Finding the Best Marijuana Stocks
Recently many marijuana stocks have begun the week on an upward trend. Many tech and cannabis stocks have been showing positive momentum in October. Finding the best marijuana stocks for your portfolio can mean great returns on your investment. In mid-October top pot stocks like CuraLeaf Holdings, Inc. (CURLF Stock Report) have bounced back from its September lows. Similarly, many other marijuana stocks have seen gains in the same period.
In order to invest in cannabis stocks, one should first be aware of the industry’s history of volatility. Once you have learned how to stomach some of the market swings and use them to your benefit, trading marijuana stocks can become a profitable investment. This year has had its ups and downs, to say the least. And although marijuana stocks were hit hard by the market drop due to COVID, the pandemic became a blessing in disguise.
The Growing U.S Cannabis Market
To illustrate further, in the U.S. many states that had medicinal and recreational use in place deemed cannabis essential. This led to an increase in demand and also put marijuana in greater focus for federal legalization. As a result, more marijuana stock companies are looking stronger going into the end of the year. And as things are moving in the right direction for the entire cannabis industry investors are looking to find the top pot stocks to buy. Another catalyst that occurred for the marijuana industry is an official announcement from the Democratic party.
In detail, the Dems said that the Biden administration would decriminalize marijuana and expunge the records of those convicted. After that announcement most of the cannabis sector found themselves going upward in the market. In the event the Democrats win and hold true to their word, marijuana companies like Trulieve Cannabis Corp. (TCNNF Stock Report) could see further growth for the next five years. Currently, Trulieve has 55 dispensaries in Florida and a few others out of the state. In the same way, many other top cannabis stock companies have been positioning themselves in advance to profit off the growing marijuana market. With that in mind, let’s take a closer look at two leading marijuana stocks to watch
A Top Pot Stock To Watch: Canopy Growth Corporation
Canopy Growth Corporation (CGC Stock Report) is one of Canada’s leading marijuana stock companies and has been strengthening its presence in the U.S. The company has been in a year-long process to acquire New York Based Acreage Holdings, Inc (ACRHF Stock Report). As a result, Canopy will be launching its popular Tweed brand in several states across the country. In addition to this Canopy has also been working on launching a new e-commerce site ShopCanopy.com which would further increase its strength in the states.
Until today CGC stock had been in an upward trend for the month of October. Trading lower by close to 7% the stock seems to be following the current market trend. Many leading Marijuana stocks today have seen a decline in share price due to negative market sentiment. But with so much going for it in the future Canopy is a possible pot stock to watch.
A Top Pot Stock to Watch: Green Thumb Industries, Inc.
Green Thumb Industries Inc. (GTBIF Stock Report) is one of the top MSO cannabis stock companies in the United States. Recently, the company has managed to expand its Rise and Essence dispensaries during the pandemic shutdown. With a new addition to the Rise stores in Naperville, Illinois, the company now has a total of 96 licenses for retail locations across the country. Green Thumb also operates 13 manufacturing facilities across 12 states making it well-positioned for the growing cannabis market.
Equally important is Green Thumbs partnership with private sector favorite Cookies. The two companies have made an exclusive agreement to open a Cookies on the strip in Las Vegas for 2021. With this in mind, it looks like Green Thumb has a decent understanding of how to stay relevant in this rapidly changing market. Attaching the company to successful marijuana brands will help maintain popularity with cannabis consumers.
GTBIF stock has had good upward momentum for October gaining more than 15% by mid-month. It’s possible, increased market growth and further expansion will have a positive effect on Green Thumb stock. Coming off a year to date high of $15.84 on October 7th investors seem to be catching on to the company’s potential. For this reason, GTBIF is a possible cannabis stock to buy.
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