Are These Marijuana Stocks A Buy at These Prices?
With the stock market giving back its August highs this month marijuana stocks and tech stocks are trading substantially lower in the market. Investors have to ask themselves which marijuana stocks to buy are the best investments in October? The marijuana industry presents a great investment opportunity for the short and long term. With analysts predicting massive growth for the cannabis industry in the next five years, big opportunities exist. Although some of these big-name pot stocks like Aphria Inc. (NASDAQ:APHA) look to have long term value for shareholders. In the short-term, some cannabis stocks are some of the most volatile in the market.
This volatility can be an advantage for day traders who use the stock fluctuations for swing trading methods and options trading. But on the other hand, long-term investors see the volatility as a deterrent from pot stocks. The cannabis industry is still in its infancy. Lately, the industry seems to be finding more stable ground over the last few months. Currently, top the marijuana stocks in the space are seeing some price reduction in the market. Even Ancillary pot stocks like Innovative Industrial Properties, Inc. (NYSE:IIPR) a marijuana stock REIT has seen a significant pullback in the last couple days of days. This downtrend can be seen across most major cannabis stocks in the industry and gives marijuana stock to buy more purchase appeal.
How to Find the Top Pot Stocks in The Industry
The above-mentioned marijuana stocks have the best earnings growth ratings in the cannabis industry. Strong financials are a good indicator when looking for pot stocks to buy and can be used to find the industry leaders in the market. Although most marijuana stocks currently have a poor financial rating because of billion-dollar valuations and million-dollar quarterly sales revenue.
The ones that do prove to be financially stable are the best marijuana stock picks in the industry. The Following two marijuana stocks have shown good growth potential and expansion possibilities for the future. These are some of the top stocks to watch and they have pulled back in stock price in recent trading sessions.
Best Pot Stock to Watch Green Thumb Industries Rise and Essence
Green Thumb Industries Inc. (OTCQX:GTBIF) is one of the leading multi-state operators in the U.S. With 13 manufacturing facilities and owns licenses for 96 retail locations across 12 states Green Thumb is growing rapidly. Its revenue for half of 2020 has already exceeded its entire revenue for 2019. Currently, Green Thumb’s stock is amongst the few marijuana stocks generating profits for investors. With a revenue increase of 16.6% in the second quarter, the company is reporting $119.6 million in revenue through Q2.
Green Thumb Industries has not let the pandemic shutdowns slow them down. The company expanded in the second quarter opening 6 retail stores to increase its footprint. With 48 retail locations in 10 states, this marijuana stock to watch has buying potential in the cannabis industry. With its recent stock price falling to the $12.50 range after a high of $16 in August this top-performing marijuana stock is primed for investors.
The Small-Cap Marijuana Super Store on the Watchlist
Planet 13 Holdings Inc. (OTCQX:PLNHF) is a leading vertically integrated marijuana company headquartered in Las Vegas, Nevada. With shutdowns in Las Vegas affecting sales at the beginning of the year. The months of July and August have shown a significant uptrend in business, becoming the busiest months to date. With a hand in everything from flower, edibles, concentrates, and beverages Planet 13 has products in 33 dispensaries across Nevada. In addition, it also has its signature facility labeled the Super Store which is a Mecca for weed consumers and tourists on the Vegas Strip.
Another huge development with Planet 13 is its expansion into California. The new dispensary venture into Santa Anna shows the company is confident and moving forward with its Superstore model and its award-winning cultivation and processing system. With business picking up and future growth into other states already taking form. Currently, this stock is on the marijuana stock list of potential big gainers. Trading at the $2.80 range this small-cap marijuana stock has huge upside potential in the marijuana industry.
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