Top Cannabis Stocks And The Current Market Climate
As the US heads down the path to end cannabis prohibition are you looking for the best marijuana stocks to invest in? At the present time, most of the cannabis sector is trading near some of its lowest market value in 2021. This comes after months of waiting for Congress to begin federal marijuana decriminalization this year. Now with the House recently passing the SAFE Banking Act and the MORE Act marijuana legalization comes back into focus in Q4 2021. Earlier in the year top cannabis stocks rallied in the first quarter with investors believing federal legalization would happen early on. The inaction in Congress has negatively impacted top pot stocks that continue to trend downward in the market.
Currently, it seems that until Congress passes federal marijuana legislation top pot stocks may continue to see market volatility and lower trading levels. So far this year many cannabis companies have delivered strong revenue growth and continue to expand rapidly in the market. Most leading companies are using M&As as a form of quickly building their presence as the market expands. In the US many new states have legalized medical and adult-use cannabis markets. Currently, more than two-thirds of the US have legalized some form of cannabis. As this progresses it’s only a matter of time before the federal government reforms cannabis policy.
Is Now The Time To Buy US Pot Stocks In 2021?
In the US there are leading cannabis companies that have recently dropped significantly in the market. Although they are trading currently at penny stock levels, they do have the potential to see upside as the cannabis sector recovers. For investors researching these companies thoroughly and studying how the stock moves in the market can help you make better investments. For the most part, many investors prefer to trade these lower-level pot stocks on a short-term basis.
[Read More] These Cannabis Stocks Could Be The Ones You Need To Watch This Month
In general, these investors use day trading and swing trading methods to capitalize on the price swings in the market. For the past several weeks we have seen an increase in market volatility for top marijuana stocks to buy. This has brought many of the top cannabis stocks to their lowest price points seen this year. From these current trading levels, many analysts believe US pot stocks could begin to see some upside. Let’s look at 2 top US marijuana stocks for your list for next week.
Best Marijuana Stocks To Watch Right Now
Columbia Care Inc.
At the present time, Columbia Care Inc. is positioned to grow rapidly after legalization is complete in the state of New York. Recently the company acquired a 34-acre Long Island cultivation site has given the company one of the largest cannabis footprints to service the East Coast market. Primarily, Columbia Care operates in 18 US markets and operates 130 facilities including 99 dispensaries and 31 cultivation and manufacturing facilities. In July the company announced the launch of West Virginia market operations. Columbia In particular, Care expects to begin cultivation operations in the state at its Falling Waters facility. On October 7th the company opened a Cannabist Dispensary in Missouri its first location in the state.
In its latest financials, the company delivered its second-quarter 2021 results with a record quarterly revenue of $109.7 million up 232% year over year. As a result, Columbia Care saw record quarterly adjusted gross profits of $47.7 million an increase of 300% year over year. Notably, the company has a record adjusted EBITDA of $16.4 million up $21.1 million year over year. Recently, the company completed the acquisition of Green Leaf Medical establishing a market-leading position in the mid-Atlantic. Additionally, Columbia Care appointed Phillip Goldberg of Green Leaf Medical To its Board of Directors. In September the company has received state approval to rebrand its retail footprint across all its 14 locations in Florida. Columbia Care is expected to release its third-quarter 2021 results on November 12th after the open.
CCHWF Stock Performance
CCHWF stock is trading at $3.65 down 3.28% on October 8th heading into the close. The stock has a 52-week price target of $3.41-$7.89 and is down 37.69% year to date. According to analysts at Tip Ranks CCHWF stock has a 12-month average price target of $8.33 per share. In this case, this would be an increase of 128.22% from its current trading price.
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TPCO Holding Corp.
Next on the list is, TPCO Holding Corp. one of the largest cannabis operators in California. In general, the company is composed of direct-to-consumer platform Caliva, and hemp manufacturer Left Coast Ventures. TPCO also has involved icon and entrepreneur Shawn Jay-Z Carter. Specifically, Carter is the Chief Visionary Officer and brand strategist for TPCO. Roc Nation is involved in the partnership providing artists, athletes, and influencers to establish brands. In August the company introduced Troy Datcher as the Company’s new Chief Executive Officer. To highlight, Datcher’s appointment represents the first time a Black CEO will lead a major public U.S. cannabis organization. On October 4th the company acquired Coastal Holdings Company, LLC expanding its retail network to 11 operating stores and six delivery depots.
TPCO also provided its second quarter 2021 earnings with net sales of $54.2 million. In general, this revenue is comprised of $11.9 million in direct-to-consumer revenue and $42.3 million in wholesale revenue. As a result, the company delivered, gross profit for Q2 2021 of $8.1 million or 15% of net sales. In 2021 the company launched Shawn “JAY-Z” Carter’s MONOGRAM a high-end premium cannabis product with reimages of iconic photos of American photographer Slim Aarons. Also, TPCO has three streamlined facilities producing 8 core brands with a focus on higher-margin product offerings. The company made its first inaugural investments in Black and women-led businesses. To close August TPCO expanded its product portfolio with the launch of well by Caliva lotions and tinctures.
GRAMF Stock Performance
GRAMF stock is trading at $3.05 on October 8th down 17.02% in the past month. Currently, the stock has a 52-week price range of $3.00-$13.962 and is down 69.58% year to date. According to analysts at Market Beat GRAMF stock has a consensus price target of $8.00 per share. In essence, this would represent an upside of 159.9% from its current trading levels. With the possibility of the US legalizing cannabis in the next 3 to 12 months these could be the best marijuana stocks to add to your list right now.
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