Investing In Cannabis Stocks In 2021
Are you looking to invest in top marijuana stocks in 2021? At the present time, most of the best cannabis stocks to buy have seen a substantial drop in value for March and April. In general, for new investors, this could be an ideal time to add top pot stocks to your watchlist. Currently, cannabis stocks represent one of the fastest-growing markets in the world.
According to analysts from New Frontier Data, the global cannabis market is expected to hit $47 billion by 2025. Remarkably most of this growth is forecast to occur in the U.S. and could produce significant revenue growth for top cannabis companies in the future. In the U.S. the cannabis market has begun to grow rapidly with states like New York, Virginia, and New Mexico recently establishing cannabis legalization.
At the present moment, 36 states have medicinal marijuana available and 17 states and Washington D.C. have recreational cannabis markets as well. In fact, Michigan cannabis sales increased by 179% to a record $145.8 million in March. A now rapidly growing recreational market is leading sales growth in most states. During the pandemic, more people staying at home have turned to marijuana to help relieve stress. Above all the best cannabis stocks to invest in have seen stock market volatility in 2021.
Is It Time To Invest In Cannabis Stocks Right Now?
After reaching its high on February 10th most of the cannabis sector has taken a sharp decline in market value. Granted that most analysts predict top marijuana stocks will see gains in 2021 this recent drop in value could be an opportunity for new investors. As top cannabis stocks trade at similar levels to December 2020 they could begin to rebound in the market.
Although investing has its inherent risk the best cannabis stocks to buy are known for extreme market volatility. For this reason, investors should always do their due diligence before making an investment. Essentially this requires investors to do their own research on a company and study the stock market performance before starting a position. In the event marijuana stocks begin to see some upside in the market there are many different options for investors to choose from.
Many new companies have quickly begun to establish their footprint in the American cannabis market. While other cannabis companies have been around since the beginning of the U.S. cannabis industry. With the intention of researching these companies a little more in-depth we can research these companies. With this in mind, let’s take a look at 2 top marijuana stocks to add to your watchlist before next week.
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Marijuana Stocks To Watch:
Ayr Wellness Inc.
Currently, Ayr Wellness Inc. is one of the fastest-growing multistate cannabis operators in the U.S. market. With its focus on delivering the highest quality cannabis products through its rapidly expanding footprint, the company continues making significant acquisitions in key states. In April Ayr opened 2 more dispensaries in Florida giving it 33 in the state and a total of 49 stores across 7 states. It now has the 4th largest footprint in Florida and continues its expansion into other markets.
In the company’s fourth-quarter and full-year 2020 financial results revenue was up 48% year over year to $47.8 million. In addition, Q4 and full-year revenue were up 25% despite shutdowns in the second quarter. Most important Ayr provided an outlook for 2022 for investors which includes target revenues of $725 million and adjusted EBITDA of $325 million. On 4/20 Ayr celebrated by producing record sales. Specifically, the company did over 14,200 transactions generate $1.24 million in sales for the day.
AYRWF stock is up 13.92% year to date with a high of $37.50 in February. Closing at $27.09 on April 20th the stock is down 23.54% in the last 30 days. According to analysts at Tip Ranks AYRWF stock has a 12-month average price forecast of $42.60 per share. This would be an increase of 57.26% from current levels. As Ayr establishes itself as a major presence in the U.S. cannabis market AYRWF stock could be one of the best marijuana stocks to buy right now in April.
Harborside Inc. is one of the pioneers in California and original cannabis retailers to be awarded one of the first six licenses granted in the United States in 2006. At the present time, Harborside has six dispensaries focused on the California, and Oregon areas. Recently Harborside has begun expansion plans and could grow its footprint in California. The company released its preliminary full-year 2020 results expecting gross revenue between $61-$63 million. In addition, adjusted positive EBITDA of $4.5 million driven by improved harvest yields and higher wholesale volume. As for future guidance, the company expects a 2021 gross revenue of $68-$72 million.
Additionally, Harborside was recognized for having exceptional curbside pickup and delivery service. In detail, the company was awarded this by readers in East Bay Express’s “Best of the East Bay 2021.” In March the company closed a $5 million strategic investment in LPF JV, LLC or Loudpack. To elaborate Loudpack is a premier cannabis company in California with a strong portfolio of brands. In addition, Loudpack has broad cultivation, processing, and distribution presence in the state.
HBORF stock is up 13.38% year to date with a high of $2.54 in February. Currently closing at $1.78 on April 20th the stock has declined 10.55% in the last 30 days. According to analysts at Wallet Investor HBORF stock has a 1-year forecast price of $3.652 per share. Other analysts at Stock Invest expect the stock to fall 15.14% during the next 3 months. With this in mind, HBORF stock could be a top cannabis stock to watch for a lower price point.
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