15 Hot Marijuana Penny Stocks to Watch (April 2021 Update)

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Could marijuana penny stocks get higher this year? Maybe that’s a poor choice of words, but you know what I mean.

Weed stocks will always have a soft spot in my heart.

Aside from the market this past year, the weed run of 2017–2018 was one of the most insane OTC markets I’ve seen. Also, it gave several of the current mentors in our community a chance to find their stride.

Until earlier this year, most of these stocks were just consolidating … They had no reason to go up.

But now, there’s something brewing that could potentially send them flying again. It started after the election when Democrats announced a push for legalization.

The rumor alone caused some momentum earlier this year, and there were a ton of good trading opportunities. But recently, few of the marijuana stocks have had any volatility.

However, I think some of them could potentially find support and rally. Think about it…

These stocks blew up before any laws were even passed. If the Democrats succeed in fully legalizing marijuana, who knows what could happen.

But be warned: this is a WATCH list. That means none of these tickers are guaranteed to run soon. I’m just watching them for the future and looking out for potential legalization updates.

Now that we cleared that up, let’s get rollin’…

What Are Marijuana Penny Stocks?

Marijuana penny stocks come from smaller companies operating in the legal weed sector. These stocks trade for under $5 per share.

Keep in mind, not all of these companies are directly related to weed. The big players are growing operations or retail dispensaries, sure. But others make protective containers, rolling papers, and so on.

Penny Pot Stocks List

Don’t forget … Many of these marijuana penny stocks have already had some sort of run this year. When you first look at some of the charts, it might not look like there’s much going on.

But think about the bigger picture…

We’re talking about the biggest potential catalyst the pot sector could ever ask for. Sure they might keep consolidating until we get more news … that’s what stocks do. But you can’t write off one of the hottest sectors just because it isn’t on fire right now.

It’s going to take discipline and patience, which are the two characteristics I emphasize for all traders.

So let’s take a look at my list of marijuana penny stocks.

Marijuana Penny Stocks to Watch: Sector Leaders & Higher-Priced Plays

Before we get to the penny stocks, first let’s look at a few higher-priced sector leaders…

#1: Tilray Inc (NASDAQ: TLRY)

No, TLRY is NOT a penny stock. But during the most recent pot stock run, TLRY was an obvious sector leader. It’s not a crap OTC … This is a large-cap that trades on the Nasdaq. That makes me take it a bit more seriously.

I’m not sure if I’ll end up day trading TLRY, but I know for a fact I’ll be watching it.

Some traders like to day trade these higher-priced stocks, and I don’t blame them. But I prefer to trade low-priced stocks. I’ll be watching TLRY for a big first green day and looking for other sympathy plays to follow the leader.

#2: Aurora Cannabis Inc (NYSE: ACB)

Again, this one’s not a marijuana penny stock. ACB is another more legit name among marijuana penny stocks and another sector leader.

I’ve seen the marijuana sector leaders create sympathy plays before, and I think they could potentially do it again. I love sympathy plays … They’re typically quick moves and they can offer great risk/reward.

Not to mention they’re usually cheaper than the sector leaders, so I can potentially get more shares.

#3: Canopy Growth Corp (NASDAQ: CGC)

I know. Enough with the higher-priced marijuana stocks, right? This is the last sector leader on the list.

If you don’t have the account size to day trade these higher-priced stocks effectively, don’t sweat it. I just want to make sure you have a few to watch. They can potentially help you gauge the overall sector strength.

CGC might be consolidating the best out of the leaders. I’ll be paying close attention going forward.

#4: Curaleaf Holdings (OTCQX: CURLF)

After the big sector leaders, CURLF is one of the next best performers. It’s been making steady gains long before the recent legalization rumors.

Usually, it’s hard for OTC stocks to hold onto their gains as CURLF has been. If this continues to consolidate and sets up for a breakout in the future, it could potentially be worth a trade.

11 Marijuana Penny Stocks to Watch

Now we got the higher-priced pot stocks out of the way, let’s get to the penny stocks to watch.

#5: Ignite International Brands Ltd. (OTCQX: BILZF)

Dan Bilzerian is the founder and CEO of this company. He created it a couple of years ago and since then, it hasn’t done a whole lot. I traded it back in 2019 at my Trader & Investor Summit.

When I look at the BILZF daily chart, I must admit it’s consolidating pretty well. After a big green day in January, it’s been finding support at higher prices and going sideways. This one may require some patience.

#6: Weed Inc (OTCQB: BUDZ)

A few years back when these marijuana penny stocks had their first runs, this was a HUGE name. It ran from under $1 to well over $15.

In January of this year, it ran from about 40 cents to $2.50 which is great, but I think there could be more potential. If we get full legalization and this stock starts getting real attention, it’s got plenty of room to potentially keep going.

#7: CBD Denver Inc (OTCPK: CBDD)

Earlier this year, this was one of my favorite marijuana penny stocks — low priced with clean action. This is definitely on my weed list for the future.

One thing to note about the CBDD chart … If you look back far enough, you’ll see it’s consolidating above all major resistance. If this stock finds support, and the legalization matter continues to develop, it could potentially turn into a top watch.

#8: Greater Cannabis Company Inc (OTCQB: GCAN)

This stock isn’t some crazy former runner. It’s run from the sub-penny level to about 2.5 cents, but it’s still a good chart.

You can see that all of the major volume is near 1 cent, and it’s been doing a good job of defending that level. Like some of the other tickers, it’s a matter of staying patient and waiting for the opportunity to strike.

#9: Terra Tech Corp (OTCQX: TRTC)

Terra Tech is another big former runner from back in the day. It had a nice run this past February, but it’s now fading off with the sector.

Some traders might look at this chart and think “it’s dead, forget about it” … I don’t think that’s necessarily the case. It’s consolidating above the last breakout, which could indicate support. And any time it’s had a decent run in the past, it ran for several days straight.

I wouldn’t take this one off your list just yet.

#10: Choom Holdings (OTCQB: CHOOF)

Even with the whole sector consolidating, CHOOF continues to grind upward. It looks like it could potentially have a multi-month breakout over the 16-cent level if it keeps up.

If we get major legalization news, some marijuana penny stocks will have to fight through overhead resistance. But with CHOOF, it’s already approaching a key level. This could end up being a great play in the future.

Just remember … it’s a foreign ticker. Holding for a long time could be dangerous. Stick to solid risk management and cut losses quickly.

#11: General Cannabis Corp (OTCQB: CANN)

Many marijuana penny stocks are former runners. Some were impressive, and others crappy. If I had to pick the top former runner, I think this one’s up there.

In 2014, the early days of its existence, it ran from around $3 to well over $60. Then it went from $1.50 to $11 a few years later. Now it’s consolidating after the last pop to $2 this year.

Some traders love to play former runners. So if we get a real catalyst, be sure to be ready for this one.

#12: Nutritional High International Inc (OTCPK: SPLIF)

This ticker had a small run this year, but nothing too crazy. One thing I like is how well it’s holding above the biggest volume day. It traded around 38 million in volume on December 14, 2020.

The 1.7-cent level from that day was the breakout, and now it’s defending the area well. As much as I love former runners, I also enjoy charts like this with no big resistance. It makes me feel more confident about the next potential run.

#13: Massroots Inc (OTCPK: MSRT)

MSRT is holding up well after it ran from the sub-penny level to over 5 cents. On a daily chart, it looks like it could be forming a wedge.

This year was the first time MSRT saw any crazy volume, and it’s holding above a lot of the resistance. I want to see it keep consolidating and eventually have a big first green day. That could turn into a multi-day run if there’s a catalyst.

#14: Sundial Growers Inc (NASDAQ: SNDL)

This is one of the most recent marijuana penny stocks to join the Nasdaq exchange.

It ran from a 95-cent breakout to $4 this year, trading billions of shares in the process. Yep … billions. While that may seem like a lot of overhead resistance, this stock could still have potential.

It’s a low-priced listed stock that typically follows the sector leaders. If weed becomes legal, I think people will be interested in this ticker again.

#15: Cannabix Technologies Inc (OTCPK: BLOZF)

What I love about BLOZF is how much momentum it showed on its past run. The run wasn’t massive, but it went for nine days straight.

It’s holding above $1 pretty well right now. I’d look for a big morning spike with high volume to signal a potential reversal.

That will most likely only happen if we get more push for legalization.

My No-Cost Weekly Watchlist

Becoming a self-sufficient trader can be a long and grueling process. Don’t know which stocks to watch every day?

Learn from my process.

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Sign up now for my no-cost weekly watchlist. I’ll send my top watches right to your inbox every Sunday. It’s an opportunity for you to learn what goes into my picks — from patterns to catalysts to key levels. That can help you build your own watchlist.

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Get used to the practice of doing now. Remember to respect your trading plan and do your due diligence. Never follow stock picks — not even mine.

What Are Marijuana Penny Stocks?

Marijuana stocks are stocks of companies that sell cannabis-based products. Penny stocks trade for less than $5 per share.

Are Marijuana Penny Stocks Worth it?

Most penny stock companies fail in the long run, regardless of sector. As a trading vehicle, marijuana penny stocks can be worth it if you understand how (and when) to trade them.

What Are the Largest Marijuana Stocks?

According to the Marijuana Index, the largest marijuana stocks are Curaleaf Holdings Inc (OTCQX: CURLF) and Green Thumb Industries Inc (CNSX: GTII) (OTCQX: GTBIF). The second ticker is for the U.S. traders out there.

How Do You Buy Marijuana Penny Stocks?

Marijuana penny stocks trade like any other penny stocks on the various exchanges. If you know the ticker symbol, you can buy or sell using your preferred trading platform. Do your due diligence and create a trading plan first.

Should I Buy Marijuana Penny Stocks and Hold Long Term?

I’m not an investor so I never recommend anyone buy penny stocks and hold long term. Wait until the sector shows some momentum again to the upside or there’s exciting news in the sector, then make short-term trades based on your well-tested strategy.

Will Marijuana Companies Have to Use Cryptocurrency?

In places where marijuana is legal, companies can use cash for their business dealings.

Can I Invest in Canadian Marijuana Stocks?

Yes, there are many Canadian marijuana stocks listed on the American exchanges. You could also trade and invest in them on the Canadian market if your broker allows access.

The Bottom Line on Marijuana Penny Stocks

Marijuana penny stocks can provide opportunities for some wild moves. The industry is still emerging, and it could be on the verge of potentially skyrocketing if legalization pans out.

But like with any sector, you’ve gotta be on the right side of the hype. Always be ready to close your position…

Your number-one mission in this trading life is to hold on to your profits and cut your losses.

Are you trading marijuana penny stocks? Let me know in the comments… I love to hear from my readers!

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