Top Cannabis Stock In Q4 2021
This week the top marijuana stocks to invest in continue showing upside in the market. After several months of declines for the best cannabis stocks to buy Congress announced a draft of the States Reform Act a Republican-led legislation regarding federal cannabis reform. In some cases, these top pot stocks have climbed double-digit percentages in the past five trading days.
This has attracted more traders to pot stocks as many leading cannabis companies deliver financial results in November. For the most part, US cannabis companies are delivering strong revenue growth in 2021. Some leading cannabis companies have slightly missed analysts’ estimates and it is affecting their rise from these lower trading levels.
One example of a top US cannabis company that missed estimates is Curaleaf Holdings, Inc. (OTC:CURLF). Specifically, the company reported third-quarter 2021 revenue of $317 million missing the estimate and producing a net loss in the third quarter of $57 million. This loss is much larger than most analysts expected. But the company still expects to meet 2021 revenue guidance of $1.2-$1.3 billion. Currently, this is a setback for Curaleaf but the company is positioning itself to be one the largest MSOs in the US. As top marijuana stocks begin to show momentum this could be a good time to start following some of the best pot stocks.
Investing In Pot Stocks In The Current Market
Before investing it’s important to do your research into a company’s earnings and press releases to find the best performers. In addition, studying how a stock behaves in the market can help you establish the best positions in the market. One way to keep track of how pot stocks move in the market is by making a watchlist of cannabis stocks. As the US cannabis industry continues to grow rapidly on the state level these leading companies could continue experiencing revenue growth.
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As we head into the weekend top marijuana stocks are showing significant upside after the announcement of possible federal cannabis reform. This is attracting more investors to cannabis stocks and could help drive the best marijuana stocks to buy higher going into the end of the year. While top pot stocks are still trading at lower levels for 2021 let’s look at 2 top US marijuana stocks to watch going into the weekend.
Best Marijuana Stocks To Watch Right Now
Green Thumb Industries Inc.
Green Thumb Industries Inc. is a leading cannabis consumer packaged company that has established a large footprint in key markets across the US. At the present time, Green Thumb has 65 retail locations across 14 states and recently opened its third store in New Jersey. Additionally, GTI has licenses for 111 retail locations for future expansions. In Q2 GTI opened a Cookies on the Las Vegas Strip through an exclusive partnership with the privately-owned Cookies Brand. Also, Green Thumb announced it closed the acquisition of Dharma Pharmaceuticals and is entering the Virginia cannabis market as well.
On November 10th Green Thumb Reported third quarter 2021 results with revenue of $233.7 million up 48.7% year over year. Specifically, this marks the fifth consecutive quarter of positive GAAP net income of $20.2 million or $0.08 per diluted share. The company adjusted operating EBITDA grew to $81.2 million or 34.7% of revenue. As it stands Green Thumb ended the third quarter with cash totaling $285.8 million.
Words From The CEO
“Our third-quarter results reflected continued execution on our long-term goal to be a brand leader in this rapidly emerging, high-growth consumer category. On a year-over-year basis, we grew revenue by 49% to $234 million; Adjusted EBITDA by 53% to $81 million and we delivered positive cash flow from operations for the seventh consecutive quarter. We ended the quarter with $286 million in cash, which gives us flexibility to generate long-term returns for our stakeholders,”
Green Thumb Chairman, Founder and Chief Executive Officer Ben Kovler.
GTBIF Stock Performance
GTBIF stock closed at $25.28 on November 11th up 15.96% for the trading day. Currently, the stock has a 52-week price range of $18.00-$39.11 and has increased by 19.98% in the past five trading days. According to analysts at Tip Ranks GTBIF stock has a 12-month average price target of $45.55 per share. In this case, this would represent an increase of 80.18% from its last trading level. For cannabis investors, GTBIF stock could be one of the best marijuana stocks to buy in 2021.
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Cresco Labs Inc.
Next up is Cresco Labs Inc one of the largest vertically integrated cannabis companies in the US industry. In general, the company is considered the number one wholesaler of branded cannabis products in the US. According to a new BDSA report, Cresco is the leading cannabis brand in Illinois and Pennsylvania. At the present time, Cresco operates 40 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. In addition, 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. On November 11th the company delivered third-quarter 2021 revenue of $215.5 million up 40.6% year over year. In general, Cresco produced a gross profit of $116.7 million or 54.2% of revenue. Additionally, Cresco has an Adjusted EBITDA of $56.4 million an increase of 24% quarter over quarter. The company reaffirmed its previous guidance with gross profit margins of more than 50% for the rest of 2021 and Q4 revenue between $235-$245 million. Another important factor that left Cresco with a loss is an impairment charge of $291 million related to changes in intangible assets dealing with the company shift in strategy for its California operations.
CLRBF Stock Performance
CLRBF stock closed on November 11th at $8.92 up 6.78% in the past month. Currently, the stock has a 52-week price range of $7.48-$17.49 down 9.58% year to date. According to analysts at Market Beat CRLBF stock has a consensus price target of $23.19 per share. This analysis represents an upside of 159.9% from its last trading price. As things continue to heat up in the cannabis sector CRLBF stock could be one of the best cannabis stocks for your watchlist right now.
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