Finding The Best Pot Stocks For A Market Rally
Are you looking at the cannabis sector for the best marijuana stock to buy in March? At the present time, top cannabis stocks are showing upward momentum in the market. This is after a few weeks of pot stocks seeing losses in trading. In essence, current levels could present an opportunity to start a position in the sector at a much lower price point. Generally, in 2021 the cannabis sector represents an area of rapid growth and expansion which could occur for the next few years.
Already in 2020, the cannabis market has seen substantial growth and recent financials show a growing industry delivering increased revenue for cannabis companies. Currently, in the U.S. many analysts believe the cannabis market will more than double in sales in the next five years. In reality, this means the best-positioned cannabis companies can see significant revenue growth during this time.
At the present time, U.S. marijuana stocks like Curaleaf Holdings, Inc. (OTC: CURLF) are reporting a record full-year managed revenue of $653 million. This is up 161% from 2019 and shows massive revenue growth for the company. Additionally, Curaleaf also has begun to expand into Europe with a $286 million deal to acquire Emmac Life Sciences Limited. At the present time, Curaleaf is the largest cannabis company in the U.S. Other American marijuana companies are also positioning themselves in the same manner.
American Cannabis Companies and U.S. Cannabis Stocks
So, are American marijuana stocks in 2021 the best investment into the cannabis sector? Recent revenue growth shows substantial growth in the U.S. cannabis market. Although Canadian cannabis companies have also shown revenue increases it has not been as substantial as the U.S. companies. In my opinion, U.S. marijuana companies are much better positioned for growth in the U.S. and this is a huge advantage over the Canadian cannabis companies.
In general, Canadian companies have to wait for entry into the U.S. cannabis market. And federal cannabis reform seems to have been pushed to the side for larger economic issues dealing with the pandemic recovery. But now with the stimulus package out of the way reform could be a topic that gains traction in the next few months.
Regardless investors looking for the best cannabis stocks in 2021 could find many different options in the U.S. cannabis market. With this in mind, we can research some of the top marijuana stocks to watch in March. Currently, these cannabis stocks could see substantial gains in the future.
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Marijuana Stocks To Watch:
TerrAscend Corp. is a U.S. cannabis operator with operations across the nation. Currently, the company has operations in Pennsylvania, New Jersey, California and also operates in Canada. Presently, TerrAscend operates the Apothecarium dispensary which is an award-winning cannabis retailer in the U.S. On February 19th the company preannounced strong full-year net sales of $198 million and adjusted EBITDA of $60 million. In Q4 TerrAscend has net sales of $65 million representing a growth of 152% year over year.
In addition, the company reaffirmed 2021 guidance for net sales of $360-$380 million and adjusted EBITDA of $140-$160 million. CEO and Executive Chairman of TerrAscend Jason Ackerman said,” Our fourth-quarter results demonstrate robust sequential revenue growth and continued expansion of EBITDA margins, which reflect the strong fundamentals of our business. During the quarter, we realized sales from key expansion projects in Pennsylvania, New Jersey, and California, that together with our pending entrance into the Maryland market, position the company for continued growth in 2021.”
TRSSF stock is up 18.72% since the start of 2021 with a high of $16.25 on February 22nd. Currently closing on March 10th at 11.93 the stocks saw a recent drop in value and could be ready for upward momentum. According to analysts at TipRanks TRSSF stock has a 12-month average price target of $17.16. This represents a 43.84% gain from current levels. For this reason, TRSSF stock is a top U.S. marijuana stock to watch this week in March.
Harvest Health & Recreation Inc.
Harvest Health & Recreation Inc. is a vertically integrated cannabis company with a large footprint in its home state of Arizona. At the present time, Harvest has 15 dispensary locations in the state and a total of 37 stores nationwide. In January Harvest announced the launch of recreational cannabis sales in Arizona and the company is in one of the best positioned for growth in the state. Harvest increased its full-year revenue target to $225 million in 2020 and has growth potential in Arizona for 2021. Additionally, the company is also expanding its operations in Florida where it currently has 6 operating dispensaries.
With markets growing in the key states Harvest is positioned in it could be a strong couple of years ahead for the company. Some analysts believe Arizona cannabis sales will double in 2021 and Harvest could capitalize from the growth. The recent downfall in the market has left HRVSF stock at a decent level for considering a position.
HRVSF stock is up 51.85% year to date with a high of $4.50 in February. Currently, the stock is at $3.28 to begin trading on March 10th and has potential after a recent pullback. According to analysts at MarketBeat HRVSF stock has a consensus price target of $6.43. In essence, this would be a 95.9% gain from current levels. With this in mind, HRVSF stock is a possible top marijuana stock to buy for a March rebound.