U.S. Pot Stocks To Watch December 2020
Coming into this week in December U.S. marijuana stocks and the cannabis industry have continued to show momentum. While 2020 was a rough economic year for many industries across the globe the cannabis market managed to flourish in many ways. For one in the U.S. 36 states and D.C. now have legalized some form of cannabis. In addition, on the federal level with the House passing the MORE Act, many investors are hopeful it could get past the Senate. Regardless of whether it does the U.S. cannabis market is predicted to more than double in the next five years. Already in 2020, many top U.S. marijuana companies are reporting strong revenue growth in the latter part of the year. In fact, companies like Columbia Care Inc. (CCHWF Stock Report) are announcing record revenue in Q3 of $54 million an increase of 64% sequentially and 145% year over year.
Growth In The American Cannabis Market
In many instances, this same trend can be seen amongst many U.S. marijuana companies. For the most part, this signifies the increasing market growth in the U.S. and how it’s boosting the marijuana company’s sales. Another company that displays record revenue and is expanding its footprint in 2020 is Trulieve Cannabis Corp. (TCNNF Stock Report). Currently, the company has 68 dispensaries in Florida and has begun to expand with five more across other states. At the current time, these marijuana companies are positioning to take advantage of any growth in the American cannabis industry. So now the question is will these U.S. marijuana stocks to buy continue seeing gains or can you get in at a better entry price?
It’s possible that because of the substantial gains for the past two months U.S. cannabis stocks could retest some of those levels. In essence, this week could have leading marijuana stocks consolidating around these levels for a couple of trading days before their next move higher. Because of this, it could be a good time to start researching some of these pot stocks to watch for the best entry point for your investment. And although these cannabis stocks are forecast to go much higher in 2021 it could be a good week to put a closer eye on them. With this in mind let’s look at 2 marijuana stocks to buy with the most potential for 2021.
Top U.S. Marijuana Stocks To Watch #1: Curaleaf Holdings, Inc.
Curaleaf Holdings, Inc. (CURLF Stock Report) is a leading provider of cannabis consumer products that currently operates in 23 states across the U.S. At the present time, the company has 96 dispensaries, 23 cultivation sites, and 30 processing facilities. In general, Curaleafs focus has been on large population states including Arizona, Florida, Illinois, Massachusetts, New Jersey, New York, and Pennsylvania. It’s important to realize that in 2020 Curaleaf has been one of the best performing U.S. cannabis companies in the nation.
Recently the company announced its record 3rd quarter 2020 financial results with total revenue of $182.4 million up 195% year over year. In addition, Curaleaf has been closing on acquisitions like one with Grassroots the world’s largest cannabis company. And has raised about $41 million in net proceeds from sale-leaseback transactions. Not to mention Curaleaf has analysts believing it might be undervalued at this share price going into 2021.
CURLF stock is up over 89% year-to-date and could continue to climb if current market trends persist. Currently, analysts are giving CURLF stock a 12-month price target of $15.00 an increase of over 25% from current levels. In reality, Curaleaf could be one of the most dominant cannabis companies in the U.S. for the next five years. For this reason, CURLF stock is marijuana stock to watch for December 2020.
Top U.S. Marijuana Stocks To Watch #2: Cresco Labs Inc.
Cresco Labs Inc. (CRLBF Stock Report) one of the largest vertically integrated multi-state cannabis operators in the United States. The company is built on becoming one of the most important cannabis companies in the U.S. Accomplishing this by building a strategic geological footprint and consumer packaged goods approach. Currently, Cresco operates in 9 states with 19 dispensaries, 15 production facilities, and 29 retail licenses. Recently Cresco announced the relaunch of its cannabis-infused Chocolate line from its Mind’s Chef Led Artisanal Edibles. In detail, the brand will be in dispensaries across Illinois which sales topped $75 million for a second straight month. In addition, Cresco Labs recently reported a record 3rd quarter 2020 revenue of $153.3 million a 63% increase sequentially. Technically retail revenue grew 60% quarter over quarter to $62.8 million. And was the 3rd consecutive quarter with over 40% revenue growth.
CRLBF stocks are currently up over 45% year-to-date with a recent 52-week high of $10.78 a share. At the present moment, some analysts are predicting a 12-month target price of $14.28 over 43% over current trading levels. Because CRLBF stock has performed well in the market it could be one to watch for a December investment. Due to the fact, Cresco is one of the best performing cannabis companies in the U.S. this could be time to do due diligence on the company. For this reason, CRLBF is possible marijuana stock to buy for 2021.