Investing In Cannabis Stocks In May 2021
Are you watching top marijuana stocks to invest in for May? At the present time, most leading cannabis stocks have seen a drop in market value for March and April. As a result, many pot stocks are trading near December 2020 price points. In reality, this could be a good time to find top marijuana stocks for your watchlist this month.
Currently, more inventors are focusing on US cannabis stocks because of their growth potential in the near future. As more states continue to legalize cannabis the American market is expanding rapidly across the US. So far this year legislation to legalize cannabis for adult use has been passed in New York, New Mexico, and Virginia. On the federal level, the SAFE Banking Act has made its way to the Senate with a good chance at being passed sometime this year.
Needless to say, there is a significant growth potential for the US cannabis industry. At the present time, there are cannabis companies that have been expanding across the US. In addition, some of these companies have been showing strong revenue growth in their latest earnings. As we head into may the cannabis sector has begun to show upward momentum in the market. To close April many of the best US cannabis stocks to invest in started climbing higher in the market.
Cannabis Market Investment Strategies
Researching top cannabis companies and doing your due diligence is important for new investors. One thing to know about marijuana stocks is that they are known for market volatility. Because of this volatility, more investors prefer to trade pot stocks for short-term gains.
Some cannabis investors use a combination of both short-term and long-term investing. With this method, they continuously taking profits day trading or swing trading. Also adding to long-term positions when the cannabis sector is down. In the next five years, analysts are predicting significant growth for the US marijuana market.
With the intention of finding top cannabis stocks to add to your May watchlist, we can take a deeper look into leading companies. In general, these companies have shown growth potential and continue to expand nationwide. In the US these could be the best marijuana stocks to watch the first week of May.
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Marijuana Stocks To Watch:
- Ayr Wellness Inc. (OTC: AYRWF)
- Curaleaf Holdings, Inc. (OTC: CURLF)
- Harvest Health & Recreation Inc. (OTC: HRVSF)
Ayr Wellness Inc.
In particular, Ayr Wellness Inc. has been expanding rapidly making significant acquisitions in key markets across the US cannabis industry. Last month Ayr opened 3 new retail locations in Florida where it now has the fourth-largest footprint. With the new locations, Ayr has 34 dispensaries in the state and a total of 50 stores nationwide. In its most recent financials, the company’s Q4 2020 revenue was up 48% year over year to $47.8 million. Additionally, full-year 2020 revenue was $155.1 million. Ayr also provided guidance for 2022 which includes a target revenue of $725 million and adjusted EBITDA of $325 million. Ayr celebrated this 4/20 with record sales of $1.24 million for the day and over 14,200 transactions.
AYRWF stock closed on April 30th at $29.30 up 4.64% for the day. Reaching a high in February of $37.50 the stock is currently up 23.21% year to date. As May begins Ayr could see some upside as the cannabis sector improves. According to analysts at Tip Ranks AYRWF stock has a 12-month average price target of $42.88 per share. This would be a 46.35% gain from current levels. With this in mind, AYRWF stock could be a top US cannabis stock to add to your watchlist in May.
Curaleaf Holdings, Inc.
One of the largest in the US cannabis market is Curaleaf Holdings, Inc. The company provides cannabis products and has established a footprint with 106th retail locations nationwide. In its fourth quarter and fiscal year, 2020 financials Curaleaf produced a record 2020 proforma revenue of $767.1 million. In addition, Curlaeaf announced its expansion into the European cannabis market with the acquisition of Emmac Life Sciences Limited in a $286 million deal. With growth opportunities overseas Curaleaf could be one of the best-positioned cannabis companies in the US. On May 10th after the market close Curaleaf is expected to announce its first quarter and 2021 financial results.
CURLF stock jumped up 5.94% on April 30th closing at $14.10 for the day. Currently, the stock is up 17.78% year to date with a high of $18.38 in February. According to analysts at Market Beat CURLF stock has a consensus price target of $22.50 per share. In essence, this would be a 59.6% gain from current levels. With this in mind, CURLF stock is could be one of the best marijuana stocks to buy for 2021.
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Harvest Health & Recreation Inc.
Based out of Arizona Harvest Health & Recreation Inc. has one of the largest footprints in its home state. At the present time, the company has 15 retail locations in Arizona and a total of 37 stores across the US. In Arizona as the adult recreational cannabis market launches, Harvest could see significant growth in the coming years. In its latest earnings, the company’s full-year 2020 total revenue increased 98% the $231.5 million compared to $116.8 million in 2019. Additionally, Harvest gave a 2021 revenue target of $380 million. The company is focused on reaching profitability and expects to improve gross margins and continue an upward trend.
HRVSF stock is up 34.26% year to date with a high of $4.50 in February. Closing on April 30th at $2.90 the stock gained 4.25% for the trading session. Currently, HRVSF stock has shed 8.37% in the last 30 days and could be positioned for a possible rebound. According to analysts at Tip Ranks HRVSF stock has a 12-month average price forecast of $6.92 per share. This would be a 138.62% gain from current price levels. Because of the potential upside HRVSF stock is a top marijuana stock to add to your watchlist to begin May.
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