What The Future Holds For The U.S Cannabis Industry
Have you been looking for leading marijuana stocks for your watchlist? If so, there are many different options in the cannabis industry to choose from. But to find the right fit for your portfolio you as an investor have to put in the research. This entails looking up a cannabis companies financials and understanding the price swings in the market. Although many pot stocks had a turbulent year due to market volatility and problems arising from the pandemic, the future holds promise. In spite of current economic conditions, cannabis companies have continued to expand throughout the 2020 year. Some leading cannabis companies like Curaleaf Holdings, Inc. (CURLF Stock Report) have continued their expansion across the nation. Currently, Curaleaf is in 23 states with 95 local dispensaries, 22 cultivation sites, and 30 processing facilities.
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As marijuana legalization continues state by state, and the federal government moves closer to decriminalization, the U.S market could grow rapidly. In fact, analyst predict the U.S market could exceed $100 billion by 2024. While the U.S. cannabis market in 2020 could reach between $54.6- $66.9 billion this prediction has the cannabis industry doubling in the next four years. Not to mention the estimated job growth created by marijuana companies in the same period. In all the marijuana industry would be an asset to a recovering U.S. economy and would add billions of dollars in tax revenue going forward.
How Have Marijuana Stocks Performed In 2020?
Even though 2020 was filled with economic struggle and a devastating pandemic we’ve not fully recovered. Before the market crash in March, many pot stocks to watch were showing upward momentum in January 2020. Some cannabis stocks have seen triple-digit percentage gains this year. For example, take Trulieve Cannabis Corp. (TCNNF Stock Report) stock which is currently almost 150% above its January 1st trading price of $10.19. In essence, there are many marijuana stocks to buy that are showing similar trading patterns. With this in mind let’s look at 2 marijuana stocks that could have potential value.
Marijuana Stocks for Your Watchlist: Aphria Inc.
Aphria Inc. (APHA Stock Report) is a leading Canadian cannabis company that engages in the production and sales of medical and recreational cannabis. The company has focused its growth in the Canadian and European marijuana markets and has performed well. For instance, Aphria is one of the only Canadian pot stocks that has shown profitability consecutively in past quarters. As far as balance sheets go Aphria has one of the strongest amongst Canadian pot stocks in 2020. The company ended Q1 with $400 million in cash to invest in future opportunities in Canada and Internationally. Recently, on October 15th the company reported mixed results for fiscal Q1 of 2021. With that APHA stock lost 18% that day in trading action.
Although APHA stock was negatively affected by the financial report many analysts believe the stock will have potential in the future. Currently APHA stock is trading at a discount when compared to its larger competitors like Canopy Growth Corp. (CGC Stock Report). At its price on November 3rd of $5 the stock could be seen as a good value for investors. With any good developments in the Canadian derivatives market or its European ventures, Aphria could be a marijuana stock with future value.
Marijuana Stocks For Your Watchlist: Planet 13 Holdings Inc.
Planet 13 Holdings Inc. (PLNHF Stock Report) is a vertically integrated Nevada cannabis company. The company is well known for its unique approach to cultivating, processing, and dispensing. Recently Planet 13 has announced plans to expand on its already enormous superstore located on the Las Vegas Strip. In short Planet 13 will be doubling the sales floor of its dispensary while adding an additional entertainment space. In fact, the expansion will make the Super Store a 23,000 sq. ft. cannabis facility. The company has also begun building another facility in Santa Ana, California, and is showing signs of growth.
PLNHF stock has performed well for 2020 up over 200% since its March low of $0.85. Currently trading at $3.40 a share the stock has a YTD high of $3.90 on August 12th. Planet 13 has been experiencing record sales and will benefit from the increasing tourism on the Las Vegas Strip. As Planet 13 continues its expansion across the west coast look for PLNHF stock to continue its upward momentum.
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