Top Cannabis Stocks In 2021 And The US Cannabis Market
Are you looking for the best marijuana stocks to buy in October? This week top cannabis stocks have declined to some of their lowest market value so far in 2021. For cannabis investors, this could be an opportunity to gain exposure to the sector at much lower price points. At the present time, inaction from Congress on federal marijuana legalization has left top pot stocks trading at much lower multiples. In 2021 these leading cannabis companies have continued to deliver strong financial results for the first half of the year.
Although the cannabis market has not been legalized on the federal level states continue to legalize marijuana. In 2021 most of the US now has medical or recreational cannabis industries established. In the US mergers and acquisitions have increased how quickly the cannabis market is expanding across the nation. Many leading cannabis companies have continued to spread their presence into new markets and increased their footprint in the best-performing states.
Because of federal marijuana legalization current pot stock trading levels are not matching how leading cannabis companies are performing. For cannabis investors, this could be a good time to make a list of top marijuana stocks to watch in Q4 2021. Currently, there have been some top pot stocks that have experienced steep declines in the last month. If Congress legalizes cannabis, we could see a rally in the cannabis sector heading into 2022.
Investing In Pot Stocks In The Current Market
Before investing in cannabis stocks, it’s important to know some factors that may affect your investment. For one the best marijuana stocks to buy are known for having substantial market volatility. Because of this many investors prefer to trade marijuana stocks using short-term trading methods like day trading and swing trading. According to analysts, there could also be long-term opportunities in top pot stocks from current market values. Researching a company’s financials and studying how a stock moves in the market can help you achieve the best returns with your investments.
[Read More] 2 Hot Marijuana Stocks To Watch This Week
In October top cannabis stocks continue to decline as Congress delays the end of marijuana prohibition. Because US pot stocks are unable to trade on the major stock exchanges, they are only available to a smaller amount trader that can trade OTC Markets. In general, this has limited US marijuana stocks and is another element adding to the downtrend. Let’s look at 2 top marijuana stocks for your list in Q4 2021.
Top Cannabis Stocks For Your Watchlist In 2021
Cresco Labs Inc.
Cresco Labs Inc is one of the largest vertically integrated cannabis companies in the US industry. At the present time, the company is considered the number one wholesaler of branded cannabis products in the US. In fact, according to a new BDSA report, Cresco is the leading cannabis brand in Illinois and Pennsylvania. As it stands, Cresco operates 37 retail locations across 10 states with 20 production facilities and 47 retail licenses. Notably, the company opened its fourth Sunnyside dispensary in Pennsylvania as the company expands into other key markets. On October 14th Cresco acquired Laurel Harvest Labs, LLC increasing its depth in Pennsylvania. Also, the company announced a portfolio expansion of its Good News brand with more selections in the edibles and vaping areas. In October the company is shifting to owned brand distribution in California to increase profitability and reduce third-party distribution.
Cresco announced the acquisition of Blair Wellness Center a Maryland dispensary. Cresco announced its second-quarter 2021 results with a record revenue of $210 million. In addition, the company reaffirmed its annualized revenue guidance of $1 billion in 2021. As a result, the company delivered gross profits excluding fair value markups of $107 million or 51% of revenue. Cresco has a net income of $2.7 million and an adjusted EBITDA of $45.5 million. For its outlook, the company expects gross profit margins of more than 50% for the remaining two quarters of 2021. The company will report its third-quarter 2021 results on November 11th before the market opens.
CRLBF Stock Performance
CRLBF stock is trading at $8.00 on October 19th down 34.58% in the past six months. Currently, the stock has a 52-week price range of $6.74-$17.49 and is down 19.31% year to date. According to analysts at Tip Ranks CRLBF stock has a 12-month average price target of $17.32 per share. In this case, this would represent an increase of 116.57% from its current trading price.
Columbia Care Inc.
At the present time, Columbia Care Inc. is positioned to grow rapidly after legalization is complete in the state of New York. Recently the company acquired a 34-acre Long Island cultivation site has given the company one of the largest cannabis footprints to service the East Coast market. Primarily, Columbia Care operates in 18 US markets and operates 130 facilities including 99 dispensaries and 31 cultivation and manufacturing facilities. In July the company announced the launch of West Virginia market operations. Columbia In particular, Care expects to begin cultivation operations in the state at its Falling Waters facility. On October 7th the company opened a Cannabist Dispensary in Missouri its first location in the state.
Columbia Care delivered its second-quarter 2021 results with a record quarterly revenue of $109.7 million up 232% year over year. Specifically, the company saw record quarterly adjusted gross profits of $47.7 million an increase of 300% year over year. In addition, the company has a record adjusted EBITDA of $16.4 million up $21.1 million year over year. Recently, the company completed the acquisition of Green Leaf Medical establishing a market-leading position in the mid-Atlantic. Recently, Columbia Care appointed Phillip Goldberg of Green Leaf Medical To its Board of Directors. In September the company has received state approval to rebrand its retail footprint across all its 14 locations in Florida. Columbia Care is expected to release its third-quarter 2021 results on November 12th after the open.
CCHWF Stock Performance
CCHWF stock is trading at $3.3705 on October 19th down 16.71% in the last month. The stock has a 52-week price range of $3.28-$7.89 and is down 43.80% year to date. According to analysts at Market Beat CCHWF stock has a consensus price target of $12.83 per share. In essence, this would represent an upside of 277.5% from its current trading price.
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