Finding The Best Cannabis Stock In December 2020
Are you looking at marijuana stocks wondering if they are worth investing in? At the present time, the cannabis industry has regained investor attention with its growth in 2020. Currently, in the United States, most leading marijuana companies like Green Thumb Industries (GTBIF Stock Report) have shown revenue growth and the ability to continue expansion plans during the year. Despite the COVID-19 pandemic, the U.S. marijuana market was able to prosper in 2020. A lot could be said about how cannabis companies managed to gain momentum during one of the toughest economic years in America. For one 2020 growth opened the eyes of investors that were on the fence with pot stocks as investments. But now many people can see the potential some of these marijuana companies have for the next five years.
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Recently analysts are saying the U.S. cannabis industry could more than double in the next five years. In reality, finding the best company to take advantage of this growth just involves some solid research into a company’s financials and finding the ones with growth potential and an innovative plan for the future. But because the current market has continued to show gains for leading pot stocks to watch, investors forget about pot stock volatility. To elaborate the cannabis stock sector is historically one of the more volatile sectors in the stock market. That is to say that right now things look good for many cannabis stocks but that doesn’t mean they will not see some pullback in the market.
Future American Cannabis Industry Growth
With attention to how much marijuana stocks have gained since the beginning of November, there could be some investors taking profit? Usually, if an investor has realized some gains in a pot stock to buy, they sometimes sell a percentage of their position to lock in some profits. In essence, this strategy frees up some capital and also and realizes some gains in the event the stock loses market value. Another strategy some investors use with cannabis stocks is to find a marijuana stock for a place in their long-term portfolio like GrowGeneration Inc (GRWG Stock Report), then find a cannabis stock with more volatility and use that for day trading and swing trading like Sundial Growers Inc. (SNDL Stock Report).
In reality, there are many ways to take advantage of the possible growth and gains marijuana stocks will have in the future. Considering that 2020 has proven to be profitable for people that jumped into cannabis stocks earlier in the year 2021 has similar potential. For the purpose of finding cannabis companies that could have gains next year let’s look at 2 marijuana stocks to watch in December.
Pot Stock To Watch For December #1: TerrAscend Corp.
TerrAscend Corp. (TRSSF Stock Report) is a leading North American cannabis operator with operations in Pennsylvania, New Jersey, and California in addition to operating as a licensed producer in Canada. The company operates the award-winning chain of Apothecarium dispensaries and best in class cultivation and manufacturing facilities. Currently, TerrAscend has 11 retail locations and operations under development. Recently the company reported record 3rd quarter revenue with nets sales increasing 90% to $51 million. In addition, TerrAscend increased its 2020 guidance to $196 million from $192 million. And increased to $54 million of adjusted EBITDA from $45 million. As a matter of fact, TerrAscend was one of the fastest-growing MSOs in 2020.
TRSSF stock is has seen triple-digit percentage gains since October. Currently, the stock is up over 379% year-to-date and some analysts are predicting it could continue climbing. In a recent forecast, analysts are giving TRSSF a price target of $13.53 a gain of almost 29%. And a five-year forecast of $32.32 which would give the stock long-term potential if realized. For this reason, TRSSF stock is marijuana stock to watch in December 2020.
Pot Stock To Watch For December #2: AYR STRATEGIES INC
AYR STRATEGIES INC (AYRWF Stock Report) is a vertically integrated cannabis MSO that focuses on high-growth markets. Recently the company began trading under the new symbol “AYRWF” on December 4th. This was due to an administrative issue at FIRNA that retired the former ticker. Recently Ayr reported 3rd quarter revenue that was up 61% to $45.5 million quarter over quarter. In addition, the company reported annual revenue of $182 million and generated over $13 million in cash operations in Q3. Also, in the 3rd quarter, the company announced expansion plans into Pennsylvania, Ohio, and Arizona.
AYRWF stock could be one to watch because of the recent ticker change. Currently, analysts are giving AYRWF stock a one-year forecast price target of $26.04 over a 30% increase from current levels. Provided that the company continues its expansion plans in 2021 AYRWF could have growth potential for investors. For this reason, AYRWF stock is cannabis stock for your 2021 watchlist.
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