Top US Cannabis Stocks In 2021
Are you looking for top marijuana stocks to buy in 2021 before cannabis legalization? In October the best cannabis stocks to invest in have fallen to the lowest stock prices seen so far this year. This has left most of the top-tier MSOs at trading levels that may produce upside once Congress passes federal marijuana legalization and reform. Another possible catalyst for top pot stocks could be earnings results in November.
Although in 2021 strong earnings have not been a factor in how top marijuana stocks trade, they are something to watch for in Q4. As things continue to progress in the US cannabis industry US cannabis companies are growing rapidly. In 2021 top MSOs have been delivering strong earnings and expanding using M&As to expand across the US market.
In the American market cannabis sales are expected to almost double in the next five years. According to a recent BDSA report, US cannabis sales are forecast to surpass $24 billion in 2021. Additionally, by 2026 US cannabis sales are predicted to reach $47.6 billion. At the present time, many top-tier cannabis companies are positioning to grow with the American cannabis market. For investors, current market value and possible growth could be a good opportunity for cannabis investors.
Investing In The Cannabis Industry In 2021
Before investing in the cannabis sector, it’s important to do research on the best companies in the market. Researching a company’s earnings and studying how the stock behaves in the market can help you achieve the best returns on your investments. In 2021 the cannabis sector has seen significant market volatility. Now as the possibility of marijuana legalization increases, we could see top pot stocks begin to rebound in the market. Although cannabis reform was not executed so far this year a recent bipartisan push for legislation shows lawmakers are leaning toward ending marijuana prohibition.
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On the state level, the cannabis market continues to grow rapidly giving these leading companies new markets to establish a presence in. In states like Virginia 64,000, marijuana distribution charges have been sealed since legalization was established there in the summer. In addition, many voters across the US will be voting on marijuana reform measures on the ballot in November. Let’s look at 3 of the best US marijuana stocks for your watchlist for next week.
Best US Cannabis Stocks For Your Watchlist In 2021
- Trulieve Cannabis Corp. (OTC: TCNNF)
- Green Thumb Industries Inc. (OTC: GTBIF)
- Curaleaf Holdings, Inc. (OTC: CURLF)
Trulieve Cannabis Corp.
First on the list is Trulieve Cannabis Corp. a. company with the largest market share in Florida with more than 50% of the legal cannabis sales in the state. Specifically, the company is a leading and top-performing cannabis company and in October closed the acquisition of Harvest Health & Recreation Inc. As a result, the company will have a consensus 2021 revenue of over $1.2 billion. Trulieve has 97 stores in Florida, and 107 nationwide, growing strategically in new markets. On October 13th Trulieve opened its 97th in Florida location in Cutler Bay. 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. 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 15th at $26.22 per share up 4.84% down 17.08% year to date. According to analysts at Tip Ranks TCNNF stock has an average price target of $62.03. This would be a 136.58% gain from its last trading price of $26.22.
Green Thumb Industries Inc.
Next 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, Green Thumb has 65 retail locations across 14 states and recently opened its third store in New Jersey. Additionally, GTI has licenses for 111 retail locations for future expansions. In Q2 GTI opened a Cookies on the Las Vegas Strip through an exclusive partnership with the privately-owned Cookies Brand. Also, Green Thumb announced it closed the acquisition of Dharma Pharmaceuticals and is entering the Virginia cannabis market as well.
In August 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 15th at $23.72 down 19.07% in the past six months. According to analysts at Market Beat GTBIF has a consensus price target of $54.06 a forecast upside of 127.9% from its current price of $23.72.
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Curaleaf Holdings, Inc.
Curaleaf Holdings, Inc. is an industry leader that provides packaged cannabis products and operates 109 retail locations nationwide. 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. On October 13th 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.
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. Notably, the company reported second-quarter 2021 adjusted EBITDA of $84 million up 201% year over year. As a result, 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 $10.57 down 11.71% year to date. According to analysts at Tip Ranks CURLF stock has a 12-month average price target of $22.84. This would represent an upside of 116.08% from its last price of $10.57.
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