Investing In Cannabis Stocks In May 2021
Are you looking for ways to invest in marijuana stocks in 2021? In the first week of May, most top marijuana stocks showed some upward momentum early in the week. After suffering through a few months of downward pressure the cannabis sector appears to be showing some upside. At the present time, there are many aspects of the cannabis industry that are showing significant growth potential.
In Illinois, adult-use sales grew by 209% in April producing combined sales for the month of $150 million. According to BDSA data, California sales grew in March by 26.5% from the prior year. Currently in the US 38 states and Washington DC have medical marijuana programs with 17 of those states having recreational adult use.
Many investors want to gain exposure to the cannabis market but before investing there are a few things to get familiar with about top pot stocks in 2021. So far this year the cannabis sector has shown its traditional market volatility. Because of this more investors prefer to use short-term trading methods when it comes to cannabis stocks. Other cannabis investors use a combination of short- and long-term trading methods taking profits when the market gains and adding to positions when it declines.
Finding The Best Cannabis Investments Right Now
Regardless of your trading style, it’s important to do your due diligence on a company before investing. In general, researching a company’s finances and studying how a stock performs in the market are good ways to give yourself the best investment possible. For the purpose of finding the best marijuana stocks to invest in for May, we can research some companies.
At the moment it seems US multi-state operators could be the best positioned to see upward momentum in the market. American cannabis companies have shown a substantial amount of revenue growth that many companies expect to continue seeing in 2021 according to their guidance. With this in mind let’s take a closer look at 3 top US marijuana stocks to watch for May.
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Marijuana Stocks To Watch:
- Harvest Health & Recreation Inc. (OTC: HRVSF)
- Curaleaf Holdings, Inc. (OTC: CURLF)
- Green Thumb Industries Inc. (OTC: GTBIF)
Harvest Health & Recreation Inc.
Harvest Health & Recreation Inc. is a vertically integrated cannabis company based in Arizona with one of the largest footprints in that state. In May Harvest opened two new stores in Florida for a total of eight in the sunshine state and 40 stores nationwide. In Arizona, cannabis sales could double in 2021 with the addition of the recreational market and the company is well-positioned there with 15 dispensaries.
Harvest showed significant revenue growth in its latest earnings with Q4 and full-year 2020 total revenue increasing 98% to $231.5 million versus $116.8 million the year prior. For this year Harvest gave a 2021 revenue target of $380 million and a first-quarter 2021 revenue target of $87 million. Currently, Harvest is focused on reaching profitability and expects gross margins to continue trending upward. Next week Harvest is expected to release first-quarter 2021 financials on May 10th.
HRVSF stock is up 65.74% year to date with a high in February of $4.50. Closing last week at $3.58 on May 7th the stock was up 7.19% for the day. According to analysts at Tip Ranks HRVSF stock has a 12month average price target of $6.99 per share. This forecast represents a 95.25% increase from current levels. For this reason, HRVSF stock could be one of the top US cannabis stocks to add to your watchlist for next week.
Curaleaf Holdings, Inc.
At the present time Curaleaf Holdings, Inc. is considered the largest U.S. provider of consumer cannabis products and has one of the biggest footprints in the U.S. cannabis industry. Currently, the company has 106 dispensaries nationwide and operates in 23 states. In its latest earnings report, Curaleaf reported a record 2020 proforma revenue of $767.1 million. Additionally, the companies managed revenue for fiscal 2020 came in at $653 million up 161% from 2019. As one of the first US MSOs to expand into the European cannabis industry with the $286 million acquisition of Emmac Life Sciences Limited the company can see growth on many fronts.
Curaleaf is one of the best performing cannabis companies in the US and is now expanding overseas for new growth opportunities. On May 10th the company is expected to report its first-quarter 2021 financial and operational results after the close. In 2021 Curaleaf is doing some rebranding at its dispensaries in Pennsylvania and expanding across new markets. For investors looking for exposure to the US cannabis market CURLF stock could be a top pot stock.
CURLF stock is up 25.30% year to date with a high of $18.53 in February. Closing at $15.00 on May 7th the stock is up 6.38% in the last 5 days. According to analysts at Market Beat CURLF stock has a consensus price target of $22.50 per share. In essence, this would be a 50.0% increase from current levels. With this in mind, CURLF stock could be one of the best cannabis stocks to invest in for May.
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Green Thumb Industries Inc.
Another one of the top American cannabis companies is Green Thumb Industries Inc. Recently, with an entry in May into the Virginia cannabis market the company continues its rapid expansion. In regard to Virginia, the company acquired one of five vertical licenses in the state including a production facility and retail location. Presently, Green Thumb has 55 stores nationwide and is established in key growth cannabis markets across the US.
In its latest financials, Green Thumb delivered fourth-quarter 2020 revenue of $177.2 million and full-year 2020 revenue of $556.6 million. Many analysts believe the company will continue growing rapidly through M&As with a significant investment into the New York and New Jersey cannabis markets. Green Thumb is expecting to release its first-quarter 2021 results on May 12th after the close.
At the present time, GTBIF stock is up 27.84% year to date and closed on May 7th at $31.32 per share. With a high of $39.11 in February GTBIF stock is up 14.52% in the last month. According to 12 analysts at Tip Ranks GTBIF stock has a 12-month average price target of $48.35 per share. Currently, this price average would be an increase of 54.37% from current levels. As a leading US cannabis stock, GTBIF could be one of the top marijuana stocks to buy in 2021.
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