Medical Marijuana Stocks In 2021
Are you looking for different ways to invest in top marijuana stocks in 2021? At the present time, many of the best cannabis stocks to invest in are trading near their lowest price points for the year. One area that shows more stability than vertically integrated cannabis stocks is medical cannabis plays. As large pharmaceutical stocks like Pfizer Inc. (NYSE: PFE) reach new highs this week it could be time to find the top medical cannabis stocks in 2021.
Recently, there have been some acquisitions that put big pharma into the cannabis market. As medical cannabis continues to grow globally these cannabis stocks may have stability for investors that prefer to hold positions for the long term. In the US the possibility of federal cannabis reform continues to be a driving force for the cannabis sector.
Now heading into September many investors believed the legislation would have passed earlier in the year. This has affected cannabis stocks in the market and the declines could continue until Congress ends prohibition. On the medicinal side, these top stocks trade on major indexes like the NYSE, and the Nasdaq which is reaching new highs currently. Some of these stocks also provide a dividend for shareholders. In general, the medical cannabis market is expected to grow significantly in the next few years.
Medical Cannabis Sales And Investing Long Term
According to a Facts and Factors market research report, the global medical market size is expected to grow from $9.188 billion in 2021 to $27.98 billion by 2026. This is at a compound annual growth rate of 20% for the period. With this being the case finding the best medical cannabis stocks going into September could be a long-term investment option. For investors researching a company’s financials and studying how it performs in the market can help you achieve the best investment results.
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As the market continues to move higher these top pharma stocks have some of the most significant cannabis-derived products on the market. Now in the US, more states have legalized medical cannabis and the industry is growing rapidly. Let’s look at what could be some of the top medical marijuana stocks to invest in for 2021.
Best Medical Marijuana Stocks To Watch For 2021
- Jazz Pharmaceuticals plc (NASDAQ: JAZZ)
- AbbVie Inc. (NYSE: ABBV)
Jazz Pharmaceuticals plc
Jazz is a biopharmaceutical company, that identifies, develops, and commercializes pharmaceutical products for various unmet medical needs in the United States, Europe, and internationally. In general, 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. At the present time, 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.
On August 12th Jazz announced US FDA approval for Xywav oral solution for Idiopathic Hypersomnia in adults. The company updated its 2021 guidance to reflect the acquisition of GW Pharm. In detail, Jazz reaffirmed its 2021 guidance with revenue of $3.02- $3.18 billion. The company beat Q2 2021 earnings and revenue estimates with total revenue of $751.8 million up 34% year over year. Jazz completed the acquisition of GW Pharms which is expected to drive accelerated revenue growth and further diversification.
JAZZ stock closed at $135.26 on August 25th down 22.23% in the last month. The stock has a 52-week price range of $123.50-$189.00 and is down 18.05% year to date. According to analysts at CNN Business JAZZ stock has a 12-month median price target of $205.00 per share. In essence, this would represent an increase of 51.36% from its last trading price of $135.26. As JAZZ stock continues to rebound in the market it could be one of the best medical cannabis stocks to add to your list right now.
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AbbVie Inc.
AbbVie Inc. continues to deliver innovative medicines to help solve the world’s health issues. At the present time, the company is one of the largest publicly trading medicinal companies focused on the therapeutics market. AbbVie provides medical solutions in areas like immunology, oncology, neuroscience, eye care, virology, women’s health, and gastroenterology. Years back, AbbVie obtained the drug Marinol in its catalog which is a cannabinoid-based medicine that is one of the first FDA-approved cannabis drugs on the market.
At the present time, doctors prescribe the drug for patients with nausea and vomiting from cancer medications. In addition, some doctors prescribe Marinol to people with AIDs to combat the lack of appetite. In Its second-quarter 2021 results, AbbVie reported Q2 diluted EPS of $0.42 on a GAAP basis and adjusted diluted EPS of $3.11. The company delivered Q2 net revenue of $13.959 billion up 33.9% on a reported basis. Global net revenues from the immunology portfolio were $6.120 billion up 15.1% on a reported basis.
ABBV stock closed on August 25th at $120.40 up 12.18% in the last six months. The stock has a 52-week price range of $79.11-$121.40 and is up 12.37% year to date. According to analysts at Tip Ranks ABBV stock has a 12-month average price target of $128.62 per share. Currently, this would represent an upside of 6.83% from its last trading price of $120.40. ABBV stock has a dividend yield of 4.32% and could be a top medical marijuana stock for your list before September.
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