Marijuana Stocks And Future Potential For Growth
Marijuana stocks are mostly trading mixed to start the last week of January 2021. While some cannabis stocks assess the substantial gains achieved in January. Other like Silver Spike Acquisition Corp. (NASDAQ: SSPK) better known as Weedmaps is up almost 3.5% in trading on January 26th. Currently, analysts are predicting more upward momentum for cannabis stocks in 2021.
But will top pot stocks pullback in February as they have done in previous years? At the present time, analysts are forecasting the U.S. cannabis market to grow to $24 billion in 2021. In fact, this number will have risen from 2019 estimates of $16 billion in U.S. cannabis sales. In reality, the increased sales could translate to higher revenue growth for top marijuana companies in the U.S. Because this could push marijuana stocks higher in the market there’s a strong possibility top pot stocks will see more gains in 2021.
Already to start 2021 most cannabis stocks have shown upward momentum in January. Not to mention most marijuana companies gave 2021 guidance with substantial revenue growth for this year. As an investor wanting to gain exposure to cannabis stocks, there are a few things to keep in mind before investing.
Investors And Understanding Cannabis Stocks
For one, marijuana stocks especially the vertically integrated ones are traditionally known for having substantial market volatility. This is important to keep in mind because the price fluctuations could make shareholders sell their positions in times when these cannabis stocks are experiencing losses in the market. Ultimately selling at a loss when the next day the cannabis stock shoots right back up for no apparent reason.
Understanding a marijuana stock movement in the market is key to feeling comfortable with a cannabis investment. Before investing in marijuana stocks investors should do their due diligence on the company and also watch how the stock performs in the market.
In essence, this would give the investor a better understanding of the investments they are making. Taking the time to research a company’s financials and plans for the future can help you make better investment decisions. For the purpose of shedding some light on some of the top pot stocks to watch in 2021 let’s look at 2 cannabis stocks that could have future potential in the market.
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Marijuana Stocks To Watch:
- Acreage Holdings, Inc. (OTC: ACRHF)
- Planet 13 Holdings Inc. (OTC: PLNHF)
Acreage Holdings, Inc.
Acreage Holdings, Inc. is a multi-state operator of cannabis and retailing facilities in the U.S. The company has a national retail store brand named The Botanist that currently has 14 operational dispensaries. In addition, Acreage also has 18 other operational locations under other names that give it a footprint in 13 states. Currently, Acreage has been performing well reporting Q3 2020 revenue of $31.7 million a 42% increase from the same period in 2019.
In 2020 Acreage and Canopy Growth Corporation (NASDAQ: CGC) implemented an agreement that could help Canopy enter the U.S. cannabis market when federal policy permits it. One aspect of the partnership will have Acreage developing a plan to market Canopy Growth’s diverse THC-beverage portfolio in the United States. In fact, Acreage should be launching the beverages in the U.S. this summer. Actually, in the U.S. this could be a game-changer for both companies going forward.
ACRHF stock is up about 3.64% in trading on January 26th and has climbed 105.11% since the start of 2021. Currently trading at $6.59 the stock has a 52-week high of $7.50 set on January 14th. As federal reform continues to gain momentum in the U.S. ACRHF stock could see substantial gains in 2021. With this in mind, ACRHF stock is a top marijuana stock to watch in 2021.
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Planet 13 Holdings Inc.
Planet 13 Holdings Inc. owns the world’s largest cannabis store on the Las Vegas Strip. The Planet 13 Superstore complex is the winner of Leafly’s 2018 Nevada dispensary of the year. At the present time, The Superstore acts as a showcase for a portfolio of branded products including vapes, edibles, pre-rolls and concentrates. Recently the company has continued expanding into its 112,000 sq. ft. location.
In 2020 the company has begun to establish its second Planet 13 Superstore in Santa Ana, California which is slated to open in 2021. Additionally, the company has also reopened its smaller dispensary model the Medizin to serve the local customer base in Las Vegas. Last year Planet 13 had a stellar performance in its last financial results. In fact, the company reported Q3 2020 earnings that saw a record revenue of $22.8 million.
The addition of two new locations can help catapult earnings this year by a substantial amount. PLNHF stock has a 52-week high of $6.32. Currently trading at $5.53 on January 26th going into the close PLNHF stock could have some upward momentum in 2021. For this reason, PLNHF stock is a cannabis stock to watch going into February 2021.
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