Investing In Top Cannabis Stocks In July
Are you looking for the best way to invest in marijuana stocks in 2021? In many ways this year has been historical for the cannabis industry and leading cannabis companies. On Wednesday Senate Majority Leader Chuck Schumer, Sens. Cory Booker, and Ron Wyden unveiled a draft bill of the Cannabis Administration and Opportunity Act. This highly anticipated bill would federally legalize cannabis and allow states to decide cannabis law.
This could help propel an already rapidly growing cannabis market even further. Currently, the announcement did not have an impact on the market. Instead, top marijuana stocks to buy are trading lower to close the week. For new investors, this could be an opportunity to establish positions in some of the best cannabis stocks in 2021 at lower price points.
US Cannabis Market And Future Growth
In the US there are many top cannabis companies showing significant growth potential for the next few years. In the first quarter of 2021, these companies have reported strong revenue growth and continue expanding rapidly. At the beginning of the year the cannabis sector rallied until almost mod February and since then has been shedding value in the market as the year progressed.
Now after several months of consolidation and upcoming second-quarter earnings, it could be time to put some top pot stocks on your list in July.Before investing it’s always important to do research on a company and how it performs in the market. Doing your own due diligence can help you establish the best positions for your investments. With this in mind, let’s take a closer look at 3 top marijuana stocks to add your watchlist for next week.
3 US Marijuana Stocks To Watch 2021
Ayr Wellness Inc.
Ayr Wellness Inc. has recently become the fourth largest cannabis company in Florida. In addition, the company is also expanding its presence through acquisitions in other key markets. Ayr has 38 operating dispensaries in Florida and a total of 52 stores nationwide. AYR opened its most recent dispensaries in Hollywood and Key West, Florida. In the company’s first-quarter 2021 financials AYR saw revenue of $58.4 million up 74% year over year.
For the second quarter of 2021 Ayr provided a revenue guidance estimate of $90 million up 218% year over year. In addition, the company reaffirmed its guidance for 2022 with revenue of approximately $725 million. On July 15th Ayr received a provisional license to sell adult-use cannabis at greater Boston dispensaries in Massachusetts. The company is expected to release second-quarter 2021 financials on Tuesday, August 17th before the open.
AYRWF stock closed on July 16th at $28.50 up 19.85% year to date. In February AYRWF stock reached a high of $37.50 and has gained 249.26% in its 1-year performance. According to analysts at Tip Ranks AYRWF stock has a 12-month average price target of $46.19 per share. This forecast would represent an increase of 62.07% from its last trading price of $28.50. For this reason, AYRWF stock could be a top marijuana stock to buy in July.
Planet 13 Holdings Inc.
Planet 13 announced the grand opening of its Orange County superstore which is now the largest dispensary complex in California. The company is based in Nevada, with award-winning cultivation, production, and dispensary operations on the Las Vegas strip. Currently, on the Las Vegas Strip Planet, 13 is famous for its larger-than-life Superstore dispensary that’s housed in a 112,000 square foot building. As it stands Planet 13’s two superstore dispensaries are said to be the largest in the world. In addition, the company has also established a smaller model of its business the Medezin store which encompasses its larger store model and puts it in a compact form.
Planet 13 announced its first-quarter 2021 financial results with Q1 revenue of $23.8 million. As a result, the company saw gross profit before biological adjustments of $12.8 million. In the first quarter, the company saw a net income of $0.4 million compared to a net loss of $1.4 million in Q1 2020. In May Planet 13 set another sales record of $11.2 million with gross margins above 50%. This month the company expects to launch Tinley’s products a selection of cannabis-infused beverages.
PLNHF stock closed at $5.87 on July 16th up 4.88% year to date. In February PLNHF stock reached a high of $8.67 and has gained 183.49% in its 1-year performance. According to analysts at Tip Ranks PLNHF stock has a 12-month average price target of $7.57 per share. This forecast would represent the 29% upside from the last price of $5.87. With this in mind, PLNHF stock could be one of the best cannabis stocks to watch in July.
Columbia Care Inc.
Columbia Care Inc. could be one of the best-positioned cannabis companies to grow rapidly in the state of New York after legalization is complete. With a recent acquisition of a 34-acre Long Island cultivation site, the company has one of the largest cannabis footprints to service the East Coast market. The company operates in 18 US markets and operates 115 facilities including 87 dispensaries and 28 cultivation and manufacturing facilities. In July the company announced the launch of West Virginia market operations. Columbia Care expects to begin cultivation operations in the state at its Falling Waters facility.
In the first quarter of 2021, Columbia Care announced a record combined revenue of $92.5 million an increase of 220% from the prior year. The company produced a record combined adjusted gross profit of $37.7 million an increase of 316% year over year. Columbia Care reaffirmed its 2021 combined revenue guidance of $500-$530 million and adjusted EBITDA of $95-$105 million. Columbia Care completed the acquisition of Green Leaf Medical establishing a market-leading position in the mid-Atlantic. In addition, the company announced it appointed Phillip Goldberg of Green Leaf Medical To its Board of Directors. The company is expected to report its second-quarter 2021 results on August 12th before the open.
CCHWF stock closed on July 16th at $4.92 down 18.68% year to date. In February CCHWF stock reached a high of $7.89 and has gained 76.98% in its 1-year performance. According to analysts Market Beat CCHWF stock has a consensus price target of $13.30 per share. This would be an increase of 170.3% from its last trading price of $4.92. With massive growth potential CCHWF stock is a top marijuana stock for your watchlist next week.
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