U.S Marijuana Stocks vs Canadian Marijuana Stocks
U.S marijuana stocks are the best performing cannabis stocks to buy so far in November. As it stands leading American marijuana companies outperformed their Canadian counterparts for most of 2020. While both U.S. and Canadian pot stocks have seen increases in revenue the American cannabis companies have shown stronger growth. As a result, many U.S cannabis stocks are trading at year-to-date highs in the market. So, could U.S. marijuana stocks still see gains for the rest of 2020? Although there’s a possibility cannabis stocks could climb higher this year, the markets could struggle due to increasing Covid cases.
- 2 Top Marijuana Stocks To Watch This Week
In any event, U.S. marijuana companies like Curaleaf Holdings Inc. (CURLF Stock Report) have continued to expand their brand across the states in 2020. The company is expected to report earnings on November 17th after the close. Recently other U.S. companies have reported better than expected earnings for the 3rd quarter this year. Similarly, cannabis investors will be keeping an eye on Curaleaf this week and it could affect marijuana stocks in general.
Marijuana Stock Investing In 2020
With this in mind investors that have gained could consider selling a percentage of their marijuana stock positions. In general, this secures some of those gains and allows the investors to free up cash for other purposes. In turn, this leaves investors with a chance to continue adding value to their investment should it go higher. Truthfully this is common practice amongst seasoned investors and seems to help with known volatility in the cannabis sector.
Although 2020 has been a difficult year for the economy and the world, the cannabis industry has managed to thrive during the year and continued its expansion across North America. In fact, U.S. cannabis stock leaders like Harvest Health & Recreation Inc. (HRVSF Stock Report) have reported revenue growth of 86% year over year for the 3rd quarter of 2020. In essence, these are the kind of cannabis companies that investors should have on their marijuana stock watchlist for 2021. For the purpose of finding U.S marijuana stocks that still have growth potential going into 2021 let’s take a deeper look into these marijuana stocks.
Marijuana Stock To Watch This Week #1: Cresco Labs Inc.
Cresco Labs Inc. (CRLBF Stock Report) is one of the largest multistate cannabis operators in the United States and has grown substantially in 2020. Currently, the company operates in 9 states with 19 operational dispensaries, 15 production facilities, and 29 retail licenses. In addition, Cresco has one of the leading distribution platforms of consumer-packaged goods in the U.S. This with their ability to enter new markets and claim market share faster than their competitors makes them a focus in the cannabis sector. The company is expected to report earnings this week on November 18th before the opening bell. And if their earnings are like the second quarter of 2020 it could be a good week for CURLF stock.
CURL stock has made substantial gains so far in 2020 up over 25% year to date and 200% since the March crash. Currently, analysts have given the stock a median target of $9.55 with a high estimate of $16 and a low of $7.96. While this week could be very important to CURLF stock for a short-term increase in value, in the long term it could have growth potential. For this reason, CURLF stock is a U.S. marijuana stock to watch this week.
Marijuana Stock To Watch This Week #2: Planet 13 Holdings Inc
Planet 13 Holdings Inc. (PLNHF Stock Report) is a vertically integrated leader in the emerging cannabis market and is strategically positioned to grow with the industry. The company is best known for its Las Vegas Strip Planet 13 Super Store the biggest dispensary in the world at 112,000 square feet. The company’s focus is on the shopping experience and this is the reason for the expansion of its sales floor and entertainment area. Currently, Planet 13 is also expanding into California with a Santa Ana Superstore expected to open in 2021. In addition, the company plans to open Medizin dispensary a smaller version of the superstore in less than 5000 square feet.
Recently Planet 13 announced it would release 3rd quarter earnings on November 24th after the close. Previously in October, the company announced preliminary Q3 2020 revenue of $22.8 million an increase of 110% over Q2 2020. The company bounced back from the pandemic shutdowns and could be a major player in the adult recreational marijuana market. PLNHF stock could see gains in the near future if the Las Vegas strip continues business as usual. Currently, the stock is up 79.08% year to date with a median price target of $4.15. Provided Planet 13 can execute its 5-year plan of 8 Superstores across the U.S., PLNHF stock is a marijuana stock for 2021.