Investing In The Medical Cannabis Industry
Medical marijuana stocks have become an area of extensive growth for the cannabis industry. Currently in the US 37 states have implemented medical cannabis legalization in 2021. Across the world, cannabis is becoming much more accepted in the medical community for its medicinal use. According to a recent report from Statista, medical cannabis sales are expected to go from $4.9 billion in 2019 to $11.7 billion by 2024. In general, this area of the market is predicted to more than double in this five-year period.
This week in Congress Senate Majority leader Chuck Schumer announced he would introduce his marijuana reform bill. In addition, congressional lawmakers have also been working on a bill that protects medical marijuana programs in new spending legislation for the fiscal year 2022. In the cannabis industry, mergers and acquisitions have changed the leading companies in the medical cannabis market. Now it seems big pharma is moving into the medical marijuana industry and will help mainstream medicinal cannabis.
Because these pharmaceutical companies are some of the largest companies in the stock market, they display more stability than other top marijuana stocks. Essentially this makes them a better option for the long-term investor. Another factor that gives these stocks more appeal for the long hold is a dividend to shareholders. Also, important these pharmaceutical companies expose the investor to other areas of the medicinal market and could be options for your long-term portfolio.
Top Medicinal Cannabis Stocks In July 2021
As things develop in July the cannabis sector has been showing some upward momentum this month. With the possibility of federal cannabis reform increasing the marijuana industry might continue to move higher for the second half of the year. For investors doing your due diligence and researching these companies before investing will help you establish better positions. As it stands medical cannabis programs are seeing many new patients signing up for medicinal marijuana use.
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In reality, this area of the market will continue to grow around the globe in the next few years. With this in mind, we can research some top medicinal marijuana stocks in 2021. For the long-term investor, these cannabis stocks may present a great way to invest in marijuana and also gain exposure to the medicinal market. As more uses for cannabis are discovered in the medical field these could be the best medicinal marijuana stocks to invest in for 2021.
Marijuana Stocks To Watch
- Jazz Pharmaceuticals plc (NASDAQ:JAZZ)
- AbbVie Inc. (NYSE:ABBV)
Jazz Pharmaceuticals plc
Jazz Pharmaceuticals plc is a biopharmaceutical company, that identifies, develops, and commercializes pharmaceutical products for various unmet medical needs in the United States, Europe, and globally. At the present time, the company has a portfolio of products with a focus in the areas of neuroscience, including sleep medicine and movement disorders. In 2021 Jazz acquired a leading medical cannabis provider GW Pharmaceuticals which produces a leading cannabis-derived drug named EPIDIOLEX. Currently, Epidiolex is used in the U.S and globally for the treatment of seizures associated with a variety of serious ailments. As of now, Epidiolex is one of the only drugs approved by the FDA in the U.S. and the European Union for medical use. In July Jazz announced the FDA has approved Rylaze a multi-agent chemotherapeutic regimen for lymphoblastic leukemia.
Last month the company updated its 2021 guidance to reflect the acquisition of GW Pharm. In detail Jazz now expects revenue of $3.02- $3.18 billion in 2021. This guidance is an earnings per share loss of $4.70-$2.00. As of now the acquisition of GW Pharms is expected to drive accelerated revenue growth and further diversification. Currently, Jazz has been showing a rising market performance and continues to be one of the top pharmaceuticals to invest in and more hedge funds are beginning to find interest in the company. In its latest earnings JAZZ delivered quarterly earnings of $3.92 per share now with the addition of GW Pharm this number could increase significantly.
JAZZ Stock Performance
JAZZ stock closed at $182.64 on July 13th up 10.66% year to date. In June JAZZ stock set a new 52 week high of $189.00 and has gained 73% in its 1-year performance. According to analysts at CNN Business JAZZ stock has a 12-month median price target of $205.00 per share. This forecast would represent an increase of 12.23% from its last trading price. For this reason, JAZZ stock is a top medical cannabis stock to add to your watchlist in July.
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AbbVie Inc.
One of the world’s top pharmaceuticals AbbVie Inc. continues to deliver innovative medicines to help solve the world’s health issues. As it stands, the company is one of the largest publicly trading medicinal companies by market cap and is focusing on the therapeutics market. In particular, AbbVie provides medical solutions in areas like immunology, oncology, neuroscience, eye care, virology, women’s health, and gastroenterology. AbbVie then named Abbott made the acquisition of Solvay’s pharmaceutical division in 2010. With this acquisition, AbbVie obtained the drug Marinol in its catalog. Specifically, the drug is a cannabinoid-based medicine that is one of the first FDA-approved cannabis drugs on the market.
Currently, doctors prescribe the drug for patients with nausea and vomiting from cancer medications. Also, some doctors prescribe Marinol to people with AIDs to combat the lack of appetite. In its first-quarter 2021 earnings, AbbVie delivered net revenue of $13.010 billion on a GAAP basis. In perspective, this is an increase of 51.0% on a reported basis with adjusted net revenues of $12.935 billion. At the moment Abbvie pays an annual dividend of $5.20 per share with a dividend yield of 4.56%.
ABBV Stock Performance
ABBV stock closed on July 13th at $117.91 up 10.04% year to date. On July 12th ABBV set a new 52 week high of $118.35 and has gained 20.49% in its 1-year performance. According to analysts at Tip Ranks ABBV stock has a 12-month average price target of $123.50 per share. This would represent an increase of 5.91% from its last trading price. With this in mind, ABBV stock could be a top cannabis stock for the long-term investor in medical marijuana.
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