How Will Pot Stocks Perform This Holiday Week?
To start the week marijuana stocks are shedding some of the gains from previous sessions in current trading. Due to recent fears that a new strain of coronavirus has been discovered in the U.K., the stock market has pull backed from the highs of last week. Earlier in December, many leading cannabis stocks have seen YTD highs in the market. So, this type of pullback could be the market assessing recent gains and consolidating at these levels. Be that as it may, stocks like Acreage Holdings, Inc. (ACRHF Stock Report) that reached its high of the year last week on December 18th have now lost some gains in the market. Although the losses are modest it could make investors nervous to start positions going into pot stocks for 2021.
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At the present time, COVID-19 has once again shown it has a stronghold on market sentiment and economic recovery. In reality, this downturn could now persist for a couple of trading sessions for marijuana stocks. But there are some positive things to take into account with this pullback. It does present the opportunity to start positions in these pot stocks at lower prices.
Despite the recent market trends growth in the cannabis industry has catapulted marijuana stocks to a higher level in the market. In turn, many investors that started positions earlier in 2020 could be locking in some gains at current levels. While the cannabis market is predicted to continue to see gains leading pot stocks have traditionally been volatile in the market. With this in mind, selling a portion of a position to lock in some gains is a technique used by many investors and could be considered good practice.
The U.S. Cannabis Market And Next Years Potential
Above all marijuana stocks continue to perform well in the market. And cannabis companies have growth potential in 2021 with recent states added to cannabis legalization. In my opinion, next year regardless of federal reform the U.S. marijuana market will continue with upward momentum. This coincides with recent analysts’ predictions that have the U.S. market growing to $37 billion by 2025. As so many new developments improve the ability for cannabis companies to prosper 2020 could have been the prequel to what 2021 holds. For the purpose of finding potential marijuana stocks to invest in for 2020 let’s research 2 top cannabis companies.
Top Marijuana Stocks To Watch: Curaleaf Holdings, Inc.
Curaleaf Holdings, Inc. (CURLF Stock Report) is a leading U.S. provider of cannabis consumer products and has one of the largest footholds in the U.S. Currently, the company operates in 23 states by way of 96 local dispensaries, 23 cultivation sites, and 30 processing facilities. In the future, Curaleaf has plans to continue adding to its retail locations with its recent acquisition of Grassroots creating one of the largest cannabis companies by revenue. In addition, Curaleafs revenue for Q3 was a record $193.2 million an increase of 164% year over year. Curaleaf has expanded its presence into 6 new states including high growth market states like Illinois and Pennsylvania.
CURLF stock is up over 100% year to date and has a 52-week high of $13.09. Currently, analysts have given CURLF stock a 12-month price target of $14.97 an increase of over 17% from current levels. As Curaleaf continues its plans to expand its footprint across the U.S. CURLF stock could have more future upward momentum. Because of Curaleaf having the largest presence in the American cannabis market, it is well-positioned for growth. With this in mind, CURLF stock is a possible marijuana stock to invest in for 2021.
Top Marijuana Stocks To Watch: Cresco Labs Inc.
Cresco Labs Inc. (CRLBF Stock Report) is one of the largest vertically integrated multi-state cannabis operators in the United States. Currently, the company operates in 9 states with 19 operational dispensaries and 15 production facilities. In addition, Cresco has an extensive portfolio of cannabis brands. Recently the company announced it has expanded its Good News brand into Michigan available at dispensaries in the state. At the present time, Cresco is reporting a record Q3 revenue of $153.3 million up 63% sequentially. The company is in its third consecutive quarter with over 40% revenue growth. In fact, operational gross profit rose 53% as a percentage of revenue.
CRLBF stock has seen gains in the market of almost 48% year-to-date with a 52-week high of $10.78 the first week of December. Presently analysts are giving CRLBF stock a 12-month price forecast of $14.24 a 40% increase from current levels. As Curaleaf continues to build its brand in the U.S. cannabis market CURLF stock could have great potential next year in the market. With this in mind, CURLF stock is a possible pot stock to invest in for 2021.
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