Cannabis Industry Growth In 2021
One of the fastest-growing industries in the U.S. and across the world in the cannabis industry. After starting 2021 with significant gains in the market the cannabis sector began showing declines in value after February 10th. At the present time, these drops in value have given new investors a lower entry point into some of the best marijuana stocks to buy in 2021. As the cannabis industry waits for the federal government to begin introducing cannabis reform legislation in the near future, states continue to legalize cannabis this year.
After New York announced its cannabis legalization in March, now so has Virginia and New Mexico in April. All these emerging markets currently represent substantial growth for the cannabis market. For investors, there are few things to know about top cannabis stocks before starting a position. For one marijuana stocks are traditionally known for being some of the more volatile securities in the market.
In general, this market volatility is something that’s preferred by day traders and swing traders who use the price fluctuations to their advantage. On the other hand, the same volatility makes it harder for long-term investing in top pot stocks right now. Although this is the case currently, many analysts believe the best cannabis stocks to invest in will see substantial gains in the next five years.
Will Marijuana Stocks Continue To See Gains In 2021?
In reality, the current market value for top marijuana stocks could produce significant gains in 2021. For investors looking for the best cannabis stocks to invest in it could be time to add these pot stocks to your watchlist. For the purpose of finding candidates to research and watch in the market, we can take a closer look at some cannabis companies. At the present time, these could be the best marijuana stocks to buy next week in April.
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Marijuana Stocks To Watch:
- Innovative Industrial Properties, Inc. (NYSE: IIPR)
- Curaleaf Holdings, Inc. (OTC: CURLF)
- GrowGeneration Corp. (NASDAQ: GRWG)
Innovative Industrial Properties, Inc.
Innovative Industrial Properties, Inc. is a real estate company specifically focusing on leasing properties to licensed companies in the regulated U.S. cannabis industry. With its most recent expansion, IIP owns 68 properties across 18 states in the U.S. In April the company announced it entered into an agreement with a Jushi Holdings Inc. (OTC: JUSHF) subsidiary in Pennsylvania for a cannabis growing and processing facility. In detail, IIP is adding an additional $30 million in funding for the completion and buildout of the facility and has a total investment of approximately $45.8 million.
In February IIP released full-year 2020 financials that showed strong revenue growth. The company generated total revenues last year of approximately $116.9 million up 162% from 2019 but missed estimates by analysts. Another important part about IIP declared is its dividend to shareholders totaling $4.47 per share a 58% increase from 2019. In March IIP declared its first quarter 2021 dividend of $1.32 per share. IIPR stock has been a favorite amongst hedge fund investors and money managers since 2020.
IIPR stock is currently almost flat for 2021 only up 0.99% year to date. In February IIPR reached a new high of $222.08 per share. Closing on April 16th at $184.94 per share the stock has seen some upward momentum in April. According to analysts at CNN Business IIPR stock has a 12-month median price target of $219.00 per share. This would be an 18.42% gain from current levels.
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Curaleaf Holdings, Inc.
Curaleaf Holdings, Inc. is one of the largest U.S. providers of cannabis products with an expanding presence in the U.S. cannabis market. Currently, Curaleaf has a 104th retail location across 23 states and reported strong earnings for their full-year 2020 financial results. In detail, the company reported a record 2020 proforma revenue of $767.1 million. Additionally, the companies managed revenue for fiscal 2020 was $653 million up 161% from 2019. Curlaeaf has also begun expanding into the European cannabis industry with the $286 million acquisition of Emmac Life Sciences Limited. In Europe, Emmac Life is one of the largest independent cannabis companies at the present time.
In April Curaleaf open 2 new retail locations in Philadelphia and rebranded 9 other retail locations it has in Pennsylvania. The new rebranded Curaleaf stores mark the 12th location the company has opened in the state. In addition, Curaleaf has been rebranding its Illinois retail locations and has 10 stores with the close of the acquisition of Grassroots.
CURLF stock is up 15.61% year to date with a high of $18.38 in February. Closing on April 17th at $13.84 the stock could have some potential upside from these levels. According to analysts at Tip Ranks CURLF stock has a 12-month average price target of $22.20 per share. In essence, this would be a 60.40% gain from current levels.
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GrowGeneration Corp.
GrowGeneration Corp. is one of the largest hydroponics suppliers in the U.S. with 52 retail and distribution centers nationwide. At the present time, the company sells thousands of products relating to plant nutrients and soil and state-of-the-art hydroponics equipment. In March GrowGen releases the record fourth quarter and full-year 2020 financial results period. In detail, the company had record revenues of $193 million and adjusted EBITDA of $19.2 million. The company also gave full-year revenue guidance for 2021 of $415 to $430 million.
In 2021 the company expects to reach over 60 hydroponic garden centers across 15 states. Also, Grow Gen is expecting to reach over 100 locations by 2023. GRWG stock should be at the top of your watch lists as the stock has broken above the 50-day moving average and could have potential upside in April.
GRWG stock is up 17.11% year to date with a high of $67.75 in February. Closing on April 16th at $47.10 the stock could be one of the top-performing ancillary marijuana stocks to invest in. According to analysts at Market Beat GRWG stock has a consensus price target of $49.57. This is only a 5.2% upside from current levels. With this in mind, GRWG stock could be a cannabis stock to watch for a better entry point in the future. But as an option for long-term investing in the cannabis sector GRWG stock is a top marijuana stock to add to your watchlist.
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