, nutraceuticals, and other plant-based health and wellness products, on behalf of Doc.U.Care to patients within a network of Third-Party Administrators (“TPAs”) for self-insured corporate health and wellness plans. Doc.U.Care and the TPA’s national patient network currently consists of 550,000 employees and their families with the opportunity to provide healthcare services to an additional 2,200,000 employees on or before the 4th quarter of 2022.

ATLANTA, Aug. 05, 2021 (GLOBE NEWSWIRE) — As homebound consumers worked out some of their boredom and anxiety with cannabis, shares of many of the main players performed very well in 2020. In 2021, however, cannabis shares have been hot and cold. Many investors are looking down the path to federal legalization for big profits. Federal legalization might not happen, so it is probably better to hope for the best and plan for the worst, as the old saying goes. Regardless of what happens on Capitol Hill, volumes are starting to pick up and we could be getting ready to bounce off this latest correction.

Pure Harvest Corporate Group uses an “acquire and integrate” approach to acquire high-potential operating cannabis businesses for equity. Since 2018, the Company has made five such acquisitions, some of which are now hitting new records in sales each quarter. The Company plans to acquire licensed medical and recreational marijuana dispensaries, cultivation facilities and production facilities in states which allow publicly traded companies to own and operate dispensaries, cultivation facilities and production facilities. In addition to products tailored to marijuana retail dispensaries, the Company’s line will incorporate infused product options including beverages, edibles, topicals, concentrates, and distillates. Pure Harvest Corporate Group has 25 full-time employees and recently moved into a new, expanded corporate office in Greenwood Village, CO, an upscale suburban area on the south side of Denver. For more information on Pure Harvest Corporate Group visit www.pureharvestgroup.com.

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In mid-July, Aurora Cannabis announced it had delivered a cannabis shipment worth nearly C$8 million to Israel, which is one of the largest single shipments of cannabis that Israel has received. The Company said the sale is a significant step in advancing the Company’s international medical business, which is a key strategic priority for Aurora as a global cannabis company. Aurora said with leadership in both Canada and Europe, it is positioned to be a partner of choice in countries like Israel, where THC recreational markets are expected to be around the corner, and non-THC cannabinoids, such as CBD, are advancing toward legalization. Aurora’s brand portfolio includes Aurora, Aurora Drift, San Rafael ’71, Daily Special, AltaVie, MedReleaf, CanniMed, Whistler, and Reliva CBD. For more information on Aurora Cannabis visit www.auroramj.com.