The Best-Performing US Cannabis Stocks in 2024: A Year-to-Date Review
In 2024, the US cannabis industry has continued to experience rapid growth, with marijuana stocks posting significant year-to-date gains. The US cannabis market was valued at $13.2 billion in 2023 and is expected to reach $42 billion by 2025. Recent news about federal legalization efforts, particularly the SAFE Banking Act, has fueled investor optimism. This act would allow cannabis businesses to access traditional banking services, a significant hurdle in the industry. As states continue to legalize recreational and medical marijuana, the market is poised for further expansion.
For investors, technical analysis is key to identifying trends and price movements in these volatile stocks. Tools like moving averages, support, and resistance levels can help make informed decisions. However, due to the sector’s inherent volatility, risk management is essential. Strategies like setting stop-loss orders and diversifying portfolios can mitigate potential losses while maximizing gains in this growing sector.
The cannabis sector in the United States continues to grow, with several companies making significant strides. As legalization spreads, investors are keeping an eye on marijuana stocks with strong performance. Here are the top three US marijuana stocks with the highest year-to-date gains in the cannabis industry: Trulieve Cannabis Corp. (TCNNF), Glass House Brands Inc. (GLASF), and Cansortium Inc. (CNTMF).
[Read More] Top-Performing Marijuana Penny Stocks with Major Gains Last Week
Top 3 US Marijuana Stocks with the Highest Year-to-Date Gains in the Cannabis Sector
- Trulieve Cannabis Corp. (OTC: TCNNF)
- Glass House Brands Inc. (OTC: GLASF)
- Cansortium Inc. (OTC: CNTMF)
Trulieve Cannabis Corp.
Trulieve Cannabis Corp. is a significant player in the US cannabis industry. Based in Florida, the company operates the largest number of dispensaries in the state, with over 180 retail locations nationwide. Its presence extends beyond Florida into key markets like Arizona, Pennsylvania, and West Virginia. Trulieve focuses on providing high-quality medical and recreational cannabis products. This focus has helped it build a loyal customer base, particularly in Florida, where it dominates the medical marijuana market. With its expanding footprint, Trulieve is positioning itself as a leader in the rapidly growing US cannabis industry.
In its most recent financial report, Trulieve posted impressive growth numbers. The company reported $281.8 million in revenue for the second quarter of 2024, marking a 7% year-over-year increase. Gross profit came in at $148.3 million, showing solid operational efficiency. Trulieve also narrowed its net loss to $13.9 million, compared to $22.5 million in the previous quarter. This improved financial performance is attributed to its focus on cost-saving measures and operations optimization. Additionally, Trulieve is increasing its market share in key states, which is expected to fuel future growth.
[Read More] Maximizing Returns: The Top Cannabis REITs for Long-Term Investment Strategies
Glass House Brands Inc.
Glass House Brands Inc. is quickly becoming one of the most exciting cannabis companies in the US market. It operates primarily in California, which remains the largest cannabis market in the world. Glass House has five retail dispensaries, and its flagship cultivation facility is one of the largest in the state. The company focuses on high-quality, sustainably grown cannabis products. It targets premium and value segments, offering a wide range of flower, pre-rolls, and concentrates. This dual-market approach has enabled Glass House to grow its presence in California, as well as expand into new markets.
Financially, Glass House Brands has shown remarkable progress. In the second quarter of 2024, the company generated $50.3 million in revenue, a 40% increase from the same period the previous year. The company’s gross profit rose to $15.8 million, up from $10.2 million in Q2 2023, reflecting strong product demand. Additionally, Glass House reduced its net loss to $6.1 million from $14.5 million, showing improvement in cost management. These financial results are particularly impressive given the competitive and challenging California market. Glass House continues to scale its operations, focusing on increasing profitability and operational efficiency.
[Read More] 3 Marijuana Stocks For Investors Today
Cansortium Inc.
Cansortium Inc. is a vertically integrated cannabis company with its strongest presence in Florida. The company operates under the brand name Fluent, with over 30 dispensaries across the state. It has also expanded into Texas, Pennsylvania, and Michigan. Cansortium’s focus is primarily on medical marijuana, providing patients with a wide range of cannabis products. In general, these include oils, edibles, and vape cartridges. The company is committed to high-quality cultivation and production, and its retail network is designed to meet the needs of medical marijuana patients in its key markets.
Cansortium has made notable strides in its financial performance. In the second quarter of 2024, the company reported $24.1 million in revenue, up from $19.6 million in Q2 2023. This 23% year-over-year growth was mainly due to solid sales in Florida. Gross profit also increased to $14.3 million, reflecting improved margins. Despite a small net loss of $2.8 million, the company’s financials showed improvement over the previous quarter. Cansortium’s focus on medical cannabis and expanding its retail footprint should help it sustain its growth trajectory. The company plans to open additional dispensaries in Florida to increase revenue further.
[Read More] Canadian Cannabis Stocks Set to Soar Right Now
US Cannabis Stocks Soaring in 2024
In conclusion, the US cannabis industry has demonstrated strong growth in 2024, with top-performing marijuana stocks posting impressive year-to-date gains. In addition, as the market continues to expand, driven by increasing legalization efforts and the potential passage of the SAFE Banking Act, opportunities for investors are growing. Companies like **Trulieve Cannabis Corp. (TCNNF)**, **Glass House Brands Inc. (GLASF)**, and **Cansortium Inc. (CNTMF)** have stood out for their substantial growth and market presence. Investors looking to capitalize on this growth must apply proper risk management techniques, including using technical analysis to identify key trends and make informed decisions. While the cannabis sector remains volatile, diversification and stop-loss strategies can help mitigate risk. Overall, as the industry continues to evolve, these companies are ready to benefit from the increasing demand for cannabis products and the ongoing legalization process across the United States.
MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | new@marijuanastocks.com
