Top Cannabis Stocks Perform Phenomenal In January 2021
As another trading week in January comes to an end some of the best marijuana stocks to buy in 2021 continue to see gains in the market. In fact, the top cannabis stock to watch Harvest Health & Recreation Inc. (OTC: HRVSF) shot up 8.79% after announcing its first recreational sale in Arizona. In reality, the new recreational market in Arizona could substantially increase revenue growth for well-positioned cannabis companies like Harvest in the state. Generally speaking, in the U.S. with new markets being introduced top pot stocks could have a monumental year. At the present time, most U.S. marijuana stocks have gained substantial market value so far in January.
Since the presidential election cannabis stocks to invest in have found new life in the market. Especially in the U.S., marijuana stocks have continued to see upward momentum. This is due to investor’s belief that 2021 could be the year of major cannabis reform on the federal level. In fact, with Democrats now the majority in the Senate legislation will have a much better chance of getting a passing vote. In the event, this occurs sometime this year it could become a catalyst for U.S. cannabis industry growth.
As it stands there are several U.S. cannabis companies that are positioned to capitalize off the growing marijuana market. Some of these cannabis companies have been reporting strong financials in their latest results. For investors looking to gain exposure to growth in the industry, these could become the best pot stocks to invest in for 2021. With this in mind let’s look at 3 cannabis stocks that could continue gaining value for 2021.
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Marijuana Stocks To Watch:
- Green Thumb Industries Inc. (OTC: GTBIF)
- Curaleaf Holdings, Inc. (OTC: CURLF)
- Trulieve Cannabis Corp. (OTC: TCNNF)
Green Thumb Industries Inc.
Green Thumb Industries Inc. is a national cannabis consumer packaged goods company and retailer in the U.S. At the present time, Green Thumb has 50 dispensary locations across 12 U.S. markets. In addition, Green Thumb also has 13 manufacturing facilities and licenses for 96 retail locations in the U.S. market. In detail, the company operates the growing retail cannabis stores Rise and Essence. Additionally, the company has a portfolio of branded cannabis products including BeDoe, Dogwalkers, Dr. Solomon’s, Incredibles, Rhythm, and Feel Collection.
In 2020 Green Thumb ended the year reporting record financials in Q3 of 2020. Actually, Green Thumb was one of the highest revenue-producing U.S. cannabis companies last year with $157.1 million for the period. In essence, this is a 131% increase from the same period a year prior. The company has a strong balance sheet and has more than enough capital to support continued growth for 2021.
GTBIF stock is up 24.90% year-to-date with a 52-week high of $31.13 achieved on January 22nd trading. Currently, analysts at Tip Ranks have are giving GTBIF stock a 12-month average price target of $33.92. As Green Thumb continues expanding its presence in new U.S. markets it could continue delivering revenue increases. Because of this GTBIF stock is a top U.S. cannabis stock to add to your watchlist for next week.
Curaleaf Holdings, Inc.
Curaleaf Holdings, Inc. is a leading U.S. provider of cannabis consumer products in the U.S. market. Currently, the company operates in 23 states with 96 local dispensaries, 23 cultivation facilities, and 30 processing sites. On January 22nd Curaleaf announced it is welcoming adult-use customers at its 8 retail locations across the state of Arizona. Additionally, the company plans to open another dispensary in Arizona in the coming months. In 2020 Curaleaf had record revenue in Q3 2020. In detail Curaleaf’s record Q3 managed revenue of $193.2 million up 164% from the year prior.
Also, in 2020 Curaleaf opened 2 new dispensaries in Florida giving it 33 retail locations in the state. In the period Curaleaf also completed the acquisition of Grassroots which gives it a presence in 6 new states including Illinois and Pennsylvania. Currently, the company is well-positioned for massive growth in the industry and could well be the best performing cannabis company in the U.S.
CURLF stock is up 25.88% since the beginning of January 2021 and could continue to see gains in the market. Closing trading at $15.07 on Friday, January 22nd the stock has a 52-week high of $16.69 per share. Currently, analysts at Market Beat are giving CURLF stock a price target of $20.08. In essence, this would be a 33.3% gain from current trading levels. Because Curaleaf is one of the best performing U.S. cannabis companies CURL stock is one of the best pot stocks to watch for next week.
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Trulieve Cannabis Corp.
Trulieve Cannabis Corp. is a leading top-performing cannabis company based in the United States with a huge presence in the state of Florida. In fact, Trulieve currently has 71 dispensaries in Florida and 6 others in other key growth markets. In Florida, the company has about 51% of the market share in the state and has shown strong financial results because of this.
Last year the company achieved strong financial results in Q3 2020. In detail, Trulieve produced record revenue of 136.3 million. Additionally, the company achieved an adjusted EBITDA of $67.5 million or 50% of revenue. At the present time, this represents the 11th quarter of consecutive growth and profitability.
TCNNF stock is up 35.99% year-to-date and closed on January 22nd trading at $43.00 per share. Currently, analysts at Stock Invest are expecting TCNNF stock to rise 72.53% during the next 3 months. While Trulieve begins to make its presence felt in new U.S. cannabis markets it could continue to produce strong revenue growth. Because of this TCNNF stock could be one of the best marijuana stocks to invest in for 2021.
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