Finding The Top Cannabis Stocks To Buy In May
Are you looking for the best way to invest in marijuana stocks right now? In May the cannabis sector is showing some upward momentum after three months of declines in value. This could be an opportunity for investors to find the best marijuana stocks to invest in at lower price points. In 2021 many leading cannabis stocks have shown significant volatility in the market. After climbing to new highs in February the cannabis sector has been consolidating at lower levels.
Now appearing to settle at these price points and begin to see some upside, there could be potential returns in the near future. In the first quarter of 2021 top cannabis companies have been reporting strong revenue growth so far this year. Although the cannabis sector has not currently responded in the market to these earnings it shows how fast the cannabis industry is growing currently. As more states implement cannabis legalization companies are able to expand into these states and establish their market share.
Primarily mergers and acquisitions have sped up the expansion process in the cannabis industry. In the US cannabis companies like Trulieve Cannabis Corp. (OTC:TCNNF) recently acquired Harvest Health & Recreation Inc. (OTC:HRVSF) to create the largest MSO in the US right now. Currently, Trulieve is one of the top-performing US cannabis companies reporting a record first-quarter 2021 revenue of $193.8 million.
Marijuana Stocks And Cannabis Industry Catalysts
In many cases, the cannabis industry represents a chance for investors to buy into one of the fastest-growing markets for the next few years. So, with pot stock prices trading at some of their lowest values this year it could be time to add a few cannabis stocks to your watchlist. In 2021 there are a few catalysts that could spark upward momentum in the best marijuana stocks to buy. One of those potential kick-starters is federal cannabis reform and legalization.
It’s important for investors to do thorough research before investing in top marijuana stocks in 2021. Understanding a company’s financial standing and how the stock performs in the market can help you establish the best position for your investments. One way investors do this is by starting a watchlist and studying a stock’s price movement and market pattern. With this in mind let’s take a closer look at 2 top marijuana stocks to watch to end the week.
Marijuana Stocks To Watch
Jushi Holdings Inc.
Led by an industry-leading cannabis team is Jushi Holdings Inc. This month the company completed the acquisition of two California dispensaries and closed another acquisition of Dalitso LLC Facility establishing its presence in Virginia. Jushi has 30 retail licenses in the US and its national brand of cannabis dispensaries Beyond/Hello continues to see growth online and in-store. In April Jushi delayed its filing for its 2020 annual financial statement and announced certain unaudited 2020 Q4 and full-year results instead. Specifically, in the fourth quarter of 2020 revenue increased 30% sequentially to $32.3 million. Also, the company saw gross profits increase 44% quarter over quarter to $17.6 million.
At the present time, Jushi is expanding into new markets and could see significant revenue increases in 2021. Recently the company launched a suite of cannabis brands across multiple states under the names The Bank, The Lab, Tasteology, Nira+Medicinals, and Seche. In the near future, Jushi could become one of the top cannabis companies in the US as it continues its expansion.JUSHF stock closed on May 20th at $6.00 per share up 2.39% year to date. In the past year JUSHF stock has increased 506.06% and reached a high of $9.06 in February. According to analysts at Tip Ranks JUSHF stock has a 12-month average price target of $9.99 per share. In essence, this would be an increase of 66.55% from current levels. For this reason, JUSHF stock is a top marijuana stock to add to your watchlist for next week.
One of the pioneers in the California cannabis market is Harborside Inc. The company was founded in 2006 as one of the first six licenses in the state. Currently, Harborside has six dispensaries in California, and Oregon and could continue to grow its presence in California. In its latest earnings report the company reported full-year 2020 gross revenue of $63.4 million up 29% from the prior year. Also, full-year 2020 adjusted EBITDA grew to $7.4 million from an adjusted EBITDA loss of $8.9 million in 2019.
In 2021 Harborside announced it expects gross revenue between $68-$72 million. A few days ago, the company announced it has received approval to commence adult-use sales at its San Leandro Wellness Solutions dispensary. In general, the adult-use market could add substantial revenue growth to Harborside’s bottom line.
Currently, HBORF stock closed on May 20th at $1.9099 up 21.65% year to date. In February HBORF reached a high of $2.54 per share and has climbed 13.68% in the past month. According to analysts at Wallet Investor HBORF stock has a 1-year forecast of $3.617 per share. Comparatively, this would be an increase of 89.47% from current levels. With this in mind, HBORF stock could be one of the best cannabis stocks to add to your watchlist in May.
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