Can You Make Money Investing In Cannabis Stocks Right Now?
Are you looking for the top marijuana stocks to buy this week? Starting in June the best cannabis stocks to invest in have begun to see upward momentum. In the US cannabis companies have continued to expand at a rapid pace across newly legal states. They have also delivered strong earnings in the first quarter of 2021 and are giving revenue guidance that shows significant growth. As we move closer to federal cannabis reform the US is predicted to be the largest cannabis market in the world.
So far this year not even great earnings on the part of these cannabis companies moved the needle in the market. At the moment the best marijuana stocks to buy in July are still trading at price points that could produce substantial gains in the near future. For those new, to investing in cannabis stocks top pot stocks are known for being extremely volatile. In 2021 the cannabis sector rallied in the first quarter until it reached a new high in February.
Are Marijuana Stocks Primed For A Rebound In July?
After that marijuana stocks have been trading lower in the market consolidating until June. Recently lawmakers have been pushing more for some form of federal cannabis reform in recent months. This year legislators have already introduced the SAFE Banking Act and reintroduced the MORE Act.
Also comments from Supreme Court Justice Clarence Thomas last week pertaining to federal laws being outdated when it comes to cannabis, show that it’s being thought of in the highest judicial branch. It goes without saying 2021 could be monumental for marijuana stocks in the US. For investors looking to start positions in the cannabis sector, it’s always important to research a company and its market performance before investing. With this in mind let’s take a closer look at 3 US marijuana stocks to add to your watchlist in July.
Best Marijuana Stocks To Watch Right Now
- Curaleaf Holdings, Inc. (OTC:CURLF)
- Verano Holdings Corp. (OTC:VRNOF)
- Planet 13 Holdings Inc. (OTC:PLNHF)
Curaleaf Holdings, Inc.
A leading US cannabis company that is expanding in key markets rapidly is Curaleaf Holdings, Inc. The company provides packaged cannabis products and has opened its 107th retail location recently in New Jersey. In May Curaleaf reported its first-quarter 2021 revenue of $260 million up 170% from the prior year. Also important, the company announced revenue guidance for Q2 2021 of $305-$315 million.
In June Curaleaf International announced it has gained accessibility of medical cannabis products in Germany with a strategic partnership with its wholly-owned subsidiary and Zambon GmbH. The agreement will make medical cannabis treatments available to patients with a focus on neurological therapies. In the meantime, Curaleaf continues to expand its footprint in the US and delivered strong Q1 results without the addition of sales from New York and New Jersey. Essentially with these new markets in the equation, Curaleaf could beat its 2021 full-year guidance for revenue of $1.2 -$1.3 billion. The company will announce second-quarter financial results on June 30th after the markets close.
CURLF stock closed on July 2nd at $13.99 up 16.86% year to date. In February CURLF stock reached a high of $18.38 and is down 7.53% and has gained 136.43% in its 1-year performance. According to analysts at Tip Ranks CURLF stock has a 12-month average price target of $22.92 per share. This forecast would represent an increase of 63.83% from its last trading price. For this reason, CURLF stock is a top marijuana stock to add to your list this month.
Verano Holdings Corp.
Another leading MSO advancing in the US cannabis market is Verano Holdings Corp. The company is focusing on providing the U.S. with responsible access to regulated cannabis products. Currently, Verano produces a comprehensive suite of premium, innovative cannabis products sold under its portfolio of consumer brands. In the US the company’s portfolio encompasses 14 states, with active operations in 11 of those. At the present time, Verano has 78 operational dispensaries, and 10 cultivation and processing facilities. As it stands, Verano builds and operates dispensaries under retail brands Zen Leaf™ and MÜV™ that deliver a superior cannabis shopping experience in both medical and adult-use markets.
In July Verano announce it would deliver its second-quarter 2021 financials on August 10th before the open. For some insight, Verano reported earnings with revenue of $143 million up 117% from the prior year. The company realized gross profit margins of over 62% in Q1 2021. As for first-quarter highlights the company completed the acquisition of TerraVida and The Healing Center. With this acquisition, Verano added six dispensaries in Pennsylvania and acquired a permit to build an additional three in the state.
VRNOF stock closed at $16.39 on July 2nd down 14.52% in the last 30 days of trading. According to Tip Ranks VRNOF stock has a 12-month average price target of $29.31 per share. This would represent a gain of 78.88% from its last trading price. With this in mind, VRNOF could be one of the best cannabis stocks to buy In July.
Planet 13 Holdings Inc.
In June Planet 13 announced the grand opening of its Orange County superstore which is now the largest dispensary complex in California. Primarily the company is based in Nevada, with award-winning cultivation, production, and dispensary operations on the Las Vegas strip. For the most part, the company has built a recognizable global brand known for world-class dispensary operations and innovative cannabis products. On the Las Vegas Strip, Planet 13 is famous for its larger-than-life Superstore dispensary that’s housed in a 112,000 square foot building. Currently, Planet 13’s two superstore dispensaries are said to be the largest in the world. The company has also established a smaller model of its business the Medezin store which encompasses its larger store model and puts it in a compact form.
Recently, Planet 13 announced its first-quarter 2021 financial results with Q1 revenue of $23.8 million. Additionally, the company saw a Q1 2021 EBITDA of $5.2 million. Gross profit before biological adjustments was $12.8 million. Specifically, in the first quarter, the company saw a net income of $0.4 million compared to a net loss of $1.4 million in Q1 2020. In May Planet 13 set another sales record of $11.2 million with gross margins above 50%. In July the company expects to launch Tinley’s products a selection of cannabis-infused beverages.
PLNHF stock closed at $6.90 up 23.24% year to date. In February PLNHF stock reached a high of $8.67 and has gained 336.39% in its 1-year performance. According to analysts at Market Beat PLNHF stock has a consensus price target of $6.50 per share. This is a forecast downside of 5.7% from its last trading price. Because of this PLNHF stock could be a marijuana stock to add to your list for a better entry point.