Marijuana Stocks See More Volatility
At the current moment, the cannabis sector is seeing downward pressure in the market. After reaching new highs in February most top cannabis stocks have pulled back significantly. While most pot stocks are giving back most of the gains accumulated in February it could be time to find the best marijuana stocks to buy for your portfolio.
As the stock market drops significantly in trading on February 23rd top cannabis stocks are taking losses in both the U.S. and Canadian cannabis sectors. At the present time, top U.S. marijuana stocks like GrowGeneration Corp. (NASDAQ: GRWG) are trading much lower than the high reached earlier in the month.
For investors looking for the right moment to invest in cannabis stocks, recent market trends have made much better entry points for investing. Actually, recent highs in February could be a signal of where pot stocks could go barring U.S. cannabis reform and further legalization. With this in mind, current market values are down double-digit percentage gains from recent highs for most leading cannabis stocks. In the future, there are a few events that could be a catalyst for the cannabis sector.
Possible Catalysts For Cannabis Stocks
For one many cannabis companies are expected to report earnings in the coming weeks. In general, strong financials could send cannabis stocks higher in the market. Another possible catalyst for the cannabis market would be U.S. federal cannabis reform and decriminalization which looks promising in 2021. Either of these events could send top cannabis stocks much higher than the current market value. With many top cannabis companies expecting substantial revenue growth company earnings could be something to watch closely.
By the same token, most top cannabis stocks have been showing more market volatility in February. For investors, it’s important to realize that marijuana stocks are some of the more volatile securities in the stock market historically. For the purpose of researching some of the top marijuana stocks to watch. Let’s take a more extensive look at 2 cannabis stocks to add to your watch list for 2021.
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Marijuana Stocks To Watch:
- Cresco Labs Inc. (OTC: CRLBF)
- Green Thumb Industries Inc. (OTC: GTBIF)
Cresco Labs Inc.
Cresco Labs Inc. is one of the largest vertically integrated cannabis multi-state operators in the United States. The company has a consumer-packaged approach and is one of the largest sellers of branded cannabis products. Currently, Cresco has 20 operational dispensaries across 9 states with 15 production facilities. On February 16th Cresco announced it closed the acquisition of Verdant Creations’ four dispensaries in Ohio. In detail, the acquisition gives the company five dispensaries in the state.
Last month, on January 28th Cresco, expanded its brand portfolio to include 1.0 g and 0.5 mg live cartridges available in California and Illinois. Also, in February Cresco has launched adult-use cannabis sales in Arizona adding to the possibility of future revenue growth for the company. Some analysts believe cannabis sales in Arizona could more than double in 2021. With emerging markets and Cresco’s expansion in key markets, the company could continue to perform well.
CRLBF stock is up 58.64% year to date with a high in February of $17.49 per share. On a day where most marijuana stocks saw substantial market volatility on February 23rd CRLBF stock managed to close at $15.66 one cent up from yesterday. Currently, analysts at Stock Invest are expecting CRLBF stock to rise by 66.99% during the next 3 months. This analysis is based on the stock’s short-term market trends.
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Green Thumb Industries Inc.
Green Thumb Industries Inc. is one of the largest national cannabis consumer packaged goods companies and owner of Rise dispensaries. In detail, Green Thumb manufactures and distributes a large portfolio of branded cannabis products. At the present time, the company has 13 manufacturing facilities across 12 U.S. markets. Additionally, Green Thumb holds licenses for 97 retail locations across America. Earlier this month on February 1st Green Thumb announced it has opened its 52nd location in Pennsylvania.
In reality, Green Thumb is a well-positioned cannabis company that could produce substantial revenue growth for the next few years. Earlier today on February 23rd Green Thumb raised $56 million in the capital with 1.6 million subordinate voting shares priced at $25.50 a share. This deal comes after a previous deal on February 9th that raised $100 million. On March 17th Green Thumb will deliver its Q4 2020 full-year results after the market close.
GTBIF stock is up 44.29% since the start of 2021 with a high on February 10th of $39.11. Currently closing trading on February 23rd at $34.83 on a turbulent day for cannabis stocks GTBIF stock is down -1.47% for the day. According to analysts at MarketBeat GTBIF stock has a consensus price target of $40.19. This would be a 13.7% upside from current levels. With this in mind, GTBIF stock is a marijuana stock to add to your watchlist going into March.
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