As April Begins Marijuana Stock Could Rebound In The Market
How will the month of April begin for top marijuana stocks to buy? On the last day of March after a month of declines in the market, most of the best cannabis stocks to invest in began showing substantial upward movement. One example Green Thumb Industries Inc. (OTC: GTBIF) gained 16.37% on March 31st on the announcement that Ney York passed cannabis legalization. In fact, many cannabis stocks to watch also displayed similar market trends as the month ended.
Since reaching new highs on February 10th the cannabis sector has been on a downward spiral that has progressed through most of March. Although most cannabis companies have been reporting strong 2020 full-year results it hasn’t translated into market gains in March. Currently leading cannabis companies have been growing rapidly in the US and across the world. In general, most have established larger footprints through mergers and acquisitions that allowed companies to grow through an already established market presence.
In many instances, this has sped up the growth process for cannabis companies and added to revenue growth. As it stands many top US cannabis companies are expecting gains in revenue growth for 2021. In reality, this shows how the cannabis industry continues to grow as the market expands. As more states opt into a cannabis program, they are also adding more cannabis sales to the market. In 2021 many analysts believe top marijuana stocks to buy will show significant gains in the market.
Are March Losses A Buying Opportunity in April?
As a result of most top pot stocks losing significant value in March, this could be a good buying opportunity for future gains this year. before making any investments, you should always do your due diligence on any cannabis company before starting a position. This requires some research into these top cannabis companies and also watching how the pot stock performs in the market. In reality, marijuana stocks are known to be some of the more volatile stocks in the market.
For this reason, investors should watch this volatility to get a better idea of what to expect when it comes to price fluctuation. For the purpose of finding options of the top marijuana stocks to invest in, we can begin to do s research into some companies. Currently, the cannabis sector could be positioned for a rebound in the market. In fact, US marijuana stocks could continue to produce substantial gains for 2021. With this in mind let’s take a look at top marijuana stocks to add to your watchlist in April.
- Will These Marijuana Stocks See A Turn Around In Trading In April?
- Did Marijuana Stocks Just Rally Today? 2 That Saw Gains In The Market
Marijuana Stocks To Watch:
Harvest Health & Recreation Inc. (OTC: HRVSF)
Vireo Health International, Inc. (OTC: VREOF)
Harvest Health & Recreation Inc.
Harvest Health & Recreation Inc. Is a vertically integrated cannabis MSO with a large presence in its home state of Arizona. At the present time, the company operates 15 dispensaries in Arizona and has a total of 37 stores nationwide. With the recent addition of the adult recreational cannabis market in the state, the company could be positioned for substantial growth. At this point, some analysts believe cannabis sales in Arizona will double in 2021 with the addition of the new market.
On March 30th Harvest released its fourth-quarter and full-year 2020 financial results which beat its 2020 outlook. In detail total revenue increase 98% the $231.5 million compared to $116.8 million in 2019. Also, in the fourth-quarter revenue was $69.9 million up 85% from the fourth quarter of 2019. Additionally, the company’s net loss for full-year 2020 was $59.6 million compared to $168.8 million in 2019. Not to mention harvest introduced a 2021 revenue target of $380 million and the first quarter 2021 revenue target of $87 million.
HRVSF stock is up 49.54% year to date with a high of $4.50 in February. Closing on March 31st at $3.23 per share the stock was up 2.05% for the day. According to analysts at Tip Ranks HRVSF stock has a 12-month average price target of $5.74. This price target would be a 77.71% gain from current levels. For this reason, HRVSF stock is a top U.S. marijuana stock to add to your watchlist in April 2021.
Vireo Health International, Inc.
Vireo Health International, Inc. prides itself on being a physician LED cannabis company focusing on bringing the best technology, science, and engineering to the cannabis industry. The company manufacturers branded cannabis products using state-of-the-art cultivation sites and facilities. In addition, Vireo distributes its products through its growing network of Green Gods retail locations and other third-party dispensaries. At the present time, the company has 16 operating dispensaries nationwide.
On March 25th Vireo Health announced its fourth quarter and full-year 2020 financial results. To elaborate the company saw full-year gap revenue of $49.2 million an increase of 64% compared to the full year 2019 revenue. Also, gross profit increased by $9.8 million to $17.1 million or 34.8% of sales. Although the company did not provide commentary regarding revenue or profitability for 2021 Vireo is anticipating growth from the investments made in fiscal 2020.
VREOF stock is up 61.53% year to date with a high of $3.84 in February. After gaining 30.60% on March 31st VREOF stock closed at $2.3899 per share. According to analysts at Stock Invest VREOF stock could rise 12.59% during the next 3 months. This analysis is based on the stock’s short-term market trends. With this in mind, VREOF stock could be one of the best cannabis stocks to invest in for April.
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