Will The Cannabis Sector Begin To See Gains?
Marijuana stocks seem to be looking for a bottom from the recent pullback in the cannabis sector. After a few weeks of downward momentum, some better market sentiment seems to be giving the top marijuana stocks to invest in more stability in the market. But are cannabis stocks a good investment for 2021?
So far this year many of the best pot stocks to buy have given investors gains for the first 2 months. Although in February after the sector reached new highs in the market a steep decline in value followed cannabis stocks could see more gains. With more investors focusing on economic growth sectors fewer eyes on cannabis stocks could have an effect on market value. Some marijuana stocks are trading at levels that could be good to start a position for future gains in the market.
In reality, some marijuana stocks to watch could still see substantial gains in 2021. Most analysts believe these next five years will be monumental for growth in the cannabis market. This could mean investing in some marijuana stocks now could garner some gains in your portfolio. Predominantly in the U.S. cannabis market growth is already providing top cannabis companies with massive revenue increases. And most leading American cannabis companies are expected to release earnings in the next few weeks.
Rapid Cannabis Industry Expansion
In 2021 the cannabis industry has been expanding throughout the U.S. mainly through mergers and acquisitions. This method has sped up the process of establishing a larger presence to gain more market share. In addition, recently many of these cannabis companies have also raised capital through stock offerings to be able to fund future growth.
Currently, U.S. cannabis companies have shown strong revenue growth heading into this year and could easily continue performing well. Because the entire cannabis sector is not doing well in the market for the past few weeks it could be a good time to find the best cannabis stocks to invest in for 2021 gains.
As things progress in the market this month researching some of these cannabis companies looks like a good idea with this recent drop in value. One important thing to always remember is to do your due diligence on a company before making any investments. But with current possibilities in the cannabis market investors should take a closer look. With this in mind, let’s take a look at 2 marijuana stocks to watch this week in March.
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Marijuana Stocks To Watch:
- Ayr Wellness Inc. (OTC: AYRWF)
- Planet 13 Holdings Inc. (OTC: PLNHF)
Ayr Wellness Inc
Ayr Wellness Inc. formerly Ayr Strategies is a vertically integrated multistate operator with a presence in seven states in the U.S. Currently, the company has 43 operational dispensaries and 554,00 sq. ft. of cultivation space. For the past few months, Ayr has been expanding into key markets like Florida, Arizona, New Jersey, and Pennsylvania. In detail, this expansion has been from recent acquisitions the company has made.
In reality, many of the expansions have taken place rather recently and could add revenue growth in upcoming financials. On March 1st Ayr announce the opening of its third Las Vegas location under The Dispensary NV banner. Currently, this is Ayr’s fourth location under the NV banner and the companies sixth location in Nevada. Ayr is expected to release earnings on March 11th which could be good for market momentum.
AYRWF stock is up over 20% year to date with a high in February of $37.50. Currently, the stock closed the trading day of March 8th at $31.50. According to analysts at TipRanks AYRWF stock has a 12-month average price target of $42.88. In essence, this would be a 36.11% gain from current levels. For this reason, AYRWF stock is a top marijuana stock to watch this week in March.
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Planet 13 Holdings Inc.
Planet 13 Holdings Inc. . is a vertically integrated Nevada cannabis company with the largest dispensary operations on the Las Vegas strip. The company has built a globally recognizable brand on the Las Vegas Strip with a world-class dispensary operation named the Planet 13 SuperStore. Currently, the company produces innovative cannabis products and has begun its expansion into other states. On February 3rd Planet 13 announced it has begun construction on its Orange County Cannabis SuperStore in Santa Ana, California. At the present time, Planet 13 expects the new superstore to be completed by the middle of 2021.
In its last financials, Planet 13 has seen revenue growth to $16.7 million an increase of 36.5%. Additionally, the company also has reopened a smaller dispensary the Medezin dispensary which the company reinstated in November of 2020. Potentially this could add significant revenue growth for Planet 13 in 2021.
PLNHF stock is up 4.65% since the start of 2021 and has a high of $8.67 in February. Currently closing March 8th at 5.72% down 2.31% the stock has the potential to see more market value in the near future. According to analysts at Stock Invest PLNHF stock could rise 24.02% during the next three months. With this in mind, PLNHF stock is a possible top marijuana stock to invest in for March.
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