Cannabis Stocks And January Gains
As a short trading week begins top marijuana stocks are assessing some of the recent gains established in January 2021. Currently leading cannabis companies like Harvest Health & Recreation Inc. (OTC: HRVSF) are trading slightly lower in today’s trading. In fact, most pot stocks are trading lower in the market today giving investors the ability to start positions at a lower price point.
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At the present time, top cannabis stocks represent an opportunity to invest in one of the fastest-growing industries globally. Most analysts are predicting the global cannabis market to reach $97.35 billion by 2026. In the U.S. top marijuana companies have seen an increase in demand since the latter part of 2020. As a result, most marijuana companies have produced record revenue while the cannabis industry rapidly grows.
During 2020 many positive things began happening for the cannabis industry. For one renewed investor interest has sent pot stock prices seeing gains in the market. In addition, the majority change in the Senate could push cannabis reform along much easier in 2021. This coupled with growth on the state level has many parts of the cannabis industry experiencing strong revenue growth.
Will This January Rally Continue?
Currently, in January top marijuana stocks have continued their rally, but will this market trend continue for the rest of the month? As it stands some pot stocks to watch have already doubled in value through the first few weeks of trading in January. Given that most cannabis stocks have gained so much value in a short period of time there could be some pullback in the future. With this in mind adding some of these marijuana stocks to your watchlist and looking for a good entry point could be key.
As an investor finding the right marijuana stock for your trading style and portfolio needs could sometimes be difficult. With so many different choices that are currently performing well, it could be hard to pick out the ones with the most potential. For the purpose of researching some of the top pot stocks on the market let’s take a look at 2 of the best cannabis stocks to watch right now.
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Marijuana Stocks To Watch:
- Green Thumb Industries Inc. (OTC: GTBIF)
- TerrAscend Corp. (OTC: TRSSF)
Green Thumb Industries Inc.
Green Thumb Industries Inc. is currently one of the top-performing cannabis companies in the U.S. At the moment Green Thumb has over 50 dispensaries across 12 U.S. markets. In the company’s Q3 of 2020 financials, Green Thumb is reporting revenue of $157.1 million a 131% increase from the prior year. In reality, the company has a strong balance sheet and could support more growth throughout 2021. Additionally, Green Thumb has also made plans to open a Cookies dispensary on the Las Vegas strip in 2021. In detail, Cookies is one of the most popular private cannabis brands on the market today. Presently Green Thumb has licenses for 96 retail locations so we should see much more dispensaries opening up this year.
GTBIF stock is up over 15% so far in 2021 adding to the gains of over 146% in 2020. Currently, GTBIF stock is trading at $28.86 and has a 52-week high of $31 on January 14th. Recently Tip Ranks gave GTBIF stock an average price target of $32.71. As Green Thumb continues expanding its presence in the U.S. GTBIF stock could have seen more upward momentum in the coming months. For this reason, GTBIF stock is a top marijuana stock to watch for 2021.
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TerrAscend Corp
TerrAscend Corp is one of the first North American operations with a foothold in the U.S. and Canada. In general, the company participates in both the medical and legal adult-use markets in the U.S., Canada, and Europe. Additionally, TerrAscend operates an award-winning chain of Apothecarium dispensaries which it currently has 8 locations nationwide. Back in 2020, the company had strong financials in Q3 of 2020. To elaborate TerrAscend reported record net sales of $51 million and adjusted EBITDA of $17.8 million. Additionally, TerrAscend has initiated its 2021 full-year guidance at $360-$380 million in net sales and $140-$160 million of adjusted EBITDA. In fact, this would be nearly double the companies 2020 guidance of $196 million. In essence, this could mean future growth for the company heading into this year.
TRSSF stock is up almost 34% to start 2021 and is currently trading at $13.30 per share. At the present time, analysts at Stock Invest are predicting over 81% gains in the next 3 months. As TerrAscend continues to expand into new markets the company could continue to add revenue to its financials. With this in mind, TRSSF stock is a top cannabis stock to possibly invest in for 2021.
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