U.S. Cannabis Industry In 2020
Marijuana stocks and the cannabis industry have shown investors in 2020 the possibilities of the future of legalized marijuana. At the present time, cannabis industry leaders like Green Thumb Industries (GTBIF Stock Report) keep pushing higher in the market establishing new highs in this trading week. But this is not just one cannabis stock to watch making gains most of the best U.S. marijuana stocks to buy are showing similar trading patterns. In view of the fact that the cannabis sector has been gaining momentum since November, it could be a good time for investors to find their top pot stocks to watch for 2021. In general, many companies in the U.S. cannabis market have been giving shareholders a solid return on investment in 2020. For example, top ancillary cannabis company GrowGeneration Corp (GRWG Stock Report) is up almost 850% year-to-date and continues to gain value in this week’s trading.
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In reality, gaining exposure to the cannabis industry while it’s predicted to grow exponentially for the next five years can yield value in an investment portfolio. Due to the rise of U.S. cannabis legalization and global cannabis acceptance, 2021 could mark one of the most promising growth trends in today’s stock market. Currently, Florida has one company that speaks for more than 50% of its legal cannabis sales in the state. Because of this Trulieve Cannabis Corp (TCNNF Stock Report) has become one of the top 5 U.S. MSOs in the nation growing at a rapid pace and reporting record 3rd quarter revenue for 2020. In 2020 alone TCNNF stock has climbed over 170% year-to-date.
Marijuana Stocks Continue Showing Gains In 2020
As the stock market continues to climb into uncharted territory pot stocks to watch are consolidating before they continue climbing. When this occurs stocks will hold a certain price range with minimal price fluctuation and high volume. At the present time, it looks like many investors are taking some profits from this year’s earlier cannabis investments. As new investors start positions, they establish recent price levels as a higher base creating an environment for more gains. So now investors are asking themselves, could marijuana stocks lose market value in 2021?
Traditionally cannabis stocks have shown extreme market volatility since their inception. And although this could be good for day trading, swing trading, or options trades it makes holding marijuana stocks for the long-term a difficult task. Currently, this recent upward trend has made market volatility disappear in the minds of investors but there is always a risk something could trigger a selloff. For the purpose of finding pot stocks that could hold current gains and give value to your portfolio, let’s look at 2 cannabis stocks with growth potential.
Marijuana Stocks To Buy {or Avoid} #1: Village Farms International, Inc.
Village Farms International, Inc. (VFF Stock Report) is one of the largest operating greenhouse growers in North America of premium quality produce and cannabis. In detail Village, Farms has leveraged its experience as a grower into its wholly-owned subsidiary Pure SunFarms. As a matter of fact, Pure Sunfarms is one of the largest cannabis growing operations in the world. In November Village Farms announced 3rd quarter financial results that shoe Pure. SunFarms delivering the seventh quarter of consecutive profits. IAs a matter-of-fact net sale increased 75% to a CA$22.6 million sequentially. Additionally, gross profit increased by 81% to CA$7.8 million. In a press release, this morning Village Farms is announcing Pure Sunfarms partnership with White Rabbit OG for cannabis edibles. In essence, this shows the companies continued expansion of its vape product offering for 2021.
VFF stock is up almost 65% year-to-date and is showing momentum in this week’s trading. At the present time, analysts are giving VFF stock a target price of $13.15 which is a 28% gain from current pricing. As Pure Sunfarms continues its growth in Canada, globally, and into the U.S. VFF stock has the potential to gain market share in 2021. For this reason, VFF stock is cannabis stock to watch for 2021.
Marijuana Stocks To Buy {or Avoid} #2: Harborside Inc.
Harborside Inc. (HBORF Stock Report) is a vertically integrated cannabis company that is one of the oldest cannabis companies in the world. In detail, Harborside was awarded one of the first six medical cannabis licenses granted by the United States. Currently, the company is operating dispensaries in California, and Oregon and has seen growth in recent reporting. In fact, for the 3rd quarter of 2020 Harborside is reporting revenue of $14.1 million an increase of 22% year over year. In the report, Harborside attributes the recent growth to a 13.5% growth in retail revenue and a 57.1% growth in wholesale revenue. The company has also managed to cut losses in Q3 which are $1.2 million compared to a net loss of $5.2 million in the prior year. In reality, Harborside looks to be heading in the right direction and could continue growing in 2021.
HBORF stock has a 52-week high of $1.65 and is currently trading at $1.35 on December 17th. In 2020 HBORF stock has shown consistent gains in the market climbing steadily since mid-April. In general, the company could continue to see increased growth in the current U.S. cannabis market. Because of this HBORF stock is pot stock to watch going into 2021.
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