Big Gains For Cannabis Stocks
Marijuana stocks have given cannabis investors substantial gains in the market to start in 2021. In fact, most cannabis stocks to buy are delivering double-digit percentage gains in the first two weeks of trading this year. For example, the top pot stock to watch GrowGeneration Corp. (NASDAQ: GRWG) is up over 25% going into January 15th trading and could continue gaining. In general, similar trading patterns can be seen throughout marijuana stocks to invest in. Throughout 2020 the U.S. cannabis industry began to flourish with rising demand for marijuana and massive expansion through the nation. Also last year it seems more investors started realizing the growth potential cannabis companies could have in the future. In essence, this popularity has helped push marijuana stocks in 2021 to new highs.
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As renewed interest in the best cannabis stocks occurs most U.S. marijuana companies are taking the opportunity to raise capital with stock offerings. For instance, Curaleaf Holdings, Inc. (OTCQX: CURLF) recently announced a $200 million funding through a share offering and a new $50 million revolving credit facility. In essence, this could give the company more capital and flexibility to continue preparing for the growth of the industry. Currently, most cannabis companies have done similar offerings taking advantage of the renewed interest in the sector. At the present moment, many things are pointing to an acceleration of growth for the next few years for the cannabis industry.
Growth Potential For The Cannabis Industry
Provided that newly legalized states set their cannabis markets up quickly and federal reform begins this year growth could be substantial. But finding the right cannabis stock for your investment strategy and portfolio needs could be daunting with so many choices. At the present time, many U.S. marijuana companies are reporting record revenue gains in their latest financials. As earnings begin to roll in for the Canadian marijuana stocks, giants like Aphria Inc. (NASDAQ: APHA) are beating expectations and sending APHA stock gaining over 21% yesterday in the market. Actually, most top pot stocks saw gains in the market to an extent and continue to show more bullish momentum going into Friday, January 15th.
Last year these two companies managed to perform well during the latter part of 2020 and saw strong revenue growth in Q3. In addition, they also expanded creating more potential growth for this year. With the intention of researching some of the better performing cannabis companies on the market let’s take a deeper look at 2 top marijuana stocks to watch for 2021.
Marijuana Stocks To Watch:
Acreage Holdings, Inc. (OTCQX: ACRHF)
Planet 13 Holdings Inc. (OTCQX: PLNHF)
Acreage Holdings, Inc.
Acreage Holdings, Inc. is a multi-state operator of cannabis cultivation and retailing facilities in the U.S. Based out of New York its national retail store The Botanist carries national and regional cannabis products. Last year the company began initiating a merger with Canadian marijuana company Canopy Growth Corporation (NASDAQ: CGC). and is planning to carry the company’s THC-beverages as early as summer 2021. company’s THC-beverages as early as summer 2021. Currently, Acreage now owns or manages 29 operational dispensaries across 11 states.
In the company’s last financials Acreage saw revenue of $31.7 million up 42% from the prior year. Additionally, the company saw same-store growth of 36% in the seventh consecutive quarter of double-digit percentage gains in this area. Realistically Acreage is in a prime position to be a key component to Canopy’s entry into the U.S. cannabis market. That could result in continues in Canopy investing much more into Acreage for future expansion throughout the U.S.
ACRHF stock is up 133.65% since the beginning of January and could see more gains in today’s trading. Currently, the stock is one of the better performing pot stocks in the U.S. sector. As Acreage develops its presence in Massachusetts and continues to expand its product lines with Canopy’s cannabis-derived products growth potential could be substantial. For this reason, ACRHF stock is a marijuana stocks to watch right now.
Planet 13 Holdings Inc.
Planet 13 Holdings Inc. is a vertically integrated cannabis company based in Nevada with award-winning cultivation, production, and dispensary operations in Las Vegas. The company is most famous for its landmark 115,000 sq. ft. Planet 13 Superstore located on the Las Vegas strip. In 2020 Planet 13 began building its second Superstore location in Santa Ana, California. Also, last year Planet 13 reopened its smaller scale dispensary model The Medizin which it intends for the local community in Las Vegas for more exposure to that market. In addition, Planet 13 reported record Q3 of 2020 financials with revenue of $22.8 million up 36.5% sequentially. Recently the company announced a stock offering of $60.025 million.
PLNHF stock is up 5.03% for January trading at $5.88 going into Friday’s open. As Planet 13 continues entertaining Las Vegas tourists with a very unique cannabis experience its growth potential increases. As a result, PLNHF stock could have more momentum in the market. Because Planet 13 has begun to expand out of Nevada PLNHF stock is the top pot stock to watch for 2021.
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