Top Pot Stocks As June Ends
Are you looking for different ways to invest in marijuana stocks in July? After months of consolidating at lower market levels, June has shown some upside for many top cannabis stocks to invest in. So, can top marijuana stocks to buy reach the highs they achieved in February? Currently, that depends on which area of the cannabis industry you’re researching. In the US leading cannabis companies have been delivering strong revenue growth for the first quarter of 2021.
In addition, most have also given large increases in revenue guidance for this year as well. But these companies have not seen their earnings translate into market gains in the first quarter. Since the start of 2021, the only momentum booster for the cannabis sector is federal reform and legalization. Last week state marijuana regulators met with federal officials and lawmakers from congress to discuss the impact of national legalization and other cannabis policy changes on local programs.
In addition, lawmakers on Capitol Hill have also introduced a few cannabis reform legislation in Congress. This is with the hope one will make it through the voting process. Meanwhile, on the state level, more legalizations are occurring. New states have opened legal cannabis markets adding more markets for cannabis companies to grow in.
Buying The Best Cannabis Stocks In The Summer
At any rate, this summer could be monumental for the cannabis industry in terms of federal reform. For investors, these lower stock prices and improving market value could signal a comeback for the cannabis sector. Starting a position from current levels could deliver significant returns in 2021. Investors looking for marijuana stocks right now should research different options for the most intrinsic value.
Doing your own due diligence is very important before investing. Generally, researching a company and studying its market performance can help you establish the best entry-level for your investment. With the intention of taking a closer look at some of the top marijuana stocks to add to your watchlist, we can do some research. Currently, these cannabis stocks could produce returns for investors from these levels. For this reason, let’s take a look at 3 top US marijuana stocks for your watchlist right now.
Best Marijuana Stocks To Watch
- Planet 13 Holdings Inc. (OTC:PLNHF)
- Columbia Care Inc. (OTC:CCHWF)
- Acreage Holdings, Inc. (OTC:ACRHF)
Planet 13 Holdings Inc.
Last week Planet 13 announced the grand opening of its Orange County superstore its second-largest dispensary in California. Planet 13 is a cannabis company based in Nevada, with award-winning cultivation, production, and dispensary operations on the Las Vegas strip. Primarily, the company has built a recognizable global brand known for world-class dispensary operations and innovative cannabis products. Currently, In Las Vegas Planet 13 is famous for its larger-than-life Superstore dispensary that’s housed in a 112,000 square foot building. At the present time, Planet 13’s two superstore dispensaries are said to be the largest in the world. In addition to the superstore, the company’s smaller model the Medezin store takes the larger company model and puts it in a compact form.
Planet 13 announced its first-quarter 2021 financial results with Q1 revenue of $23.8 million. In addition, the company saw a Q1 2021 EBITDA of $5.2 million. Also, the important gross profit before biological adjustments was $12.8 million. 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%. For July the company expects to launch Tinley’s products a selection of cannabis-infused beverages.
PLNHF stock is closed on June 25th at $6.93 up 23.86% year to date. In February PLNHF stock reached a high of $8.67 and has gained 322.56% in its 1-year performance. According to analysts at Tip Ranks PLNHF stock has a 12-month average target price of $7.66 per share. This would represent an increase of 10.53% from its last trading price. With this in mind, PLNHF stock could be one of the best US marijuana stocks to add to your watchlist this week.
Columbia Care Inc.
Columbia Care Inc. could be one of the best-positioned cannabis companies for growth in New York once legalization is complete in the state. A recent acquisition of a 34-acre Long Island cultivation site has given the company one of the largest cannabis footprints on the East Coast. At the present time, the company operates in 18 US markets with 122 facilities including 92 dispensaries and 30 cultivation and manufacturing facilities.
Columbia Care announced a record first-quarter 2021 combined revenue of $92.5 million an increase of 220% from the year prior. In addition, the company saw a record combined adjusted gross profit of $37.7 million an increase of 316% year over year. The company reaffirmed its 2021 combined revenue guidance of $500-$530 million and adjusted EBITDA of $95-$105 million. In June the company completed the acquisition of Green Leaf Medical giving it a market-leading position in the mid-Atlantic.
CCHWF stock closed on June 25th at $4.735 down 21.74% year to date. In February CCHWF stock reached a high of $7.89 and is up 76.02% in its 1-year performance. According to analysts at Market Beat CCHWF stock has a consensus price target of $11.40 per share. This forecast would represent an upside of 140% from current trading levels. For this reason, CCHWF stock is one of the best cannabis stocks to add to your watchlist for July.
Acreage Holdings, Inc.
Based in New York City Acreage Holdings, Inc. is a multi-state operator of cannabis cultivation and retail facilities across America. Acreage announced its first-quarter 2021 results with consolidated revenue of $38.4 million an increase of 58% compared to Q1 2020. Additionally, the company’s same-store sales grew 16% making the ninth consecutive quarter of double-digit same-store sales growth. Although revenue grew the company had a net loss in the first quarter of $7.8 million an improvement compared to the net loss of $172 million in Q1 of 2020. Currently, Acreage is focusing on improving profitability, controlling costs, and accelerating organic growth. The company has a partnership and a possible acquisition with Canadian giant Canopy Growth Corporation (NASDAQ:CGC).
Needless to say, because of this partnership Acreage could play an instrumental role in the Canadian cannabis companies’ entry into the US market. Additionally, the company has established a large presence in New York and New Jersey and could see significant growth in the coming years from the growing markets there. In The future analysts are expecting New York to become one of the largest US cannabis markets. As it stands Acreage operates the maximum number of dispensaries allowed in New Jersey and is working on completing its New Jersey cultivation facility.
ACRHF stock closed at $3.885 on June 25th up 9.63% year to date. In February ACRHF stock reached a high of $3.8885 and is down 12.02% in the past 30 days. According to analysts at Wallet Investor ACRHF stock has a 1-year price forecast of a price of $6.467 per share. As well as a 5-year price forecast of $16.641 per share. Making ACRHF stock a top marijuana stock to watch this week in trading.
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