How the Second Half Of The Year Could Give Pot Stocks a Boost
Throughout the beginning of 2020, we saw a lot of ups and downs in the cannabis industry. With so many marijuana stocks working to take charge of this high volatility, only a few have become pot stocks to watch. Due to the coronavirus, it has been extremely difficult to predict the trajectory of many marijuana stocks. But, we can use recent trading patterns and the news at our disposal, to help make an educated guess as to where the cannabis industry may go. Of course, nothing is concrete at this point in time. Investors should expect marijuana stocks to continue flowing upward and downward in the near and distant future.
And, as the cannabis industry progresses toward stability, this volatility may begin to slow down. For now, however, all we can do is search for marijuana stocks to watch with the information we have. In the past few months, we have witnessed an overall trend of cannabis stocks pushing upward. It is clear that there are a lot of bulls waiting to cash in on the future of the cannabis industry. But, whether or not this upward momentum can be spread across the market, remains to be seen. For now, these two marijuana stocks continue to look quite interesting.
A Leading U.S. Based Marijuana Stock to Watch
Green Thumb Industries Inc. (GTBIF Stock Report) is one of the most prominent multi-state operator pot stocks to watch. GTBIF stock has seen some major momentum even considering the effects of the coronavirus. This is mostly due to the increased demand that has stemmed from the pandemic itself. As of July 2020, Green Thumb Industries has reported having as many as 46 dispensaries up and running. These dispensaries have been the backbone for GTBIF stock growth.
But, what gives GTBIF stock so much future potential is the fact that Green Thumb has an additional 96 retail licenses that have yet to be used. Green Thumb has embarked on a major expansion project which has resulted in it having markets in 12 states. Many have stated that this could be cause for Green Thumb remaining a major pot stock to watch. Investors have also projected that Green Thumb could be the first MSO to reach $1 billion in marijuana sales across the industry. With key markets such as Nevada and Illinois in its grasp, Green Thumb remains a leading marijuana stock to watch.
The Ancillary Pot Stock to Watch
Scotts Miracle-Gro (SMG Stock Report) continues to be listed as a marijuana stock to watch. SMG stock has very strong fundamentals and a balance sheet that rivals many others in the cannabis industry. Although it is not a pure-play pot stock, SMG stock sits inside the industry via the products that Scotts sells. The company produces various supplies to help those who wish to grow or produce cannabis. Although not outwardly, Scotts is one of the major suppliers for many cannabis grow operations.
When it realized the potential it had in this industry, Scotts created the Hawthorne Gardening subsidiary. The goal of this was to make a tailored line of products to help those who wish to grow cannabis via the hydroponic method. SMG stock has also benefited from the acquisition of Ohio based Sunlight Supply. This acquisition has given the company greater diversity in the products it offers overall. The company stated that this year, it expects sales to shoot up in the 50% range. Even if it gets close to that number, it would be a major benefit for investors and the company alike. Because of its broad potential, Scotts Miracle-Gro remains a leading marijuana stock to watch.
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