Marijuana Stocks Continue To Reach New Highs In The Market
As marijuana stocks in the U.S. continue to push to new highs in February investing in cannabis stocks for 2021 is providing returns for investors. With only two days of trading in February, top cannabis stocks are now pushing past their January highs in the market. In reality, the cannabis industry has so many things going for it in 2021 it makes sense to see growth potential right now.
But along with all the vertically integrated cannabis stocks sometimes overlooked ancillary pot stocks could hold more value for the future. For example, top-performing hydroponic supplier GrowGeneration Corp. (NASDAQ: GRWG) is up 8.29% and has gained over 37% for 2021. To begin February three United States senators announced they would push for the decriminalization of cannabis on the federal level. In essence, this could stimulate growth for most cannabis companies in the sector.
As it stands some of the ancillary marijuana stocks have shown substantial gains in the market. Actually, in 2020 some ancillary cannabis stocks outperformed the vertically integrated ones. While most leading cannabis stocks are known to be volatile in the market ancillary pot stocks have shown more stability. Realistically this could make them better candidates for long-term positions in the cannabis sector.
Expansions In The Cannabis Industry
Currently, most top marijuana companies are expanding into new parts of the U.S. to take advantage of the growing cannabis industry. In addition, these ancillary marijuana companies have helped in the expansion and financing of cultivation and processing facilities. Another area that could flourish due to growth is the hydroponic supply sector. Because more cannabis growers are being established due to increasing demand this area could also have rapid growth.
At the present time, the cannabis industry is predicted to more than double in the next five years. Finding the right marijuana stocks to invest in could be beneficial to your portfolio for gains in the market. But finding the right cannabis stocks requires some research from investors before becoming a shareholder. For the purpose of taking a deeper look into cannabis stocks that could hold future value. Let’s take a look at 2 possible marijuana stocks to invest in for 2021.
Read More
- Top Marijuana Stocks To Watch For Gains In February 2021
- Will These Marijuana Stocks See Bigger Gains This Month
Marijuana Stocks To Watch:
- Innovative Industrial Properties, Inc. (NYSE: IIPR)
- Hydrofarm Holdings Group, Inc. (NASDAQ: HYFM)
Innovative Industrial Properties, Inc.
Innovative Industrial Properties, Inc. is one of the only real estate companies focusing on leasing properties to the regulated U.S. cannabis industry. Currently, IIP owns 67 properties across 17 states nationwide. On January 25th the company announced it closed on the acquisition of a property in Florida for $23.8 million. In the terms of the deal, IIP entered into a long-term triple net lease with Harvest Health & Recreations Inc. (OTC: HRVSF). On the property, Harvest is expected to perform improvements to the facility and IIP agreed to reimburse up to $10.8 million.
At the present time, IIP has over 5.7 million rentable sq. ft. of property and another 2.1 million under development. Actually, the company has these properties 100% leased with an average remaining lease term of 16.6 years. In essence, this could mean the company could produce a consistent revenue for many years to come. Another reason to consider IIP for a long-term hold in the cannabis sector is the fact it gives a dividend to shareholders. Presently IIP pays a $4.96 annual dividend and had a cash payment of $1.24 per share on January 15th.
IIPR stock is up 13.20% since the start of 2021 with a high of 209.58 established today February 3rd. Currently, IIPR stocks are trading at $208.45 up 2% for the February 3rd trading session. At the present time, analysts at CNN Business are giving IIPR stocks a 12-month price forecast of $219 per share. Actually, this would represent a 5.25% gain from current levels. With this in mind, IIPR stocks is a top marijuana stock to watch for long-term gains.
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Hydrofarm Holdings Group, Inc.
Hydrofarm Holdings Group, Inc. is a leading hydroponics company with a distribution platform that manufactures controlled environment equipment and supplies. In the private sector, Hydrofarm’s has been in business for more than 40 years. In late 2020 Hydrofarms went public and has been appealing to investors in the market. Recently on February 1st Hydrofarms announced the strategic alliance between them and Advanced Nutrients.
In detail, the alliance will help the two companies meet the demands of the growing hydroponics market. Currently, Advanced Nutrients will help Hydrofarm with the Canadian distribution of its preferred brands. At the present time, Hydrofarms will be featuring products including ph Perfect technology ‘Big Bud,” ‘Mother Earth”, and “Overdrive.” As Hydrofarm continues to expand its business model looks for HYFM stock to see upward momentum in the market.
HYFM stock is up 60.35% year-to-date with a 52-week high of $92.91 in trading on February 2nd. Currently HYFM stock is trading at $84.40 a share going into the close on February 3rd. Presently, HYFM stock is far exceeding any analysts’ expectations in 2021. For this reason, HYFM stock is one of the best cannabis stocks to watch for 2021 gains.
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