U.S. Marijuana Stocks Rally After Election
As a nail-biting presidential election begins to wear down Americans due to the fact, they now realize how long this process could take. The stock markets have rallied as they have already decided who will win. As it stands the U.S cannabis industry will benefit greatly from a democratic victory as they have already proclaimed to decriminalize cannabis. Provided that the Dems pull it off the next four years could have a big impact on how fast the marijuana industry grows. At this time many leading U.S marijuana companies like Green Thumb Industries Inc. (GTBIG Stock Report) have been building dispensaries across the nation. Currently operating 49 locations across 12 U.S. markets.
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Although 2020 has been an eventful year as far as the market is concerned the struggles investors have faced with top pot stocks to watch looks to be paying off. Given that the SAFE federal banking act could open a new door of financing for licensed marijuana companies, bigger prospects could occur in the industry. At the present time, 5 new states have passed marijuana legalization policies predicted to add another $9 billion of market growth to the cannabis industry. With that marijuana companies like Acreage Holdings Inc. (ACRHF Stock Report) have been positioning themselves to take advantage of the emerging market. Recently the company put up $10 million in New Jersey to acquire 12 licensed marijuana businesses there.
Which U.S Pot Stocks Should We Focus On?
With attention to the leading marijuana stocks to buy that may profit from the growing market. For the most part, each company has adopted its own style of growing their business. While some companies have opted to spread its presence across the country. Others have concentrated their efforts by focusing on one state. Both have had their own kind of success as they now are marijuana industry leaders. With this in mind, we can take a look at some top-performing American marijuana stocks.
Best American Marijuana Stocks to Watch: Trulieve Cannabis Corp.
Trulieve Cannabis Corp. (TCNNF Stock Report) is a leading top-performing cannabis company that has focused its growth in the state of Florida. Currently, this vertically integrated company is the largest medical cannabis producer in the state. In fact, the company has a total of 65 dispensaries in Florida and a total of 67 locations nationwide. As it stands Trulieve has over 50% of the cannabis market in the sunshine state and has commenced expanding slowly into other states. In detail, the company has entered into California, Massachusetts, and Connecticut.
Trulieve has a large variety of THC and CBD products that include edibles, flowers, concentrates, creams, and vaporizers. The products have had success because the company has performed well even in 2020. The company reported record-breaking earnings for Q2 of $120.8 million mostly due to a same-store sales increase of 30%. Currently, most active patients visit a store an average of 2.8 times a month and spend about $125 a visit.
TCNNF stock has also been one of the top-performing marijuana stocks in 2020. Currently reaching its YTD high of $25.25 the stock is up almost 200% from its March 11th low. TCNNF stock can possibly see more upside going into the end of the year. As the Florida market is predicted to be one of the largest cannabis markets the company’s position is a strong one.
Best American Marijuana Stocks to Watch: Cresco Labs Inc.
Cresco Labs Inc. (CRLBF Stock Report) is one of the largest vertically integrated MSO’s in the U.S. Currently, the company operates in 9 states, with 15 production facilities, 29 retail licenses, and 19 operational dispensaries. In addition, Cresco has a portfolio consisting of about 350 products that are sold in 700 dispensaries across the country. As far as earnings go the company is reporting a record of $94.3 million in Q2 an increase of 42% quarter over quarter. Cresco reported wholesale revenue growth of 44% quarter over quarter to $55 million and retail revenue growth of 39%. The company is seeing revenue growth of over 30% in every state except Massachusetts.
CRLBF stock is also one of the best-performing marijuana stocks to watch in 2020. Also currently reaching its YTD high of $8.25 the stock is up over 150% from its March 11th low of $2.37. As the cannabis industry continues its rapid growth into 2021 look for CRLBF stock to continue its upward momentum. In conclusion, these two marijuana stock picks could be possible giants in the U.S. cannabis market. With more states creating new markets these could possibly be on your marijuana stock watchlist.
MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | new@marijuanastocks.com
