Top Marijuana Stocks Gain Last Week
At the present time, marijuana stocks have given investors a glimpse of the possible gains in 2021. As most of the top cannabis stocks to buy return double-digit percentage gains in the first week of trading investors are looking for the best pot stocks for 2021. Currently, many things are working in favor of the growing U.S. cannabis market. While 2020 was a momentum changer for the industry 2021 could be the year the cannabis market flourishes into one of the fastest-growing industries in the world. Presently in the U.S decriminalizing cannabis at the federal level could be realized sometime this year. This coupled with the Safe Banking Act will have a positive effect on the growth of the marijuana industry this year. As it stands many investors have begun to look for the best-positioned cannabis companies for gains in the market.
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But with so many pot stocks currently reaching new highs in the market is this the right time to start a position? As it stands marijuana companies were reporting revenue increases because of increasing consumer demand. Actually, most marijuana stocks have seen substantial gains in last week’s trading. In essence, it’s beginning to look like a good idea to incorporate cannabis stocks into an investment portfolio. But with the current market value, it could be a good idea to put some of these marijuana stocks on a watchlist and observe how they perform in the market. One thing to keep in mind when dealing with top pot stocks in 2021 is they are historically one of the more volatile sectors on the market.
Growth In The American Cannabis Market
Currently, cannabis laws in America could stimulate market growth giving the industry the potential to continue to increase sales revenue this year. One thing to watch for is how most of these cannabis companies perform in their first-quarter financials. Despite most reporting record revenue in 2020 this year could separate the industry leaders from the ones that will be acquired by them. In reality, the cannabis industry will continue to evolve with many new IPOs coming to market and other ones being absorbed through M&A’s. With the intention of finding the best marijuana stocks for gains, this year let’s look at 3 marijuana stocks to add to your watchlist for January 2021.
Marijuana Stocks To Watch:
Aphria Inc. (APHA Stock Report)
Harvest Health & Recreation Inc. (HRVSF Stock Report)
Hydrofarm Holdings Group, Inc. (HYFM Stock Report)
Top Cannabis Stocks To Watch In January #1: Aphria Inc. (APHA)
Aphria Inc. is a leading Canadian cannabis company that investors should have on their radar in January. Currently, the company became one of the largest revenue-producing cannabis companies in the world. In detail, Aphria announced a merger with Tilray, Inc. (TLRY Stock Report) that put it in line to compete with Canopy Growth Corporation (CGC Stock Report) for the top position in Canada. The company has a presence in Canada, Europe, and Latin America. In addition, Aphria has already established its entry into the U.S. cannabis market. To elaborate Aphriahas an agreement with SweetWater Brewing Company one of the largest independent craft brewers in the U.S. In general, Aphria was already reporting better financials than Canopy and the addition of Tilray increases its worldwide presence.
Aphria is expected to report financials on January 14th and could affect the Canadian cannabis sector with a negative earnings report. On the other hand, APHA stock could soar with better-than-expected earnings from Aphria. As federal regulation begins to develop in the U.S. Aphria could be a dominant Canadian company in the American market. With this in mind, APHA stock is cannabis stock to add to your watch list for the second week of January.
Top Cannabis Stocks To Watch In January #2: Harvest Health & Recreation Inc. (HRVSF)
Harvest Health & Recreation Inc. is an Arizona-based cannabis company that owns and operates 37 retail locations in seven states which include 15 in its home state. Last year Harvest showed strong growth in its last financials. In detail, the company saw an increase in revenue of 86% to $61.6 million in Q3 of 2020. Currently, Harvest seems well-positioned to see growth from the Arizona market with the changes in cannabis legalization there. As things, progress with cannabis reform Harvest could see positive momentum with its presence in key emerging states.
HRVSF stock is up almost 29% in last week’s trading adding to the gains from December. At the present time, the stock is moving towards its YTD in 2020 of $3.57. Closing last week at $2.81 January could hold more value for investors. With January being the month that HRVSF stock saw its year-to-date high in 2020. Investors should put this stock on their marijuana watchlist for January.
Top Cannabis Stocks To Watch In January #3: Hydrofarm Holdings Group, Inc. (HYFM)
Hydrofarm Holdings Group, Inc. is a new 2020 addition to the cannabis sector even though the company has been around for over 40 years. Recently becoming a publicly trading company HYFM stock has seen significant gains in the market in a short time. In detail, Hydrofarm is a leading independent branded hydroponics company that supplies everything growers need for controlled environment agriculture. As one of the companies that work closely with GrowGeneration Corp. (GRWG Stock Report) both companies could be in a good position to grow alongside the U.S. cannabis industry.
HYFM stock has gained over 9% in the first week of trading in 2021. In its initial offering HYFM stock soared over 160% and shows the demand for new investments in the cannabis sector. As the U.S. continues expanding its legal cannabis industry state by state Hydrofarm could continue seeing sales increase from the growing demand for cannabis. Hydrofarm has the potential to become one of the biggest growing solutions in the cannabis industry. For this reason, HYFM stock is a cannabis stock to watch in January 2021.
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