Could Cannabis Earnings Start Upward Momentum In Pot Stocks?
This week could be a momentum changer for top marijuana stocks to buy as they report earnings. For the most part, analysts and investors are expecting strong revenue growth and solid earnings from the leading US cannabis companies. In 2021 US cannabis companies have performed well expanding rapidly across the US as more states legalize cannabis use.
This has helped cannabis companies grow as they await a change in federal cannabis legalization. As it stands there is a possibility this could happen in 2021. If it, does it could be a major catalyst for top marijuana stocks in the market. Many top Canadian cannabis companies have already reported earnings. Although these show some revenue growth, they have not performed as well as US companies.
In August many of the leading US cannabis companies are reporting financials. For investors finding the best performing cannabis companies is a good way to narrow down the list of which cannabis stocks to invest in. Next week we have some major US cannabis companies delivering earnings and that could be another potential booster for the cannabis sector. For investors making a list of top marijuana stocks to watch next week here are some reporting earnings early in the week.
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Top Marijuana Stocks To Watch Reporting Earnings
- Village Farms International, Inc. (NASDAQ:VFF)
- Curaleaf Holdings, Inc. (OTC:CURLF)
- Verano Holdings Corp. (OTC:VRNOF)
- Harvest Health & Recreation Inc. (OTC:HRVSF)
Village Farms International, Inc.
Village Farms International, Inc. and its subsidiaries, produce, market, and distributes greenhouse-grown tomatoes, bell peppers, and cucumbers in North America. Additionally, the company has also shifted some of its focus on opportunities in the cannabis and CBD segments in Canada and the US. Village Farm’s wholly-owned subsidiary Pure Sunfarms is one of the largest cannabis operations in North America. In July Pure Sunfarms received a cannabis cultivation license for a delta 2 greenhouse. This will increase production capacity by 50%.
Village Farms reported first-quarter revenue of $52.4 million this was a 63% increase year over year. With this, the company topped analyst’s estimates with revenue growth, but still reported a larger than expected loss for the quarter. In fact, Village Farm sustained a net loss in the first quarter of 2021 of $7.4 million. The company expects to release its second-quarter 2021 financials on Monday, August 9th before the bell. VFF stock is up 2.69% in the last five days of trading. The stock closed on August 6th at $9.91 down 2.27% year to date.
Curaleaf Holdings, Inc.
With a strong presence in the US is Curaleaf Holdings, Inc. provides packaged cannabis products and operates 108 retail locations. On July 23rd the company opened its latest location in Maine. In addition, the company has also begun expanding with Curaleaf International advancing the accessibility of medical cannabis products in Germany through its wholly-owned subsidiary Adven GmbH. Curaleaf reported its first-quarter 2021 revenue of $260 million up 170% year over year. As guidance for the second quarter of 2021, Curaleaf announced revenue of $305-$315 million.
Curaleaf announced a recent strategic partnership between Curaleaf’s Select Brand and music and culture authority Rolling Stone. In a new product launch, the two companies are expected to introduce a new line of co-branded Rolling Stone by Select products. In July the company also launched B Noble Brand. A partnership between Curaleaf, Bernard Noble, and Fab Five Freddy To bring awareness of the need to reform cannabis laws. The company is expected to release its second-quarter 2021 earnings on August 9th after the close. Currently, Curaleaf has affirmed its 2021 full-year guidance for revenue of $1.2 -$1.3 billion. CURLF stock closed on July 6th at $11.98 down 13.19% in the last month.
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Verano Holdings Corp.
In the U.S. Verano Holdings Corp. is a leading, MSO providing cannabis consumers access to regulated cannabis products. The company produces a comprehensive suite of premium, innovative cannabis products sold under its portfolio of consumer brands. Currently, the company has active operations in 11 states. At the present time, Verano has 83 operational dispensaries, and 11 cultivation and processing facilities. Verano operates dispensaries under retail brands Zen Leaf™ and MÜV™ catering to both medical and adult-use cannabis consumers. For its first quarter of 2021 financials, Verano reported earnings with revenue of $143 million up 117% year over year. The company saw gross profit margins of over 62% in Q1 2021.
Recently, Verano completed the acquisition of TerraVida and The Healing Center. This acquisition gives Verano six dispensaries in Pennsylvania and a permit to build an additional three in the state. To close July the company announced the opening of a flagship Pittsburgh dispensary with a four-lane drive-through. On August 6th the company announced the opening of its latest MUV dispensary for medical cannabis patients in Florida. Verano announces it would deliver its second-quarter 2021 financials on August 10th before the open. VRNOF stock closed on August 6th at $15.45 and is declined by 2.83% in the last month.
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Harvest Health & Recreation Inc.
At the present time, Harvest Health & Recreation Inc. is a vertically integrated cannabis company based in Arizona with one of the largest footprints in that state. On August 6th the company announced it opened its 16th dispensary in Arizona. Additionally, in July Harvest opened its eleventh store in Florida and has 44 stores nationwide. Earlier this year the acquisition of Harvest Health by Trulieve Cannabis Corp. (OTC:TCNNF) will create the largest US cannabis company in the world once its complete. In the meantime, Harvest seems to be focusing on growth in Florida and Arizona the states where Trulieve and the company hold the largest market shares.
Harvest saw revenue of $88.8 million in its first-quarter 2021 financials up 101% from the prior year. As a result, gross profit in the first quarter was $47.9 million compared to $31.3 million in Q4 2020. The company had a net loss before non-controlling interest of $23 million. Harvest had an adjusted EBITDA of $26.9 million in Q1 up 196% sequentially. In addition, the company increased its 2021 revenue guidance to $400 million, and reported gross margins are expected to be at or above 50%. Harvest is expected to release earnings on August 10th after the market close. HRVSF stock closed on August 6th at $3.7764 up 74.83% year to date.
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