Top Cannabis Stocks And Their Market Performance In May
As we end the second week in May the best marijuana stocks to invest in have continued to decline in the market. Although this is unfortunate for current investors it does create a possible buying opportunity for new traders. As leading US cannabis companies like Green Thumb Industries Inc. (OTC: GTBIF) report strong earnings it is not having a positive effect on GTBIF stock performance.
In reality, this market trend can be seen across many leading marijuana stocks to invest in with mostly all pot stocks closing the trading day in the red. So now the question is which marijuana stocks to buy will give the largest returns in May? One area on the market that continues to perform well is the US cannabis sector. Initially, more investors were focusing on Canadian cannabis stocks until after February.
Now with the federal government slowly moving on cannabis reform, the focus has changed to the American cannabis stocks. As it stands US cannabis companies are expanding into what is forecast to be the largest cannabis market in the world. By 2026 according to a BDSA forecast US sales could reach $41.3 million. As a comparison globally cannabis sales are forecast to reach $55.9 million in the same year. This shows how large of a percentage the US accounts with almost 3/4 of the revenue coming from the American market.
Finding Value In The Best Pot Stocks To Invest In
In the US cannabis market, there is plenty of opportunities for investors to find value at current trading levels. This is due to many top pot stocks trading at their lowest stock prices so far in 2021. As we close the second week of May the cannabis sector had a few instances where it began looking like a possible market rebound was in the works. But concern over rising inflation has kept investors at bay at the moment. In essence, creating an investment opportunity as top pot stock to buy consolidate in the market.
With the intention of researching some possible investments, we can take an in-depth look into some companies. In 2021 analysts continue to predict the best cannabis stocks to invest in will see significant gains this year. In general, if the highs cannabis investors experienced in February return later this year an investment right now in pot stocks could deliver profits in the market. With this in mind let’s take a look at 2 top marijuana stocks to watch next week.
Marijuana Stocks To Watch:
Cresco Labs Inc.
Cresco Labs Inc. is one of the largest U.S. cannabis MSOs and the number one wholesaler of branded cannabis products. With a consumer-packaged approach, the company operates 32 dispensaries in 10 states with 18 production facilities across the US. The company has been expanding through strategic acquisitions that further increases its footprint nationwide. This year Cresco has launched adult-use cannabis sales in Arizona adding to the possibility of future revenue growth in 2021.
In Cresco’s latest earnings report the company saw full-year 2020 record revenue of $476.3 million. To put in perspective this is an increase of 271% year over year with a record full-year adjusted EBITDA of $116 million. In May, the company is announcing its first-quarter 2021 financial results on May 27th and has converted to US GAAP accounting principles.
CRLBF stock is up 15.56% year to date closing on May 13th at $11.40 per share. In February CRLBF stock reached a new high of $17.49 and has declined 14.86% in the last 5 days. According to analysts at Tip Ranks CRLBF stock has a 12-month average price target of $21.69 per share. In essence, this represents an increase of 90.26% from current levels. For this reason, CLRBF stock could be one of the best marijuana stocks to buy in May.
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Verano Holdings Corp.
Verano Holdings Corp. operates as a vertically integrated MSO in the United States since 2017. At the present time, the company produces and sells cannabis products under a portfolio of consumer brands, including Encore, Avexia, MÃV, and Verano. Additionally, the company operates dispensaries under the Zen Leaf and MÃV retail brands and delivers premium cannabis shopping for the medical and adult-use markets. With a growing presence in a multitude of states, the company is a wholesaler of cannabis consumer packaged goods.
In May Verano opened a Zen Leaf dispensary in Chicago’s West Loop. Essentially this marks the companies first location in Chicago and adds one of the largest cannabis markets to its footprint. In New Jersey Verano has recently opened its second dispensary and is actively expanding its cultivation facility in the state. Next week, on May 18th the company is announcing its first-quarter 2021 financial results before the market opens.
VRNOF stock is up 13.78% in the last five days closing at $19.74 on May 14th. At the top of May VRNOF stock began to see some upward momentum that has more investors keeping it on their radar. VRNOF stock has a 52-week high of $28.00 per share and could continue to show more upside for investors. According to analysts at Market Beat VRNOF stock has a consensus price target of $35.00 per share. In general, this represents a 77.3% upside from current its trading value. With this in mind, VRNOF stock could be a top cannabis stock to add to your watchlist for next week.
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