Marijuana Stocks Are Reporting Earnings
As top marijuana stocks begin to report earnings the cannabis industry is showing strong financials. Last week Innovative Industrial Properties (NYSE: IIPR) failed to meet expectations in Q4 due to delayed rental payments from some of its tenants. But the company saw year-over-year growth of 162% in total revenue.
Next month some of the larger U.S. cannabis companies will report financials and could be a catalyst for the cannabis sector pending strong results. Since the last few weeks have brought the cannabis sector trading lower the best marijuana stocks to buy may be primed for rapid gains. During March some of the top cannabis companies reporting are Curaleaf Holdings, Inc. (OTC: CURLF), Green Thumb Industries Inc (OTC: GTBIF), Trulieve Cannabis Corp (OTC: TCNNF), and Columbia Care Inc. (OTC: CCHWF).
Actually, these cannabis companies have shown significant growth in 2020 and could beat analysts’ expectations in the coming weeks. In essence, this could boost the sector which has fallen in value this last week in trading. Another impactful event for the stock market next week would be a settlement on the stimulus package. The House has now passed the $1.9 trillion Covid relief package and it now heads to the Senate.
Recent Trading Volatility With Cannabis Stocks
February was a very volatile month for cannabis stocks. After reaching highs in the market most pot stocks saw a rapid decline in value. Traditionally this is common for the sector and new investors should be aware of this before investing. One thing contributing to the market fluctuation of top pot stocks is the amount of gains marijuana stocks have seen for the past few months.
In 2021 the cannabis industry is in a great position to grow in the U.S. and across the world. Most analysts are predicting global cannabis sales to more than double in the next five years. With this in mind finding the best marijuana stocks to invest in for 2021 could be beneficial to investors. Whether you’re looking for short-term investments or long-term holds the cannabis sector has been delivering both lately. For the purpose of researching cannabis stocks in the market. Let’s look at 3 top marijuana stocks to watch in February.
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Marijuana Stocks To Watch:
- GrowGeneration Corp. (NASDAQ: GRWG)
- The Scotts Miracle-Gro Company (NYSE: SMG)
GrowGeneration Corp.
GrowGeneration Corp. is one of the fastest-growing hydroponic and organic gardening supply companies in the U.S. At the present time, the company has 50 stores spread across key markets in the United States. In specific GrowGen Has 8 locations in Colorado, 17 locations in California, 2 in Nevada, 1 in Arizona, as well as Washington, Michigan, Rhode Island, Oklahoma, Oregon, Maine, and Florida. Currently, the company carries and sells thousands of products related to gardening and lighting, and hydroponic equipment. In 2020 GrowGen was outpacing its peers as far as growth and revenue gains are concerned.
On January 11th the company preannounced record full-year 2020 revenue and increased its preliminary guidance for 2021. In particular, GrowGen is reporting a record 2020 revenue of $192 million up 140% from the prior year. In addition, same-store sales rose by 63% and the number of stores projected for 2021 increased to 55. Also, the company raised its 2021 revenue guidance to $335-$350 million. During the release CEO Darren Lampert said,” We delivered strong shareholder value in 2020, with triple-digit revenue growth despite unprecedented challenges and an uncertain environment. This growth came through strategic acquisitions of best-in-class hydroponic stores, exceptional same-store sales growth, and the expansion of our omnichannel and private label offerings – a strategy we will accelerate this year.”
GRWG Stock Performance
GRWG stock is up 13.55% year-to-date with a high of $67.75 on February 10th. After that peak, the stock has ended in February trading at $45.63. According to analysts at CNN Business GRWG stock has a 12-month forecast median price target of $60.00. this would be a 31.41% gain from current levels. While GRWG stock pulled back some to the end of February this value level could be a good entry point for the company in March. For this reason, GRWG stock is a possible top marijuana stock to buy in March.
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The Scotts Miracle-Gro Company
The Scotts Miracle-Gro Company is one of the worlds leading and most recognized branded consumer lawn and gardening companies. Additionally, the company is also in the hydroponic and indoor growing products business through its wholly-owned subsidiary Hawthorne Gardening’s. On February 3rd Scott’s announced record first-quarter results with U.S. consumer sales up 147%. Specifically, companywide sales increased by 105% to a record $748.6 million.
This increase was driven by strong retailer support in the U.S. consumer segment and momentum from Hawthorne Gardening. In particular sales for Hawthorne increased 71% to $309.4 million driven by sales of indoor growing equipment. This is due to the purchase of the company’s products at its largest retail partners increasing 40% for the quarter. In detail, Hawthorne’s 2021 sales guidance was increased by 20-30% for the year and could continue to grow as the cannabis market expands in the U.S.
SMG Stock Performance
SMG stock is up 7.16% year-to-date with a high of $250 on February 3rd. Currently, SMG stock closed the month of February trading at $213.15 per share. Additionally, SMG stock provides a dividend to investors with an annual dividend yield of 1.13% currently. Recently analysts at TipRanks are giving SMG stock a 12-month average price target of $277.33. In essence, this would be a 30.11% gain from current levels. With this in mind, SMG stock could be a possible cannabis stock to buy next week in March.
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