Investing In Top Marijuana Stocks In 2021
In the US there are several bills floating around Congress that could affect the top marijuana stocks to buy. So far in June, the best cannabis stocks to invest in have begun to show some upside in trading. But to start this week the market seems to be giving back some of the upside established in the first two weeks of June. This could be a good opportunity for new investors to look for the top pot stocks to watch for the best entry point.
As more investors focus on the cannabis sector there seems to be significant potential for traders this year. Currently, investors seem to have stepped away from the market and this can be observed by the volume most stocks are experiencing to start this week. So far in 2021 top marijuana stocks to invest in have shown significant market volatility.
In January the cannabis sector rallied in the market until about February 10th. After that time most leading cannabis stocks have experienced 4 months of declines in market value. This consolidation period has left some pot stocks trading at much lower prices in June. For traders looking to establish positions in the cannabis sector right now could be a great time to do your research on the best pot stocks right now.
Finding The Top Pot Stocks To Buy In 2021
Establishing a good entry point for your investment is important for traders starting a position in the cannabis sector. By doing your due diligence and researching a company’s financials investors can pinpoint the best-performing companies. Also studying a marijuana stocks trading pattern can help investors lock in positions with the most returns.
Whether your trading top cannabis stocks for the short or long term there could be some potential gains from current market value. Especially if the US government passes some form of federal cannabis reform bill. Currently in the US cannabis companies have been delivering strong earnings in the first quarter of 2021.
But this did not convert into gains in the market as the companies reported it. Instead, the cannabis sector continued to drop in value. Now with this consolidation period seeming to come to an end we may see upside in the top marijuana stocks to buy. With this in mind, we can research some leading cannabis stocks to add to your watchlist this week.
Marijuana Stocks To Watch
Cresco Labs Inc.
As one of the number one wholesalers of branded cannabis products, Cresco Labs Inc is one of the largest multi-state operators in the US. Expanding rapidly the company has a consumer-packaged approach and operates 32 dispensaries in 10 states with 18 production facilities. In its first-quarter 2021 financial results under US GAAP, the company delivered a record revenue of $178 million. In addition, the company expects to reach annualized revenue of more than $1 billion in 2021. Currently, the company saw gross profits of $87.0 million or 48.8% of revenue in the first quarter.
As it stands Cresco expects gross profit margins in excess of 50% for the remaining 3 quarters. On June 9th Cresco announced a portfolio expansion of its Good News brand with more diversity in the edibles and vape areas. Now under the Good News brand, the company is launching Counting Sheep, Day Off, and Pride products. These edibles and vape products will be available in California, Illinois, and Michigan.
CRLBF stock closed on June 14th at $11.33 up 14.85% year to date. In February CRLBF stock saw a high of $17.49 and has increased by 169.76% in its 1-year performance. According to analysts at Tip Ranks CRLBF stock has a 12-month average price target of $21.64 per share. This price target represents an increase of 91% from its current trading price. For this reason, CRLBF stock could be one of the best marijuana stocks to buy in June.
Jushi Holdings Inc.
Jushi Holdings Inc. is a cannabis and hemp company that is expanding its presence in the medical and recreational cannabis markets Currently, building a portfolio of branded cannabis and hemp-derived assets in a variety of US markets, Jushi operates 11 dispensaries under the BEYOND/HELLO brand. Recently the company completed the acquisition of two California dispensaries and closed another acquisition of Dalitso LLC Facility establishing its footprint in Virginia. At the present time, Jushi has 30 retail licenses in the US, and its national brand of cannabis dispensaries Beyond/Hello continues to see growth online and in-store.
On June 9th Jushi Holding Inc. delivered its fourth quarter and full-year 2020 financials and its first-quarter 2021 results. In detail, for Q4 2020 total revenue increased by 29.6% sequentially to $32.3 million. Additionally, full-year total revenue increased approximately 689.6% year over year to $80.8 million. Also, for the first quarter of 2021, the company has total revenue of $41.7 million an increase of 29% from Q4 2020.
JUSHF stock closed on June 15th at $5.72 down 2.39% year to date. In February JUSHF stock reached a high of $9.06 and has gained 349.33% in its 1-year performance. According to analysts at Market Beat JUSHF stock has a consensus price target of $8.25 per share. In essence, this would represent a forecasted upside of 44.2% from its current trading price. With this in mind, JUSHF stock could be a top marijuana stock for your watchlist this week.