Recent Cannabis Stock Pull Back Could Be An Opportunity
While the stock market pulls back from recent highs most top marijuana stocks are trading lower in the market. Since peaking on February 10th, the cannabis sector has been reassessing the gains in February. For example, leading hydroponics supplier and gardening center GrowGeneration Corp. (NASDAQ: GRWG) set a new high of $67.75 on February 10th but has since pulled back to $57.11 on February 18th. For most of 2021 U.S. cannabis stocks like GRWG stock have been seeing significant gains in the market.
Currently, many U.S. cannabis stocks are overlooked by investors. This is due to the fact vertically integrated cannabis companies are still federally illegal and trade on the over-the-counter market. OTC stocks are not available on popular trading apps like Robinhood and Webull. In essence, this has limited their exposure to a growing number of investors that are using the platforms.
But in reality, U.S. cannabis companies are the best positioned to capitalize on the growing marijuana industry in the states. In addition, American marijuana companies have been performing much better than their Canadian counterparts. In 2020 many U.S. companies reported record revenue and showed substantial growth and expansion across the country. Recent market trends show that most investors have been buying Canadian pot stocks.
How To Invest In Cannabis Stocks
Now that most U.S. cannabis stocks are trading much lower than recent highs in February. It’s possible they could be at better prices in the market for starting a position. Watching market trends in the cannabis sector is important when dealing with the volatility of marijuana stocks. Buying at the market’s highs could leave you susceptible to the price fluctuations of the market. It’s always recommended to study cannabis stocks market trends and analyze its financials to get a grasp of how the company is performing.
Once you do your due diligence investing in the cannabis sector could be profitable in the short term and also for long holds. In reality, marijuana stocks have been gaining momentum since the pandemic. Recent highs could be a gauge of where pot stocks could start to head once an actual bill is passed for cannabis reform on the federal level. With this in mind finding the right pot stocks to invest in involves looking into potential cannabis companies. While things progress in the U.S. cannabis market let’s look at 2 top marijuana stocks to watch in 2021.
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Marijuana Stocks To Watch:
- Ayr Wellness Inc. (OTC: AYRWF)
- Vireo Health International, Inc. (OTC: VREOF)
Ayr Wellness Inc.
Ayr Wellness Inc. formerly Ayr Strategies on February 11th announced the corporate name change to better reflect its mission as a cannabis multistate operator. In detail, Ayr is a multistate operator with a presence in seven states in the U.S. At the present time, Ayr has 43 operational dispensaries and 554,00 sq. ft. of cultivation space. Recently Ayr has been expanding into key markets like Florida, Arizona, New Jersey, and Pennsylvania. In reality, many of the expansions have taken place rather recently and could add revenue growth in upcoming financials.
On January 14th Ayr announced an overnight market offering the company intends to use for working capital and general corporate purposes. While recently most leading companies have done similar offerings, this could add more downward pressure to cannabis stocks in the future. As the U.S. cannabis industry continues to flourish Ayr could have substantial growth potential.
AYRWF stock is up 30.62% year-to-date with a high earlier in February of $37.50. Currently AYRWF stock has pulled back some trading at $32.65 on February 18th. At the present time, analysts at TipRanks are giving AYRWF stock a 12-month average price target of $38.66. This would be a 21.26% increase from current levels.
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Vireo Health International, Inc.
Vireo Health International, Inc. is a cannabis company lead by a group of physicians that focus on providing the best technology, science, and engineering to the cannabis industry. In fact, Vireo is a licensed grower in nine states with 16 operational dispensaries across the nation. For the future Vireo holds additional retail licenses in four more U.S. markets.
Today February 18th Vireo announced it has completed a major expansion of its cultivation and processing facility in Arizona. In detail, the company commenced the planned expansion last summer in preparation for the recreational market’s increased cannabis demand. In the announcement Founder and CEO, Dr. Kyle Kingsley said, “Our expansion in Arizona represents another strategic investment to drive growth in one of our core markets. “With the rapid legalization of adult-use cannabis, the state is facing a potential shortage of cannabis flower. Our expanded facilities and additional growing acreage will create a real opportunity for Vireo Health in Arizona.”
VREOF stock is up about 110% since the start of 2021 with a high of $3.84 on February 16th. Currently VREOF stock closed the day at $3.26 on February 18th. At the present time, analysts at Stock Invest are predicting VREOF stock to rise by 232.76% in the next 3 months. As substantial growth occurs in key markets across the U.S. Vireo is positioning to capitalize. With this in mind, VREOF stock is a top marijuana stock to watch for 2021.
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