Possible Catalyst For The Cannabis Sector In September
September is starting to look interesting for the best marijuana stocks to buy right now. In Congress, a recent amendment to a defense bill could produce federal cannabis banking reform for the US market. In detail Rep, Ed Perlmutter is trying to attach the amendment that is almost identical to the SAFE Banking Act. This amendment is being attached to a defense bill that would give it a much better chance of making it through the Senate.
For the cannabis industry, this could be a huge momentum changer that creates more growth across the US. With the ability to bank regularly and get capital from banks we could see rapid growth for the US market. As new markets are introduced in places like New York and New Jersey the cannabis market continues to expand across the US. In Michigan, adult sales grew by 112% year over year to $125.5 million.
In the US many cannabis companies have reported significant revenue growth for the first half of 2021. This is expected to continue judging from the guidance many of these companies are giving in their outlooks. Unfortunately for investors, this has not translated to market gains. Instead, for more than six months the cannabis sector has seen a steep pullback. But current trading levels could be a good opportunity for investors to find top cannabis stocks at lower levels.
Top Cannabis Stocks Right Now And Best US Pot Stocks
Now after several months of consolidation, there could be a catalyst in the works for the cannabis sector. For investors, it’s important to research cannabis companies before starting a position. Following how a stock performs in the market and looking into financial results can help you gauge the best pot stocks to invest in. If February highs are a gauge as to what values, the cannabis sector could reach with federal cannabis reform then these could be decent entry levels presently.
Overall, some of these cannabis companies have been showing significant growth and expanding rapidly across the US. For investors looking to invest in the US cannabis market, there are many companies performing well in the industry. As we continue in the fourth quarter these pot stocks could see some upside. Let’s look at 3 of the best cannabis stocks to invest in for September.
Top US Marijuana Stock In September 2021
Trulieve Cannabis Corp.
At the present time, Trulieve Cannabis Corp. has the largest market share in Florida with more than 50% of the legal cannabis sales in the state. Additionally, the company is a leading and top-performing cannabis company that is in the process of 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. Currently, the company has 88 stores in Florida, and 97 nationwide, growing strategically in new markets. Also, this month 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.
On September 13th Trulieve debuted a new line of concentrates using hydrocarbon extracts. Specifically, Hydrocarbon extracts offer patients high-quality, full-spectrum concentrates as a uniquely powerful, aromatic, and high purity medicine. In July Trulieve announced it received a production license approval in Georgia giving the company further presence in the Southeast cannabis market. Notably, the company also opened its first dispensary in the state of Massachusetts adding another market it can produce growth in. In August Trulieve reported its second-quarter 2021 financial results with a record-breaking performance. As a result, the company achieved its 14th consecutive quarter of profitability has served over 500,000 cannabis customers. In detail, the company saw revenues of $215.1 million and generated a net income of $40.9 million.
Ayr Wellness Inc.
Next on the list is Ayr Wellness Inc. the fourth largest cannabis company in the Florida cannabis market. At the present time, Ayr has 38 operating dispensaries in Florida and a total of 52 stores nationwide. Additionally, the company has entered the Illinois market with the acquisition of Herbal Remedies Dispensaries, LLC. In addition, Ayr received a provisional license to sell adult-use cannabis at greater Boston dispensaries in Massachusetts. Specifically, Ayr has also agreed to acquire Tahoe Hydro an award-winning cultivator and high-quality cannabis flower produce in Nevada. Also, Ayr Wellness Partner Land of Lincoln was awarded a retail dispensary license in Illinois through the state’s lottery process.
In September the company signed an agreement to acquire the owner of Levia cannabis-infused hard seltzers. In August Ayr reported its second-quarter 2021 results with revenue of $91.3 million up 222% year over year. The company has an adjusted EBITDA was $27.4 million on a US GAAP basis up 225% year over year. Ayr sustained a US GAAP operating loss of $24.9 million which included one-time expenses, and non-operating adjustments of $52.3 million. The company raised its 2022 revenue target to $800 million with a $300 million AEBITDA. In addition, Ayr provided a 3Q 2021 guidance of $100 million in revenue.
Columbia Care Inc.
Columbia Care Inc. which is positioned to grow rapidly after legalization is complete in the state of New York. In 2021, an acquisition of a 34-acre Long Island cultivation site has given the company one of the largest cannabis footprints to service the East Coast market. Currently, 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 Care expects to begin cultivation operations in the state at its Falling Waters facility.
Notably, the company delivered its second-quarter 2021 results with a record quarterly revenue of $109.7 million up 232% year over year. Columbia Care saw record quarterly adjusted gross profits of $47.7 million an increase of 300% year over year. Specifically, 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. 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. In addition, Columbia Care is celebrating the start of whole flower cannabis sales in Virginia.
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