Is Now The Time To Buy Top Cannabis Stocks In 2021?
Are you looking for top marijuana stocks to buy while the cannabis sector is trading at lower prices? In October the best cannabis stocks to invest in have seen significant declines in the market. Because of this many cannabis investors are taking advantage of this lower market value to establish positions in the top pot stocks. In the US cannabis companies have been growing at a rapid pace.
So far in 2021 leading cannabis companies have delivered strong earnings and have expanded their presence across the US market. As new states continue to legalize cannabis companies are using mergers and acquisitions to quickly create a larger footprint. Although federal marijuana legalization has brought down the cannabis sector in the market these companies have continued to perform at higher levels.
Researching these companies and finding the best performing MSOs could be a good way of gaining exposure to the US cannabis industry. According to a recent BDSA forecast, US cannabis sales are forecast to surpass $24 billion in 2021. This is expected to grow to $47.6 billion by 2026 a CAGR of 14%. With a hand full of top-tier cannabis companies leading the US cannabis market this could be time to start a watchlist of pot stocks.
Investing In US Pot Stocks In 2021
Before investing in marijuana stocks there are a few important factors to consider. For one the best cannabis stocks to invest in are known for having substantial market volatility. This year the cannabis sector has rallied in the first quarter and is now giving back most of that upside.
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Researching a company’s earnings and following how a stock performs in the market can help you achieve returns from your investments. As the cannabis sector continues to trade at these lower levels many analysts are forecasting significant upside potential. Before the first trading week of November let’s look at 4 of the best US marijuana stocks for your watchlist next month.
Top US Marijuana Stocks In Q4 2021
- Trulieve Cannabis Corp. (OTC: TCNNF)
- Green Thumb Industries Inc. (OTC: GTBIF)
- Curaleaf Holdings, Inc. (OTC: CURLF)
- Cresco Labs Inc. (OTC: CRLBF)
Trulieve Cannabis Corp.
First on the list, is Trulieve Cannabis Corp. 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 107th dispensary in the state of Florida. Additionally, 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.
Also, Trulieve debuted a new line of concentrates using hydrocarbon extracts. In detail, 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 closed on October 29th at $25.17 per share down8.97% in the last month. According to analysts at Tip Ranks TCNNF stock has an average price target of $65.36. In this case, this would be a 159.67% gain from its last trading price of $25.17.
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Green Thumb Industries Inc.
Green Thumb Industries Inc. is 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.
Overall, 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 closed on October 29th at $20.47 down 16.44% year to date. According to analysts at Market Beat GTBIF stock has a 12-month average price target of $54.06 per share. In this case that represents an increase of 164.1%.
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Curaleaf Holdings, Inc.
Next on the list is Curaleaf Holdings, Inc. a US industry leader that provides packaged cannabis products and operates 109 retail locations nationwide. Also, Internationally, 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. The company has the popular brand Select as one of its leading brands in the US. In October Curaleaf diversified its Select brand with edible offerings called Select Snooze Bites. This product has a combined THC and CBN fast-acting platform that can be used as a nighttime wind-down product. In addition, the company has expanded its Select brand Rolling Stone partnership to other US markets.
Curaleaf reported record second-quarter 2021 results with revenue of $312 million. Its second-quarter revenue is up 20% from Q1 2021 and 166% year over year. To highlight, the company reported second-quarter 2021 adjusted EBITDA of $84 million up 201% year over year. In addition, gross margins reached about 50% driven by higher yields at existing facilities. During Q2 the company opened another five dispensaries and continues to expand its footprint in the third quarter. The company will release its 3rd quarter 2021 financials on November 8, 2021, after the market close. CURLF stock is closed at $9.75 on October 29th down 17.30% in the past month. According to analysts at Tip Ranks CURLF stock has a price target of $22.55 per share. This forecast represents an upside of 131.28% from its last trading price of $9.75.
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Cresco Labs Inc.
Cresco Labs Inc is one of the largest vertically integrated cannabis companies in the US industry. At the present time, the company is considered the number one wholesaler of branded cannabis products in the US. In fact, according to a new BDSA report, Cresco is the leading cannabis brand in Illinois and Pennsylvania. At the present time, Cresco operates 40 retail locations across 10 states with 20 production facilities and 47 retail licenses. Notably, the company opened its fourth Sunnyside dispensary in Pennsylvania as the company expands into other key markets. In October Cresco acquired Laurel Harvest Labs, LLC increasing its depth in Pennsylvania. Also, the company announced a portfolio expansion of its Good News brand with more selections in the edibles and vaping areas. In October the company is shifting to owned brand distribution in California to increase profitability and reduce third-party distribution.
Cresco announced the acquisition of Blair Wellness Center a Maryland dispensary. Cresco announced its second-quarter 2021 results with a record revenue of $210 million. In addition, the company reaffirmed its annualized revenue guidance of $1 billion in 2021. As a result, the company delivered gross profits excluding fair value markups of $107 million or 51% of revenue. Cresco has a net income of $2.7 million and an adjusted EBITDA of $45.5 million. For its outlook, the company expects gross profit margins of more than 50% for the remaining two quarters of 2021.
The company will report its third-quarter 2021 results on November 11th before the market opens. CRLBF stock is trading at $7.80 on October 29th down 20.93% year to date. According to analysts at Tip Ranks CRLBF stock has a 12-month average price target of $17.30 per share. In essence, this would represent an increase of 121.79% from its current trading price.
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