Top Cannabis Stocks Reach New Highs In February
Marijuana stocks have seen a turbulent week of trading from February 8th through the 12th. After most cannabis stocks climbed to new highs in the market on Thursday the 11th, we saw a sharp pullback in the entire sector. During that time, we saw marijuana stocks like Harvest Health & Recreation Inc. (OTC: HRVSF) peak on February 10th to a new high of $4.33. But then trade much lower to close the week on February 12th at $3.87 per share.
In reality, most top pot stocks to watch showed similar trading patterns. Relatively speaking this could be some cannabis investors taking some profits from the gains accumulated during the year. At the present time, most top marijuana companies have been taking advantage of recent popularity raising capital with large stock offerings in 2021.
Although the markets have taken this well it could add some downward pressure on the cannabis sector. On the other hand, there are events that could catapult pot stocks to new highs. For one federal reform in the U.S. could have a huge impact on growth in the cannabis market. In 2020 most top cannabis companies saw record revenue in their financials. Generally speaking, as top Canadian marijuana stocks deliver their Q1 fiscal 2021 results revenue continues to increase up North.
Canadian Marijuana Stocks Produce Substantial Gains
In February most leading Canadian marijuana stocks saw massive gains in trading for the month. Essentially this is because investors believe they will soon be able to do business in the U.S. cannabis market. As it stands Canadian cannabis companies like Aphria Inc. (NASDAQ: APHA) saw a new 52-week high of $32.29 on February 10th.
Although most of the gains were wiped out the next day this could be a sign of where the market could go with reform in the U.S. For the purpose of finding marijuana stocks that could hold value for investors, we can begin to look at cannabis stocks to buy.
With the cannabis industry being one of the fastest-growing markets globally these top pot stocks represent an opportunity to invest in the industry. In reality, this recent pullback could be a chance to get some of the best marijuana stocks to watch at lower levels. With this in mind let’s take a look at 2 top cannabis stocks to add to your watchlist for the third week of February 2021.
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Marijuana Stocks To Watch:
GrowGeneration Corp. is the largest hydroponics supplier in the U.S. with 42 retail and distribution centers across the country. The company carries and sells thousands of products such as plant nutrients and soil, and state of the art hydroponics equipment. Currently, the company services commercial and home growers will all their growing needs.
In addition, GrowGen provides a direct to farm delivery service along with equipment financing. As an ancillary marijuana stock GRWG has seen massive gains since 2020. In fact, last year GRWG stock gained 745% in the market and beat many vertically integrated stocks in percentage gains. On January 11th GrowGen announced a record 2020 revenue of $192 million up 140% from 2019. Additionally, same-store sales grew by 63% and the company raised 2021 revenue guidance to $335-$350 million. At the present time, GrowGen also expects to have 55 gardening centers open in 2021. GRWG stock is up 41.40% year-to-date with a new high of $67.75 established on February 10th. GrowGeneration Corp. Currently, short-term trends in the stock have analysts at Stock Invest expecting it to rise by 86.7% in the next 3-months. For this reason, GRWG stock is a top marijuana stock to invest in for 2021.
[Read More] Marijuana Stocks To Watch Next Week In February
Cresco Labs Inc.
Cresco Labs Inc. is one of the largest vertically integrated cannabis operators in the United States. As one of the largest wholesalers of branded cannabis products, the company has been meeting the demands of all consumer segments. At the present time, Cresco has operations in 9 states, 15 production facilities, and 20 open dispensaries.
Last week, on February 9th Cresco announced it signed an exclusive distribution agreement with California cannabis producer Emerald Family Farms. In detail, the agreement will bring EFF’s award-winning line of jarred flower, pre-rolls, and concentrates to Cresco’s California distribution platform.
CRLBF stock is up 59.88% since the start of 2021 with a new high of $17.49 on February 10th. After reaching the new high CRLBF stock has pulled back to close the week at $15.77. At the present time, analysts at MarketBeat are giving CRLBF a consensus price target of $14.96. In essence, this would be -5.2% from current levels. As the U.S. cannabis industry continues to grow Cresco could be one of the best-positioned U.S. cannabis companies for growth in the U.S. market. With this in mind, CRLBF stock could be a marijuana stock to watch next week in February.
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