Can These Pot Stocks Continue to Compete Amidst the Cannabis Industry Competition?
The cannabis industry has churned out some winning marijuana stocks to watch in the past few years. While not all pot stocks are made equally, some have managed to climb to the top quite quickly. This includes popular choices like OrganiGram Holdings Inc. (NASDAQ:OGI) and GW Pharmaceuticals Inc. (NASDAQ:GWPH). But, investors often fail to consider the smaller pot stocks like Village Farms International Inc. (NASDAQ:VFF). The truth is that there are plenty of pot stocks to watch with varying degrees of potential.
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It is up to investors to find out all of the information they can about a given pot stock. With data by our side, we can begin to make a decision about which marijuana stocks are truly worth watching. In addition, we must also consider our portfolio strategy and investment type. For longer term investors, it may be best to find a less volatile pot stock to watch. On the other hand, those who swing trade may want a more volatile investment. With this in mind, here are two big name marijuana socks that are making big waves in the industry.
Marijuana Stock to Watch: Green Thumb Industries Inc.
Green Thumb Indusries Inc. (OTC:GTBIF) has seen its shares shoot up by as much as 40% in this year alone. Since March however, we have seen GTBIF stock’s share shoot up by over 240%. For those that don’t know, GTBIF stock has grown due to it being a leading MSO or multi state operator. With 48 dispensaries spanning 10 states around the U.S., GTBIF stock remains as one of the largest MSOs in the cannabis industry. With its business growing, the CEO of the company stated that “demand is strong as cannabis continues to behave like a consumer staple.”
In the U.S., demand for marijuana has continued to shoot up over the past 4 months. Due to Covid, many states have made cannabis dispensaries a necessity during the past few months. This means that cannabis dispensaries have been able to stay open during the virus. With that, we have seen GTBIF stock continue to grow despite other market upsets. With this in mind, Green Thumb Industries remains one of the leading marijuana stocks to watch.
Marijuana Stock to Watch: GrowGeneration Corp.
GrowGeneration Corp.(NASDAQ:GRWG) is one of the leading ancillary marijuana stocks to watch. Since the beginning of the year, GRWG stock has shot up by as much as 260%. While it is considered a pot stock, GRWG stock does not grow because of any involvement in the process of growing and selling marijuana. Rather, the company supplies hydroponics and other products to those who want to grow marijuana.
In its latest second quarter, GRWG stock reported a revenue increase of around 125%. This represents a revenue of roughly $43 million. In addition, the company has seen its net income more than double to $2.6 million in that quarter. With more people at home than ever before, more are turning to gardening. This has made GrowGeneration an extremely popular business to support during this time. While the bullish sentiment around GRWG stock may not last forever, it does look like GrowGeneration is an interesting pot stock to watch.
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