U.S. Cannabis Market Performance
Are you looking for the best marijuana stocks to invest in for the end of 2020? As it stands U.S. pot stocks to invest in have performed extremely well for shareholders this year. But finding the best cannabis stock to buy can become difficult with so many companies to choose from. Since the U.S. cannabis market is set to grow rapidly over the next few years. We can assume the top American cannabis companies is a good place to start looking.
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Currently, U.S. marijuana companies are outperforming their Canadian counterparts. In addition, although top Canadian marijuana companies are positioning for their piece of the U.S. market federal legislation has to pass for them to have a full entry. Because of this they currently do not have access to the American cannabis industry. So, this leaves investors with top-performing cannabis companies like Green Thumb Industries Inc. (GTBIF Stock Report) and Curaleaf Holdings Inc. (CURLF Stock Report) to research.
Generally, the U.S. has some of the better performing marijuana companies at the current time. In fact, most U.S. cannabis companies saw record revenue growth due to increasing demand for cannabis in the states. On the other hand, this increase in demand has only been seen recently with Canadian cannabis companies. As a result of the pandemic shutdowns, Cannabis 2.0 or the legalization of derivatives in Canada got off to a rough start. For one the derivatives market was legalized in Canada at the end of 2019. This means that many Canadian dispensaries were shut down and couldn’t make sales. Another important point that has affected top Canadian marijuana companies is the need to restructure operations to improve growth and efficiency.
Struggle In The Canadian Cannabis Market
In fact, in 2020 some of the top Canadian cannabis companies like Canopy Growth Corp. (CGC Stock Report) have shut down outdoor grow operations and moved to indoor cannabis growing. Provided that positive market sentiment continues into 2021 marijuana stocks to watch in the U.S. could see more gains. With attention to how the American marijuana market will progress into 2021, these companies are positioning for growth next year. With the purpose of researching and highlighting cannabis stocks with growth potential let’s look at these marijuana stocks with growth potential for 2021.
Marijuana Stocks To Watch For 2021 #1: TerrAscend Corp.
TerrAscend Corp. (TRSSF Stock Report) is a leading North American cannabis operator committed to growth through scientific innovation and operational integrity. In general, the company has operations across Canada and several states in the U.S. Recently the company reported a record Q3 with net sales that grew 90% year over year to $51 million. In detail, TerrAscend has also increased 2020 full-year guidance to $196 million in net sales from $192 million. But most important is the company’s guidance for 2021 which for the full year is set to nearly double to $360-$380 million. At the present time, TerrAscend has 8 dispensaries in operation and a permit to open a new retail location in New Jersey. As the legal cannabis market continues growing so does TerrAscend’s potential to gain market share.
TRSSF stock is up over 344% year-to-date with a 52-week high of $10.91 at the beginning of December. Currently, the stock is trading at $9.74 and could have more upward momentum to end 2020. As TerrAscend increases its footprint across the U.S. with its award-winning dispensaries TRSSF stock has the potential for gains. At the present time, analysts are giving TRSSF stock a one-year price forecast of $13.17 over 25% up from current levels. For this reason, TRSSF stock is a pot stock to possibly own for 2020.
Marijuana Stocks To Watch For 2021 #2: Acreage Holdings, Inc.
Acreage Holdings, Inc. (ACRHF Stock Report) is a multi-state operator of cannabis cultivation and retailing facilities in the U.S. The company has a national retail store brand The Botanist and a variety of national and regional cannabis products. Recently Acreage reported increased revenue of $31.7 million a 42% increase year over year. In addition, the company saw same-store sales growth of 36% in the 7th consecutive quarter with double-digit growth.
Also important is the Acreages arrangement with Canopy Growth which has commenced the process of acquiring the company in the future. Currently, the two companies have a plan to release Canopy’s THC-infused beverages in the U.S. in the summer of 2021. While things progress in the U.S. cannabis market Acreage could be an important part of Canopy’s entry into the American cannabis industry. And the THC-infused beverages represent a new cannabis derivative the two companies are bringing to the U.S.
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ACRHF stock has gained momentum in the market and is currently trading at $3.30 going into today’s trading. Currently, analysts have given ACRHF stock a 12-month price target of $8.43 an increase of over 204% from current levels. As we bring in 2021 with many developments in the U.S. cannabis industry Acreage and Canopy are companies to keep on your radar. In fact, the infused beverage market could be an extremely rapidly growing one in the next couple of years. For this reason, ACRHF stock is cannabis stock to watch going into 2021.