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The cannabis industry looks like it is in pretty bad shape. The coronavirus has truly done its damage to the whole of the world’s markets. But with any negative time, it seems as though there could be some positives around the corner. As much as we may not see it right now, marijuana stocks still have quite a lot of potential. In the cannabis market, there are some reasons that could make a few pot stocks buys. It is worth mentioning that it might be worth waiting on to allow the market to calm down before investing any money into any asset. But, projections for the cannabis future remain strong throughout the current price fluctuations.
2 Marijuana Stocks To Watch During Coronavirus Pandemic
The hopes are that we can begin to get back on track once the coronavirus issues begin to stabilize. It is hard to tell at what point in time that will be. For now, there are a lot of unanswered and unanswerable questions that lead to a lot of uncertainty. As investors, we can use this time to search for value to be found at a later time. Or, for those who swing trade, the market’s current volatility could be a blessing. All in all, there are some reasons that make watching pot stocks right now, a favorable choice.
The Increasing Demand for Cannabis
Throughout this pandemic, we have seen a rise in the demand for cannabis. This could be coincidental, or it could be a symptom of millions being forced to stay inside. Although access to marijuana may be limited in itself, it seems as though many retail operations have begun to work on delivery or online ordering for cannabis products. This does not mean that the largest pot stocks in the industry are showing sales growth, but rather on a smaller level, the cannabis dispensaries are reporting higher sales than previously.
States such as California have classified cannabis dispensaries as essential operations which means that they are allowed to stay open during this time of quarantine. But, many are wondering whether this higher level of demand will stay into the future, or remain a short term phenomenon.
Top Pot Stocks are at Extremely Low Prices
In the past three weeks, we have seen many of the leading pot stocks, retreat in value by over 40%. This means that some of the cannabis stocks with the highest valuations are now at dirt cheap prices. This is not a signal to buy in any way, as it is difficult to tell when this volatility streak will be over. But, it does present an interesting opportunity for investors moving forward.
Those who do wish to trade during this tumultuous time can look at the amount a cannabis stock is trading over its expected earnings. This is a great way to tell underlying value, and one way in which we can deduce which pot stocks are worth watching. The hopes are that after the coronavirus begins to stabilize, we can once again see cannabis stocks move forward toward higher prices. For now however, it remains up in the air as to what top pot stock prices will do in terms of movement.
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