Cannabis Stocks Have Substantial Gains To Begin 2021
At the present time, marijuana stocks have started this year with substantial gains in the market. In the U.S. investors are excited about a Senate with a Democratic majority that could get marijuana reform passed on the floor. In addition, American demand for cannabis has grown during the pandemic due to more people staying at home and using it for recreational use. Also, the continued expansion of U.S. legalization state by state is creating emerging markets for these cannabis companies to capitalize on. In all most things are pointing to substantial market growth for the next few years. For investors, this could be a good time to start doing their due diligence on some of the leading cannabis companies of 2020.
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In general, most marijuana stocks have seen gains since the presidential election. Especially in the U.S. cannabis stocks saw an upward momentum that led into the first week of January. Provided that market sentiment stays positive pot stocks to watch could continue seeing gains this month. Currently, cannabis investors want to keep a close eye on Canadian marijuana stocks like Canopy Growth Corporation (CGC Stock Report) which saw substantial gains in the first week of January. This is due to investor belief that cannabis legalization on a federal level could be within reach this year.
The Possibilities Of Pot Stock Gains
As the second week of trading begins for the new year many investors are looking for the best marijuana stocks in 2021. In reality, most cannabis investors have been benefiting from the rising market value that’s been consistent for 3 months. Currently, some analysts are predicting pot stocks could see more than a 50% gain due to cannabis reform. Because of this finding, the right cannabis stock could mean a boost to your portfolio. Presently there are many cannabis companies that are performing well showing growth potential and string financials in 2020. In fact, in Q4 New Cannabis Ventures Global Cannabis Index shows a 62% gain for pot stocks on the index. And in the first week of trading in 2021, these stocks have rallied another 20%.
At the present moment, most top pot stocks are using their newfound leverage to raise capital. In essence, the market has handled the new shares well showing the bullish sentiment towards cannabis stocks in 2021. For the purpose of finding marijuana stocks with growth potential for this year let’s take a closer look at 2 of the best marijuana stocks to buy right now.
Marijuana Stocks To Watch:
Cresco Labs Inc. (CRLBF Stock Report)
TerrAscend Corp. (TRSSF Stock Report)
Cresco Labs Inc.
Cresco Labs Inc. is one of the largest vertically integrated, multistate cannabis operators in the United States. Currently, the company operates 20 stores with 10 of those in Illinois. In addition, Cresco is positioned in other key states like Arizona, Ohio, Pennsylvania, New York, and Massachusetts. Generally, the company has a consumer-packaged goods approach and has brands that fit every cannabis consumer’s needs. In detail, Cresco has record revenue in Q3 2020 of $153.3 million an increase of 63% sequentially. In fact, this is the 3rd consecutive quarter with over 40% revenue growth. As the company continues to scale its business and expand its footprint in key U.S. markets CRLBF stock should be on your radar.
CRLBF stock is up almost 10% in the first week of trading in 2021. Closing the week at $11.24 the stock could continue to climb this week. Cresco continues to look bullish in the market setting a new 52-week high of $11.97 in last week’s trading. At the present time, CRLBF stock is a good candidate to add to your marijuana stock watchlist in January. With Cresco being a leading U.S. cannabis company as far as revenue is concerned CRLBF stock is a top marijuana stock to watch right now.
TerrAscend Corp.
TerrAscend Corp. is a leading North American cannabis operator with vertically integrated operations in the U.S. Currently, the company has operations in Pennsylvania, New Jersey, California and operates as a licensed producer in Canada. In detail, TerrAscend operates an award-winning chain of Apothecarium dispensary retail locations. Last year TerrAscend has Q3 2020 record revenue of $51 million up 90% year over year. For 2020 the company gave full-year guidance of $196 million in net sales. Additionally, TerrAscend has given 2021 full-year guidance of $360-$380 million in net sales. Relatively speaking it looks like TerrAscend could double its sales revenue in 2021.
TRSSF stock has gained almost 100% in Q4 of 2020. Currently trading at $10.05 with a 52-week high of $10.91 the stock could have more growth potential in January. In reality, TRSSF stock is one of the better performing U.S. marijuana stocks in 2020. With future predicted revenue growth TRSSF stock could have substantial gains this year. Because TerrAscend could double its net sales this year TRSSF stock is the top cannabis stock to watch in January.
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