Top Marijuana Stocks In 2021 And Current Market Positions
Are you looking for top marijuana stocks to buy right now? For the first time in October, the best cannabis stocks to invest in showed significant upside in trading. For the most part, the best pot stocks have experienced substantial declines for the past 8 months. In general, this has been because the US has not passed federal marijuana legalization earlier in 2021. At the present time, the delay has left top-tier US MSOs trading at some of the lowest price points seen this year.
In the US leading cannabis companies have delivered strong earnings results for the first half of 2021. On the state level, these companies continue expanding across the US market using M&As as means of building their presence in the market. With top US pot stocks trading at lower levels this could be an opportunity for investors to establish positions in the best US cannabis stocks in 2021.
With another recent push in the House to put marijuana legalization and banking reform on the table, we continue to see delays in the Senate. But it seems this time around we are seeing bipartisan backing from lawmakers that could signal we will see cannabis reform happen in the next few months. This could be a major catalyst for US marijuana stocks and the cannabis sector once it happens.
Investing In Top US Pot Stocks And Researching Trades
For investors, it’s always important to do your own due diligence on a company before investing. Researching a company’s financials and press releases to get a grasp on how the company is performing can help you find the best investments. In addition, watching how a pot stock behaves in the market can help you achieve the best entry points for your investments. Another important factor to consider when investing in marijuana stocks is that they are known for having significant market volatility.
Because of this many investors prefer trading them on a short-term basis using day trading and swing trading methods. In addition, there is also long-term potential in the best marijuana stocks to buy in 2021. According to a BDSA report forecast, US cannabis sales are expected to surpass $24 billion in 2021 and reach $47.6 billion by 2026. In the US there are a few top-tier MSOs that are well-positioned to grow with the market. Let’s look at 2 top cannabis stocks for your watchlist in 2021.
Best US Marijuana Stocks For Your List Right Now
Trulieve Cannabis Corp.
Trulieve Cannabis Corp. is a top-performing cannabis company with more than 50% of the market share in Florida. In October the company closed the acquisition of Harvest Health & Recreation Inc. As a result, the company will have a consensus 2021 revenue of over $1.2 billion. On October 18th the company announced the opening of its 100th dispensary in the state of Florida. Located in Tallahassee where Trulieve opened its first store it’s a proud moment for the company. 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. In September 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.
Trulieve received a production license approval in Georgia giving the company further presence in the Southeast cannabis market. In addition, the company opened its first dispensary in the state of Massachusetts adding another market it can produce growth in. 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. The company will release its third-quarter 2021 financials on November 12th before the market opens.
TCNNF Stock Performance
TCNNF stock closed on October 19th at $26.89 per share up 3.63% for the day. The stock has a 52-week price range of $21.10-$53.73 and is down 14.96% year to date. According to analysts at Tip Ranks TCNNF stock has an average price target of $62.08. In this case, this would be a 130.87% gain from its last trading price of $26.89.
Green Thumb Industries Inc.
Next up is Green Thumb Industries Inc. a leading cannabis consumer packaged company that has established a large footprint in key markets across the US. At the present time, the company has 65 retail locations across 14 states and recently opened its third store in New Jersey. In Q2 of 2021 GTI opened a Cookies on the Las Vegas Strip through an exclusive partnership with the privately-owned Cookies Brand. Additionally, Green Thumb announced it closed the acquisition of Dharma Pharmaceuticals and is entering the Virginia cannabis market as well.
Green Thumb reported its second-quarter 2021 results with revenue of $221.9 million up 85.4% year over year. For the first half of 2021, the company has delivered revenue of $416.3 million an increase of 87.3% from the previous year. As a result, this is the fourth consecutive quarter of positive GAAP net income with $22.1 million or $0.10 per diluted share. Green Thumb has an adjusted operating EBITDA of $79.3 million or 35.7% of revenue. The company will announce its third-quarter 2021 results on November 10th after the close.
GTBIF Stock Performance
GTBIF stock closed on October 19th at $24.08 up 5.38% for the trading day. Currently, the stock has a 52-week price range of $14.65-$39.11 and is down 1.71% year to date. According to analysts at Market Beat GTBIF stock has a consensus price target of $54.06 per share. In essence, this would represent an increase of 124.5% from its last trading price of $24.08.