Top Cannabis Stocks And Market Performance
In the first week of February, marijuana stocks continue increasing in the market adding to gains from January. One acquisition occurring last week could have been a big influence on the market. In detail, Jazz Pharmaceuticals plc (NASDAQ: JAZZ) announced it would acquire GW Pharmaceuticals plc (NASDAQ: GWPH) showing big pharma entering the cannabis market. Also, in 2021 states like Illinois are showing cannabis sales growing by 94% in January compared to the prior year. In the same fashion, many other states in the U.S. are showing similar sales trends.
As cannabis reform continues to be a spotlight topic for leading federal lawmakers’ investors are looking for the best marijuana stocks to buy in February. At the present time, top U.S. cannabis stocks have seen significant momentum to start the year. In reality, these companies continue expanding across the U.S. rapidly establishing their market share. Generally, this will be a catalyst to grow revenue for the future.
Pot Stocks Establish New Highs In The Market
Currently, most of the top U.S. pot stocks are reaching new highs in February. In essence, this could make investors reluctant to start new positions at current market levels. But actually, this trend has been consistent since November. With market sentiment looking positive going into the second week in February it’s possible some of the best cannabis stocks to watch could extend their gains.
In particular cannabis companies in the U.S. could experience a substantial growth period for the next few years. As more states legalize adult-use cannabis and new markets emerge the cannabis industry could double in the next 4 to 5 years. With this in mind, finding the best marijuana stocks to invest in could be beneficial to your portfolio. For the purpose of researching these top cannabis stocks before starting a position. Let’s take a closer at 3 of the best U.S. marijuana stocks to watch for the second week in February.
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Marijuana Stocks To Watch:
- Curaleaf Holdings, Inc. (OTC: CURLF)
- Cresco Labs Inc. (OTC: CRLBF)
- Harvest Health & Recreation Inc. (OTC: HRVSF)
Curaleaf Holdings, Inc
Curaleaf Holdings, Inc is one of the largest U.S. providers of cannabis consumer products and has one of the biggest footprints in the U.S. At the present time, the company operates 98 local dispensaries, recently opening its 34th location in ST. Petersburg, Fl. Currently, Curaleaf is one of the largest and top-performing cannabis companies in the U.S. Operating in 23 states the company is one of the top revenue producers in the U.S. Curaleaf’s expansion in key growth markets could produce substantial growth for the company in the near future.
CURLF stock is up 32.56% year-to-date and reached a high of $16.69 in the first week of February. On January 22nd Curaleaf announced it has launched adult-use sales in Arizona at its 8 locations in the state. In the event, this becomes a rapidly growing new market the company is well-positioned to capitalize in Arizona. With so much on the horizon for U.S. cannabis companies CURLF stock is one of the best marijuana stocks to invest in for February 2021. In addition, analysts at TipRanks are giving CURLF stock a 12-month average price target of $17.72. In reality, this would be an 11.66% gain from current levels. As the cannabis sector continues to climb CURLF stocks could exceed current target prices.
Cresco Labs Inc
Cresco Labs Inc is another one of the largest best positioned vertically integrated cannabis companies in the U.S. Currently, the company has a consumer-packaged business and is one of the largest sellers of branded cannabis products. On January 28th Cresco expanded its brand portfolio to include 1.0 g and 0.5 mg live cartridges available in California and Illinois. With Cresco having 20 operational dispensaries across 9 states with 15 production facilities it has a rather large presence. This year Cresco has made some changes to leadership announcing on January 19th it hired PepsiCo veteran Ty Gent.CRLBF stock is up 47.69% since the start of 2021 and saw a high of $14.95 on trading during February 5th. Currently, analysts at Stock Invest are predicting CRLBF could rise 57% in the next 3 months. As Cresco also begins adult sales in Arizona it could continue expanding in the state for 2021. With this in mind, CRLBF stock is a possible top pot stock to buy in February 2021.
Harvest Health & Recreation Inc.
Harvest Health & Recreation Inc. is a vertically integrated cannabis company and MSO in the U.S. Currently, Harvest has a substantial presence in Arizona with 15 dispensaries in the state. In addition, the company has a total of 37 retail locations in 7 states. As adult-use sales launch in Arizona Harvest’s foothold in the state could be a catalyst for revenue growth next year. Harvest continues to establish its presence in other key states like Florida it’s positioning to see potential growth. As the Arizona cannabis market continues growing rapidly Harvest could see record revenue in the near future.
HRVSF stock is up 82.18% year-to-date with a new high of $4.08 in trading on Friday, February 5th. With HRVSF stock seeing substantial gains to start the year it could be time to watch this pot stock in trading next week. At the present time, HRVSF stock is close to analyst predictions but could hold more upward momentum. For this reason, HRVSF stock is a top cannabis stock to watch in February.
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