Are These The Best Marijuana Stocks To Watch This Year
Even though 2020 was a year filled with ups and downs marijuana stocks and the cannabis industry were a hot topic. Currently, we are watching first hand one of the fastest-growing industries in the world. What was once seen as taboo and illegal is starting to be legitimized in a major way. This progression has helped to boost some of the top marijuana stocks in the market. When business operations are producing a profit for the company at times it resonates well for other pot stocks as well. In the North American cannabis industry, Canada is starting to pick up in cannabis sales which has helped to offset some of the market volatility that happened this past year.
Currently, in America, there are 36 states that have some form of cannabis legalization. As well 15 of those states also have gone full rec meaning you do not need a cannabis card to purchase products. As it stands 2021 has a lot of positive sentiment and high hopes for the cannabis industry. This positivity is tied to the idea that this new year will be in favor of proper cannabis legislation. Most importantly decriminalizing marijuana on a federal level. Some analysts and investors feel once this happens we may see more marijuana stocks start to rally. As well with proper federal cannabis reform, it will provide more opportunities for Canadian marijuana stocks. However many feel believe US-based marijuana stocks will be the real victors of 2021. Below we will discuss the potential of these 2 marijuana stocks to watch.
Top Marijuana Stocks To Watch
Top Marijuana Stocks To Watch: Green Thumb Industries Inc. (GTBIF)
Green Thumb Industries Inc. has been trading up most of 2020 and so far in 2021 the company has reached new highs. Currently, Green Thumb is known as one of the most dominating US MSO marijuana stocks in the market. GTBIF stock is up 150% for the whole 2020 year and on January 7th reached new all-time highs with a share price of $27.80. Some believe the reason for this upward push is due to speculation surrounding the future of the cannabis industry. Yet as things continue to build in the market GTBIF stock still shows more signs of reaching potential new highs in 2021.
Especially with the companies recent partnership with the world-famous cannabis brand Cookies. Which is set to open its first Florida store in the near future. Currently, Green Thumb has 50 locations that cater to the needs of all cannabis consumers. Green Thumb also has the ability with all of its cannabis licenses to open 96 cannabis retail stores within 12 states. Not many are able to produce this kind of leverage but through having good business operations and a hard-working team much can get done. A part of the company’s success is due to consumers enjoying more of the derivatives Green Thumb offers. For example, customers tend to purchase more edibles, vaporizers, drinks, and other concentrates. Some feel the derivative side of Green Thumbs business will help push the company to be even more profitable in 2021.
Top Marijuana Stocks To Watch: GrowGeneration Corp. (GRWG)
GrowGeneration Corp. was certainly a marijuana stock to watch in 2020. With the start of the new year, the company has continued to trend up in the market. For those who don’t know GrowGeneration Corp. works in the ancillary side of the cannabis industry. Meaning GrowGen runs operates in the cannabis industry without touching the physical plant. The company runs a chain of hydroponic stores that offer growing supplies to those in the industry. What some may not know that GrowGen is looked at as top ancillary marijuana stock with plenty of growth potential.
For the 2020 year, GRWG stock has had solid market momentum and has climbed well during this time. Over for GRWG stock is up over 800% for 2020. With this continued forward momentum, GrowGen has been able to reach new highs to kick off the new year. Currently, the company has operations in 11 states with 36 locations with the goal to open 50 stores in the near future. This marijuana stock to watch is growing at a fast pace with a solid portfolio of acquisitions it has been building since 2014.
So far the company has consecutive yearly growth of triple-digit sales. Some Wall Street analysts feel GRWG stock has the potential to spike over 50% in 2021. Now, this is just a prediction and it’s always best to keep watch to see what will happen. Even though a stock may be hot in the moment always invest wisely and do your homework beforehand. So with it looks likes GrowGeneration Corp. is on the right path and remains a top marijuana stock to watch for potential future gains.