Top Cannabis Stocks That Investors Are Watching In August
In the first week of August, top marijuana stocks started the month trending upward. For the past several month’s top cannabis stocks to invest in have been losing ground in the market. Now after a significant pullback and several months of consolidation are pot stocks primed for a rebound? Currently, top marijuana stocks are trading near some of their lowest price points in 2021. At the same time, these companies have been reporting strong revenue growth and solid financials.
With many of the best cannabis stocks to buy reporting earnings this month a move up from these trading levels could persist. In the US leading cannabis companies have been expanding rapidly into new markets. Many US cannabis companies are expanding with recent mergers and acquisitions that have created some of the largest cannabis companies in the world.
In the next five years, analysts at Statista are estimating legal recreational cannabis sales to reach $42 billion by 2026. By 2025 the US is projected to have an estimated 50 million cannabis consumers. The best-positioned cannabis companies could continue to show growth in 2021. For investors, this could be a good time to add cannabis stocks to your watchlist in August.
US MSOs Could Be The Top Pot Stocks In 2021
For those investors new to the cannabis sector there are a few important factors to consider before investing. For one the best marijuana stocks to buy are known for having significant market volatility. Although the larger MSOs show more stability than penny marijuana stocks, they still have substantial market fluctuations in price.
This makes it important for investors to do their due diligence before investing. Researching a company’s earnings and studying how the stock performs in the market can help you make the best investment decisions. Another possible catalyst for the cannabis sector currently is federal cannabis legalization and reform.
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In July Senate Majority Leader Chuck Schumer unveiled the Cannabis Administration and Opportunity Act as a draft to gain support for the legislation. In the event, this marijuana legislation should gain enough support in Congress we could see some federal cannabis policy changes in 2021. As we close out the first week in August let’s take a closer look at 2 of the top marijuana stocks to add to your watchlist in 2021.
Best Marijuana Stocks To Watch In 2021
Trulieve Cannabis Corp.
In Florida, Trulieve Cannabis Corp. has the largest market share with more than 50% of the legal cannabis sales in the state. The company is a leading and top-performing cannabis company that is making the acquisition of Harvest Health & Recreation Inc. (OTC: HRVSF). Once complete the new company will have a consensus 2021 revenue of over $1.2 billion. In fact, this would make Trulieve the largest revenue-producing cannabis company in the US. Currently, the Company has 85 stores in Florida, and 90 nationwide, growing strategically in new markets. On August 5th the company announced the launch of a brand portfolio that includes four brand designs tailored to meet the needs of new cannabis consumers and connoisseurs.
In July Trulieve announced it received a production license approval in Georgia giving the company further presence in the Southeast cannabis market. The company also opened its first dispensary in the state of Massachusetts adding another market it can produce growth in. Trulieve reported a record first-quarter 2021 revenue of $193.8 million producing a net income of $30.1 million. The company produces over 700+ SKUs and is constantly adding new items to its product line. In August the company is expected to release second-quarter 2021 financials on August 12th before the market opens.
TCNNF Stock Performance
TCNNF stock closed on August 5th at $33.00 up 4.36% year to date. In the past six months, TCNNF stock has declined by 28.76% and has a 52-week price range of $16.70-$53.73. According to analysts at Tip Ranks TCNNF stock has a 12-month average price target of $69.66 per share. In essence, this forecast would be a 111.09% gain from the stock’s last trading price of $33.00. With great leadership in place and some of the strongest earnings in the US cannabis market, TCNNF stock could be one of the best US marijuana stocks to buy in 2021.
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Cresco Labs Inc.
Cresco Labs Inc is another one of the largest vertically integrated companies in the US. The company is the number one wholesaler of branded cannabis products in America. Currently, Cresco operates 33 retail locations across 10 states. Cresco opened its fourth Sunnyside dispensary in Pennsylvania as the company expands into other key markets. In its first-quarter 2021 results, Cresco saw a record revenue of $178 million. The company expects to reach an annualized revenue of more than $1 billion this year. Cresco delivered gross profits of $87.0 million or 48.8% of revenue. As a result, the company now expects gross profits margins of more than 50% for the remaining 3 quarters.
In addition, Cresco announced a portfolio expansion of its Good News brand with more selections in the edibles and vaping areas. Under the Good News brand, Cresco is launching Counting Sheep, Day Off, and Pride products. These edibles and vape products will be available in California, Illinois, and Michigan. Cresco remains one of the fastest-growing cannabis companies in the US market. The company is expected to announce its second-quarter 2021 financials on August 13th before the market opens.
CRLBF Stock Performance
CLRBF stock closed on August 5th at $11.19 up 13.42% year to date. The stock has gained 7.91% in the last five trading days and has a 52-week price range of $5.33-$17.49. According to analysts at Market Beat CRLBF stock has a consensus price target of $22.44 per share. This would represent an upside of 100.6% from its last trading price of $11.19. With this in mind, CRLBF stock could be a top marijuana stock for your watchlist in 2021.
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