Legalization is spreading in several states — that could be strong news for marijuana stocks.
On June 29, New Mexico became the newest state to legalize recreational marijuana. Adults can now possess two ounces and grow up to six plants for personal use.
As of July 1, newly relaxed laws came into effect in three additional states. In Connecticut, adults can now carry up to one and a half ounces. And in South Dakota, medical marijuana patients can carry up to three ounces. In Virginia, adults can carry one ounce of marijuana and also grow up to six plants.
Retail recreational sales are still years away in some states. But these are all signs of changing attitudes toward marijuana.
That’s why you should be familiar with different marijuana companies, what they do, and where they operate…
Many of the Canadian marijuana stocks on my watchlist are positioned to take root and grow in the U.S. market.
Study up and be ready to strike when you see your strategy and pattern.
Now, let’s dig into my list of the top 10 marijuana stocks to watch in July and why…
Table of Contents
- 1 Should You Trade Marijuana Stocks?
- 2 Top 10 Marijuana Stocks to Watch in July 2021
- 2.1 Marijuana Stocks to Watch #1: Khiron Life Sciences Corp. (OTCQX: KHRNF)
- 2.2 Marijuana Stocks to Watch #2: Livewire Ergogenics Inc. (OTCPK: LVVV)
- 2.3 Marijuana Stocks to Watch #3: Cresco Labs Inc. (OTCQX: CRLBF)
- 2.4 Marijuana Stocks to Watch #4: Innovative Industrial Properties, Inc. (NYSE: IIPR)
- 2.5 Marijuana Stocks to Watch #5: Sundial Growers Inc. (NASDAQ: SNDL)
- 2.6 Marijuana Stocks to Watch #6: Tilray, Inc. (NASDAQ: TLRY)
- 2.7 Marijuana Stocks to Watch #7: High Tide Inc. (NASDAQ: HITI)
- 2.8 Marijuana Stocks to Watch #8: HEXO Corp. (NYSE: HEXO)
- 2.9 Marijuana Stocks to Watch #9: OrganiGram Holdings Inc. (NASDAQ: OGI)
- 2.10 Marijuana Stocks to Watch #10: Trulieve Cannabis Corp. (OTCQX: TCNNF)
- 3 See the Stocks I’m Watching
- 4 Conclusion: Should You Trade Marijuana Stocks?
Should You Trade Marijuana Stocks?
First, you should NEVER blindly trade someone else’s picks. Not even mine.
You’ve gotta think about what makes stocks move, how they move, and what you can learn from these movements for future trades.
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 July 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 July 2021…
Marijuana Stocks to Watch #1: Khiron Life Sciences Corp. (OTCQX: KHRNF)
KHRNF is a Canadian marijuana stock. The company grows and distributes medical marijuana.
On July 2 the company announced it completed its first medical marijuana sale in Brazil.
“Through the Company’s strategic alliance with CANNAB, a patient association that connects physicians, patients, academic institutions, and suppliers, a three-year-old child from Salvador de Bahia suffering from epilepsy has received six units of Khiron high-CBD 100mg/50ml extract.
“The importation of Khiron’s medical cannabis on behalf of the patient was authorized by ANVISA (the Brazilian National Health Surveillance Agency).”
The company also recently announced results from its annual meeting.
KHRNF has spiked in the past, but it needs more volume for a big move. The right catalyst or sector news could bring in that volume. Watch for that.
Marijuana Stocks to Watch #2: Livewire Ergogenics Inc. (OTCPK: LVVV)
LVVV acquires and manages properties for organic marijuana cultivation.
On June 17, the company announced that the Regulation A offering was fully subscribed and is now closed.
Company CEO Bill Hodson said, “The Company is utilizing the funds raised to accelerate the development of the Estrella Ranch project and support the preparation and continuing build-out by our affiliate company Estrella River Farms to create the world’s first Estate Grown Weedery™.”
SEC filings show the company raised $1.65 million from the sale of roughly 271 million shares.
On July 2, the stock had a big green day and traded high volume. I’ll watch for it to potentially continue higher, especially if it can break above $0.0186.
Marijuana Stocks to Watch #3: Cresco Labs Inc. (OTCQX: CRLBF)
Cresco Labs grows and sells marijuana flower, edibles, and extracts under multiple brands.
Last month the company announced it’s expanding its Good News brand to include edibles and vape pens.
Cresco Labs CCO Greg Butler said, “There’s so much opportunity for Good News, and we’re thrilled to bring easy to use, simple to understand and approachable products to our consumers in California, Illinois and Michigan.”
On June 24, the company announced the opening of its fourth dispensary in Pennsylvania. That brings its total number of stores across the U.S. to 33.
This stock isn’t very volatile, so swing for singles on any potential trades. I’ll watch it for increased volume with more sector momentum.
Marijuana Stocks to Watch #4: Innovative Industrial Properties, Inc. (NYSE: IIPR)
IIPR is another marijuana stock that acquires, owns, and manages properties leased to marijuana companies.
It’s higher priced but close to a breakout level around $200. If the stock can get above it, we could see a retest of the yearly highs of $222.08.
I’ll watch for a breakout to new 52-week highs, which could create a bigger spike.
Marijuana Stocks to Watch #5: Sundial Growers Inc. (NASDAQ: SNDL)
SNDL is a Canadian marijuana company that produces and sells cannabis and vapes.
When the sector heats up, a lot of traders will remember SNDL’s supernova run in February. So they could expect the stock to spike again. That could create a self-fulfilling prophecy.
Like I always say — history doesn’t repeat itself exactly, but it often rhymes.
Marijuana Stocks to Watch #6: Tilray, Inc. (NASDAQ: TLRY)
TLRY is another Canadian marijuana company. It grows and sells marijuana flower, extracts, capsules, and hemp-based foods and beverages.
It’s another one of Reddit traders’ top pot stocks. When sector momentum hits, there could be a lot of traders with eyes on TLRY.
There will be a shareholder meeting on July 29. Shareholders will vote on a few proposals. One is the approval to issue more shares “to acquire and finance attractive businesses that would help Tilray grow and create value for stockholders.”
Read the company chairperson and CEO’s letter to shareholders here.
Usually, when companies create more shares, that’s considered a bad thing. It dilutes the value of existing shares. But if the company can put a positive spin on it and has a plan for the income it could generate, it could be a positive. That’s why I never try to predict the market.
I’ll watch for a reaction to the voting results before planning a trade.
Marijuana Stocks to Watch #7: High Tide Inc. (NASDAQ: HITI)
HITI is another Canadian marijuana stock. It sells marijuana, smoking accessories, and lifestyle products in 87 retail stores across Canada.
On June 25, the company announced it’s expanding its presence in the U.S. by acquiring a U.S. e-commerce platform.
Raj Grover, HITI president, and CEO said, “In alignment with our intention to become a dominant player in the U.S. e-commerce marketplace through a combination of organic growth and accretive acquisitions, specifically targeting businesses with strong brand loyalty, I am thrilled to announce the acquisition of Daily High Club.”
On June 28 the company reported second-quarter financial results.
And on June 29 it announced the opening of two more retail cannabis stores. In that press release, the company president said, “I also look forward to sharing more information imminently about our expanded e-commerce footprint in the United States.”
That could mean an upcoming news catalyst. I’ll watch HITI to potentially bounce to the upside.
Marijuana Stocks to Watch #8: HEXO Corp. (NYSE: HEXO)
HEXO produces and sells marijuana. It’s another Canadian marijuana stock looking to take advantage of the growing U.S. market.
The company announced the acquisition of its first U.S. production facility in Colorado on June 28.
The stock’s trading in a channel between $5 and $7.50. It likely needs sector momentum for it to break out.
Marijuana Stocks to Watch #9: OrganiGram Holdings Inc. (NASDAQ: OGI)
Yep, another Canadian marijuana stock. OGI offers marijuana flower, oils, extracts, and edibles under multiple brand names.
The company will report third-quarter earnings on July 13. I’ll watch for a reaction to the news before planning a trade.
Marijuana Stocks to Watch #10: Trulieve Cannabis Corp. (OTCQX: TCNNF)
TCNNF is a U.S. medical marijuana company.
I’ll watch TCNNF for a potential breakout over $40.
See the Stocks I’m Watching
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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!