Investing In Marijuana Stocks And The Cannabis Industry
To begin trading in May most leading marijuana stocks have started by showing upward momentum in the market. With the cannabis sector coming off a significant decline in market value in April top marijuana stocks to buy may be ready for a rebound. For new investors interested in starting a position there are a few things to know about marijuana stocks before starting a position.
For one pot stocks have been known to show substantial market volatility so it’s important to do your due diligence before investing. Many investors currently trade marijuana stocks for short-term gains taking advantage of the market swings. But analysts are predicting significant growth for the cannabis industry for the next five years. In April American cannabis stocks slipped for the second month in a row. In essence, this could be a good time for investors to find marijuana stocks at some of their lowest trading levels of 2021. But on the last week of April, the sector began showing some upward momentum.
As this market trend continues into the first trading day in May leading cannabis stocks can begin to start pushing towards the highs they delivered earlier in the year. One area that is becoming the focus of investor trading is US cannabis stocks. At the present time American cannabis companies are the best positioned to capitalize of the US cannabis industry. But they don’t get as much exposure as Canadian marijuana stocks that trade on the major indexes.
Finding The Best US Cannabis Stocks To Buy
As many more new investors use the popular trading apps like Robinhood and WeBull one area that does not get exposure to these investors is over-the-counter securities. Also known as the OTC market top cannabis stocks trade on this exchange because they are still federally illegal in the US. Currently, US cannabis companies are the best performing marijuana companies. In most cases, they have produced record revenue growth in 2020 and continue this market trend.
For investors looking to get into the best cannabis stocks to invest in for 2021, there is an opportunity to find some at lower prices. But watching how a stock performs and finding the best entry point for your investment are very important when dealing with pot stocks. With this in mind, let’s take a look at 2 US cannabis stocks that could have more upside in May.
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- 2 Marijuana Stocks To Watch To Start The Month Of May
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Marijuana Stocks To Watch:
- Green Thumb Industries Inc. (OTC: GTBIF)
- TerrAscend Corp. (OTC: TRSSF)
Green Thumb Industries Inc.
This morning Green Thumb Industries Inc. announced it has now entered the Virginia cannabis market. Specifically, the company acquired one of five vertical licenses in the state which include a production facility and retail location. Currently, Green Thumb has 55 stores nationwide and could benefit from cannabis reform greatly. In its latest earnings, Green Thumb delivered its fourth-quarter revenue was $177.2 million. For full-year 2020 the company saw revenue increase 157.2% to $556.6 million.
Last month the company launched its cannabis-infused social tonic brand Cann in Illinois. In particular, this transaction puts the company into the first recreational market in the southeast US. In May Green Thumb is expected to release first-quarter 2021 earnings on the 12th after the close. The company is strategically expanding into key US markets in 2021.
GTBIF stock is up 30.61% year to date with a high of $39.11 in February. At the present time, the stock is up 26.33% in the last 30 days. Specifically in the last 5 days, GTBIF stock has climbed 14%. According to analysts at Tip Ranks GTBIF stock has a 12-month average price target of $48.15% per share. In essence, this would be a 46.74% increase from current levels. For this reason, investors should keep an eye on GTBIF stock as a top marijuana stock in May.
[Read More] 2 Marijuana Stocks To Watch First Week Of May
TerrAscend Corp.
Today TerrAscend Corp. announced it closed the acquisition of Keystone Canna Remedies. As a result of this acquisition the company now has three more retail locations to its Pennsylvania footprint. Currently, the company has operations in New Jersey, California, Pennsylvania and has operations as a licensed cannabis producer in Canada. TerrAscend’s dispensaries the Apothecarium has won previous awards as well as best in class cultivation. In the company’s latest earnings full year 2020 net sales increased 134% compared to 2019 to $198 million.
Also, important the company raises full-year 2021 guidance with net sales to exceed $290 million. As TerrAscend continues its expansion the company is known to provide high-quality cannabis for both the medical and recreational marijuana markets. Later this month the company is expected to release its first-quarter 2021 financial results on May 19th before the bell.
TRSSF stock is up 19.49% in the last 30 days trading at $11.47 on May 3rd. In February TRSSF stock reached a high of $16.25 and is up 10.35% year to date. According to analysts at Market Beat TRSSF stock has a consensus price target of $18.54 per share. With this TRSSF stock could increase by 67.2% from current trading prices. Because TRSSF stock declined last month there could be an opportunity for gains from current levels. For this reason, TRSSF stock could be the top cannabis stock to add to your May watchlist.
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