Recent Downturn In The Market
Top marijuana stocks have seen a few weeks of losing value in the market. Since the middle of February after reaching new highs in the market a pullback in the cannabis sector occurred. Now, most pot stocks are trading much lower than they started in March. In essence, this could be an opportunity to find some of the best marijuana stocks to buy at lower prices.
Technically speaking this could help investors find future value in leading cannabis stocks. Over the weekend the government passed a new stimulus package that could help the stock market gain momentum starting next week. In the U.S. and across the world the cannabis industry has begun to expand at a rapid pace. This began in 2020 and has continued to happen at the beginning of the year.
Much of the expansion has occurred by way of mergers and acquisitions. Initially, this is strengthening the larger cannabis companies and also letting them enter quickly into new markets. In addition, the cannabis industry is becoming legal in more states giving way to future revenue growth for cannabis companies. Most companies have recently been positioning themselves to take advantage of this growth period. In general, this could be seen in their most recent financials where revenue growth seems to be trending in the sector.
Cannabis Sector Could Rebound In March
For the past five months, the cannabis sector has been delivering gains for investors. Until this recent downturn so far in 2020 many stocks have been up double-digit percentage gains in the market. In reality, February highs could be a guide as to where the cannabis sector could go with better market sentiment and any further cannabis reform in the U.S. For this reason, it could be a good time to find the best cannabis stocks to invest in for 2021 gains.
Next week could be an eventful week for marijuana stocks to invest in. Recent market activity has cut their market value substantially leaving them primed for gains. According to analysts, the cannabis sector could still see much more upward momentum for 2021. With this in mind, let’s take a look at 3 marijuana stocks to add to your watchlist for the second week in March.
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Marijuana Stocks To Watch:
- Curaleaf Holdings, Inc. (OTC: CURLF)
- Harvest Health & Recreation Inc. (OTC: HRVSF)
- Jushi Holdings Inc. (OTC: JUSHF)
Curaleaf Holdings, Inc
Curaleaf Holdings, Inc is one of the largest U.S. providers of cannabis consumer products in the U.S. Currently, 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 lost significant value for the month of March. Currently, the stock closed last week’s trading at $14.75 and this recent drop in value could be a decent market price to start a position. According to analysts at TipRanks CURLF stock has a 12-month average price target of $20.34. In essence, this would be a 37.90% gain from recent levels. For this reason, CURLF stocks is a top marijuana stock to watch for gains next week in March.
Harvest Health & Recreation Inc.
Harvest Health & Recreation Inc. is a vertically integrated multi-state operator in the U.S. At the present time, Harvest has 15 dispensaries in Arizona. Additionally, the company has a total of 37 retail locations in 7 states. With adult-use sales launching in Arizona Harvest’s presence in the state could be a catalyst for revenue growth in 2021. While Harvest continues to establish its presence in other key states its positioning to see growth. In reality, the Arizona cannabis market continues growing rapidly and Harvest could see record revenue growth in the near future.
HRVSF stock is up 75% year to date with a high of $4.50 in February trading. Currently, the stock closed on March 5th at $3.78 and holds potential gains in March. At the present time, analysts at MarketBeat are giving HRVSF stock a consensus price target of $6.43. This would be a 70% gain from current levels. For this reason, HRVSF stock could be a top marijuana stock for your watchlist in 2021.
Jushi Holdings Inc.
Jushi Holdings Inc. is a cannabis company building a multi-state portfolio of cannabis products and dispensaries. At the moment, Jushi operates 16 retail locations across the U.S. and has expansion plans for 2021. In January the company announced the acquisition of a Pennsylvania dispensary. In the deal, Jushi will acquire Agape Total Health Care Inc which has one operational dispensary with plans to open another two stores in Philadelphia. Once complete, Jushi will have 10 dispensaries in Pennsylvania 8 carrying the BEYOND/HELLO brand. Additionally, Jushi has the ability to open 16 new dispensaries throughout Pennsylvania with 10 to 12 planned for 2021.
JUSHF stock is currently trading at $6.13 down 6.70% on March 5th. In February JUSHF stock hit a new high of $9.06 before dropping in value. According to analysts at Stock Invest JUSHF stock is expected to rise by 71.09% during the next 3 months. With this in mind, JUSHF stock is a possible cannabis stock to invest in for March.
[Read More] Will These Cannabis Stocks See A Bounce In Trading?
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