Which Marijuana Stocks To Buy In 2020?
Have you been watching the best marijuana stocks to buy trying to find the right one to invest in? Granted there are many different cannabis stocks in 2020 to choose from, so which pot stocks to watch have growth potential? As a cannabis investor picking out a pot stock for your watchlist should start with studying different cannabis companies. Once you pick some that look to have future value you can add it to your watchlist and follow how it performs in the market. In fact, taking the time to study a cannabis stock can help you pick the best entry point for your investment.
Generally, marijuana stocks are known for market volatility, so this is good to keep in mind about the cannabis sector. For example, Aurora Cannabis (ACB Stock Report) was over $12 on November 9th in trading and two days later is over 25% down trading around $8.35. In addition, Aurora released better than expected earnings on Monday before the bell. Other Canadian marijuana stocks also demonstrated similar gains and losses, but ACB stock was the most volatile of the Canadian pot stocks.
U.S Cannabis Stocks To Watch In 2020
Currently, many U.S. marijuana stocks are reaching year highs in the market this week. This is partly due to the election rally and the positive effects it can have on the cannabis industry. In the event further marijuana legalization occurs on a federal level, these companies laid the groundwork to advance in the industry. As you look at how companies like Curaleaf Holdings Inc. (CURLF Stock Report) have expanded in 2020 during a pandemic it shows the strength of the company. In detail, Curaleaf built its 49th dispensaries and expanded its branded products into new markets in 2020.
As far as the U.S. cannabis industry goes 2021 could be one of rapid growth for the marijuana sector. Most leading marijuana stocks are already at all-time highs and could hold future potential in the market. Provided that everything falls into place for marijuana companies next year, some companies that already have record-breaking revenue in 2020 will continue making gains. With this in mind let’s look into 2 of the best marijuana stocks to buy in 2020.
Pot Stocks For Your Cannabis Stock Watchlist: Trulieve Cannabis Corp.
Trulieve Cannabis Corp. (TCNNF Stock Report) is a leading top-performing cannabis company with a strong presence in Florida. Currently, Trulieve has over 50% of the legal marijuana market in the state and has announced the opening of its 66th location in Volusia County, Florida. Although the company is concentrated in the sunshine state recently it has begun to expand to other states as well. In addition to its massive footprint in Florida, the company now operates in California, Massachusetts, and Connecticut also. Due to an increase in demand in 2020 Trulieve has performed well.
In its second-quarter earnings, the company achieved record earnings of $120.8 million an increase of 26% over Q1 of 2020. As a result, this will be the companies 10th quarter of consecutive growth and profitability.TCNNF stock has seen steady gains since the market crash back in March. Currently up over 200% since that time, some analysts are giving it a price target of $35.77. As the leader in the Florida cannabis market, Trulieve is well-positioned to grow with the emerging market. As one of the strongest cannabis companies in the industry Trulieve is cannabis stock for your watchlist.
Pot Stocks For Your Cannabis Stock Watchlist: Green Thumb Industries Inc.
Green Thumb Industries Inc. (GTBIF Stock Report) is a national cannabis consumer packaged goods company and retailer. Currently, the company operates 49 dispensary locations across 12 U.S. markets. The company will hold its earnings call on November 11th after the close and could deliver better than expected results to investors. As it stands the company reported total revenue of $119.6 million in Q2 of 2020 an increase of 16.6% quarter over quarter and 167% for sequential years. This revenue growth was due to the increased scale of its packaged products and retail business. In fact, its branded product sales grew by about 21.6% quarter over quarter. Currently, these products are available in 9 states across the nation.
GTBIF stock has performed well for its investors showing consistent gains since the crash in mid-March. Since that time the stock has managed to gain over 200% in market value. Provided that the company’s earnings are better than expected after today’s close this could be a good time to put GTBIF stock on your radar. As the U.S cannabis industry continues to grow this MSO could be a company that stands to profit in the future.
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