Mergers are the big catalyst pushing the top marijuana stocks on my June watchlist.
But these stocks are also running on earnings and hype about an upcoming conference.
Could the cash-strapped marijuana sector finally be finding profitability and legitimacy?
I’ll watch and see…
But the sector’s definitely heating up. And that could mean big moves in all marijuana stocks.
This month’s watchlist is a mixed bag of listed stocks and my favorite OTCs. But Canadian marijuana stocks are the clear winners on the list.
And even though the big names like Tilray, Inc. (NASDAQ: TLRY), Canopy Growth Corporation (NASDAQ: CGC), and Aurora Cannabis Inc. (NASDAQ: ACB) didn’t make it on my watchlist, I’ll be keeping a close eye on them as the sector leaders.
I’ll also be watching for any federal news or rumors that could spark big moves across the sector.
Now, let’s dig into my list of the top 10 marijuana stocks to watch in June and why…
Should You Trade Marijuana Stocks?
First, you should NEVER blindly trade someone else’s picks. Not even mine.
I want you to understand how to choose stocks to trade and create smart trading plans. That’s how you can really take advantage of hot sectors and trading opportunities.
You’ve gotta think about what makes stocks move, how they move, and what you can learn from these movements for future trades.
I’m watching marijuana stocks because they’re volatile. Many are former runners, and they can move on news and hype.
Any new development could be a potential catalyst for a spike.
But before you get too excited thinking you’ll find the Tesla of marijuana stocks … Do yourself a favor and go back and study history.
I’ve seen this kind of crazy action before … In 2018, marijuana stocks went nuts on news that Canada legalized recreational use of weed on a federal level. What happened almost immediately after legalization day came and went? All the weed stocks crashed.
Some even tanked to new all-time lows.
So learn to trade these stocks. Don’t invest in them long term. Be prepared to strike when a stock fits your pattern and strategy. Always stick to your trading plan and rules and NEVER believe the hype.
Top 10 Marijuana Stocks to Watch in June 2021
Remember, this is a watchlist. There’s no guarantee any of these stocks will fit your trading pattern or style. And if you blindly buy them hoping for the best, you’re on your own. That’s not what this watchlist is for…
If that’s your plan, I suggest you save your money and paper trade until you figure out a strategy that works for you.
Use my stock picks to understand the thought process behind how I build a watchlist so you can work to build your own. Some of these stocks are higher priced. You don’t have to trade them. Learn the top lessons here then make your own watchlist.
Here’s my list of marijuana stocks to watch in June 2021…
Marijuana Stocks to Watch #1: Cronos Group Inc. (NASDAQ: CRON)
CRON is a Canadian marijuana company that grows and sells cannabis, extracts, and oils. It also develops hemp-derived supplements and cosmetics under multiple brands.
CRON doesn’t have any recent specific company news. But it had a big green day with high volume on May 28.
It’s a former multi-day runner so it’s worth watching for continued upside. Especially if it keeps trading high volume.
Marijuana Stocks to Watch #2: HEXO Corp. (NYSE: HEXO)
HEXO recently announced acquisition news that added some momentum to the entire sector. It’s also another Canadian marijuana stock.
In premarket on May 28, the company announced it “entered into a definitive share purchase agreement (the “Share Purchase Agreement”) to acquire all of the outstanding shares of the entities that carry on the business of Redecan, Canada’s largest privately-owned licensed producer.”
Read the full press release here.
HEXO CEO and co-founder Sebastien St-Louis said, “We articulated a plan to become a top three cannabis player in the Canadian adult-use market, with today’s announcement, we believe that we are on the verge of surpassing that objective to become the no.1 licensed producer by recreational market share.”
HEXO was also on last month’s watchlist for a breakout over $7. After the news, the stock gapped up and broke out over $7. It now has a potential multi-month breakout level set around $7.55. I’ll watch it to potentially continue higher.
(Past performance is not indicative of future results.)
Marijuana Stocks to Watch #3: OrganiGram Holdings Inc. (NASDAQ: OGI)
Yep, another Canadian marijuana stock. OGI grows and sells cannabis and other products like edibles, beverages, extracts, and oils.
On May 31 the company announced Megan McCrae was appointed as the new senior vice president of marketing.
“Ms. McCrae is a cannabis industry veteran, having most recently served as Chief Marketing Officer of Aphria Inc. where she led the company’s brand and product strategy including brand and portfolio management, consumer insights, innovation and digital strategy.”
Read the full press release here.
The stock is uptrending and it’s a former multi-day runner. I’ll watch for the news to push it higher.
Marijuana Stocks to Watch #4: The Green Organic Dutchman Holdings Ltd. (OTCQX: TGODF)
TGODF is yet another Canadian marijuana stock. It produces and sells organic marijuana, seeds, extracts, oils, and topicals in Canada.
The company announced first-quarter financial results in after-hours on May 12.
Company CEO Sean Bovingdon said, “This quarter’s improving financials demonstrate how we are strengthening TGOD’s foundations by executing our turnaround plan. From monetizing under-utilized assets to streamlining our organizational structure and strengthening our balance sheet, our new leadership team is making great strides towards completing the transformation of TGOD into a profitable and agile organic cannabis producer.”
Read the full press release here.
Following the news, the stock had a red day. But then it consolidated and reversed. It’s uptrending and volume is increasing. I’ll watch it to continue higher if momentum stays in the sector.
Marijuana Stocks to Watch #5: Sundial Growers Inc. (NASDAQ: SNDL)
SNDL produces and sells cannabis and vapes. And yep, it’s a Canadian marijuana stock.
It’s slowly uptrending with the sector momentum. But it could also be getting a boost from the meme stock rally that started near the end of May. SNDL previously ran with other Reddit and meme stocks like GameStop Corp. (NYSE: GME) and AMC Entertainment Holdings, Inc. (NYSE: AMC) in February.
The resurgence in these stocks could have added to the increased volume in SNDL. The stock has over a billion shares in the float. But it also trades high volume. I want to see the high volume continue for it to potentially have a short squeeze.
Marijuana Stocks to Watch #6: Charlotte’s Web Holdings, Inc. (OTCQX: CWBHF)
Charlotte’s Web Holdings, Inc. is a U.S. marijuana company that specializes in hemp-derived wellness products.
The company released its first-quarter financial results on May 11. Like TGODF, the stock initially went down after earnings. But then it reversed and had multiple green days in a row.
I’ll watch CWBHF to potentially continue higher. But note that this stock trades lower volume compared to the others on my list.
Marijuana Stocks to Watch #7: Clever Leaves Holdings Inc. (NASDAQ: CLVR)
CLVR is another U.S.-based marijuana company. It produces and sells cannabinoid products in multiple countries.
On May 17 the company announced its first-quarter financial results. On May 27, it announced that company management will present at the Benzinga Cannabis Capital Conference on June 3 at 1:35 p.m. Eastern.
It’s another marijuana stock with multiple green days in a row. I’ll watch for the stock to react following the company’s presentation at the conference.
Marijuana Stocks to Watch #8: KushCo Holdings, Inc. (OTCQX: KSHB)
KSHB is another U.S. marijuana company. It originally announced its plans to merge with Greenlane Holdings, Inc. (NASDAQ: GNLN) on March 31. Under the agreement, KSHB will become a wholly-owned subsidiary of Greenlane.
On May 25 KSHB released an update on the merger. It’s expected to complete in the third quarter of 2021.
KSHB CEO and co-founder Nick Kovacevich said, “We are excited to begin our work together and to begin realizing the potential opportunities and proposed synergies provided by this transformational combination to accelerate and execute on the significant market opportunities in our evolving industry.”
Read the press release here.
I’m watching KSHB for a potential breakout over $1 with high volume.
Marijuana Stocks to Watch #9: Ayr Wellness Inc. (OTCQX: AYRWF)
AYRWF is a U.S. marijuana company that operates in multiple states. It manufactures and sells marijuana extracts and other packaged products.
The company announced its first-quarter financial results on May 26.
It has a potential multi-month breakout level set around $31.80. I’ll watch for it to break out but I’d like to see it trade more volume.
Marijuana Stocks to Watch #10: Cresco Labs Inc. (OTCQX: CRLBF)
CRLBF is another U.S. marijuana company. It grows and sells marijuana flower and products like vapes, edibles, and extracts under multiple brands.
On May 27 the company announced its first-quarter financial results.
The stock had two green days following the news. I’ll watch to potentially continue higher and get above resistance around $12.50.
See the Stocks I’m Watching
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Also, check out these blog posts:
- Top Penny Stocks List Weekly Update
- Top Biotech Penny Stocks to Watch
Conclusion: Should You Trade Marijuana Stocks?
When it comes to trading penny stocks, volatility can be your friend. Marijuana stocks have plenty of volatility and hype right now, so they’re creating a ton of opportunities.
But that doesn’t mean you should trade just any stock in the sector. You’ve got to be diligent about your research and studying. Only choose the setups and patterns that work for you.
If you want to make the most of weed stock opportunities, you’ve got to invest in your education account first.
I share my 20+ years of experience trading penny stocks with new traders in my Trading Challenge. I want anyone who’s dedicated to take advantage of what I’ve learned — both good and bad.
If you’re accepted (you have to apply and I only accept dedicated traders), you’ll get access to tons of video lessons, live trading, and Q&A webinars. Plus, you can get trading commentary from me and the top traders and moderators in my Challenge chat room.
I purposefully trade with a small account so I can be on the same level as new traders. I also show every single trade publicly so I can use every trade as a lesson.
But don’t apply if you’re looking to get rich quick. That’s not what I teach. Trading isn’t easy. You have to study, work hard, and put in the time and dedication.
Ready to get started? Apply today.
What do you think about these marijuana stocks to watch? Are any of these tickers on your watchlist? Let me know in the comments, I love to hear from you!
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