2 Alternative Pot Stocks to Watch for the Future of the Cannabis Industry
When it comes to finding a marijuana stock to watch, investors often go with the most obvious choices. This includes big-name pot stocks like Canopy Growth Corp. (CGC Stock Report) and Tilray Inc. (TLRY Stock Report). But, because these companies mostly do the same thing, the growth potential is not as great as with some smaller marijuana stocks to watch. Don’t get me wrong, pot stocks like Aphria Inc. (APHA Stock Report) can have a lot of value, but the upside potential with more unknown marijuana stocks can be much greater. Now, it’s worth noting that smaller pot stocks are known to be quite volatile. This is simply due to their size and smaller liquidity.
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While some investors try to avoid volatility, others use it to their advantage to make big potential gains. Within the cannabis industry, investors should expect some level of volatility. This simply comes with the territory. Because the cannabis industry is still very much in its infancy, investors expect volatility to continue into the near future. While we wait for new legislation to go into place, we can attempt to find marijuana stocks that could be solid short and long term bets. With that in mind, here are two unique marijuana stocks that are redefining the market.
Marijuana Stock to Watch: Planet 13 Holdings Inc.
Planet 13 Holdings Inc. (PLNHF Stock Report) is one of the most unique marijuana stocks in the cannabis industry. The company has made a big case for itself as an alternative pot stock. You might be wondering what makes PLNHF stock so unique in an industry that doesn’t often have standouts. While Planet 13 may be a retailer of cannabis, the company provides consumers with a very different experience than most. Take its Las Vegas SuperStore for example. This location spans more than 112,000 square feet and has everything from a pizzeria to a state of the art cannabis testing facility within it. For some context to its size, the average Walmart is only around 105,000 square feet. 
Because of its sheer size and amenities, the company has touted this location as being unique from almost every other cannabis dispensary. In Las Vegas where bigger is better, the SuperStore has seen a great deal of market success. Planet 13 Holdings is also working on another location based in Santa Ana, CA. While this new store will only span 40,000 square feet, it could see similar success to the Las Vegas dispensary. Planet 13 has capitalized on the tourist experience of buying cannabis. With so many marijuana dispensaries being the same, PLNHF stock could prove that different can be better.
Marijuana Stock to Watch: GrowGeneration Corp.
GrowGeneration Corp. (GRWG Stock Report) is another one of the leaders when it comes to alternative marijuana stocks to watch. GRWG stock fits into the ancillary pot stock category as it doesn’t touch the physical cannabis plant. Rather, the company is similar to Scotts Miracle-Gro Inc. (SMG Stock Report) in that it provides gardening supplies to consumers. But, the company operates as a vertically integrated supplier of such products, rather than as a wholesaler. Currently, GrowGeneration has as many as 28 stores that span 10 states in the U.S. The company has stated that it plans to open as many as 50 stores by the end of next year.
One of the major reasons as to why GRWG stock is a pot stock to watch is its sales growth. In the past six quarters, the company has shown year over year sales growth of more than 120% each quarter. This is quite an incredible feat and shows just how much potential GRWG stock has. In the past few months, the company has also seen online sales shoot up dramatically. Compared to the previous year, online sales have shot up by as much as 149%. This is quite a substantial gain, and can be mostly attributed to the effects of Covid on businesses. With all of this in mind, GRWG stock remains an intriguing alternative pot stock to watch.
Are Alternative Pot Stocks the Way to Go?
The short answer to this question is that it is up to the individual investor. Because there are so many marijuana stocks to choose from, investors need to find the one that is right for them. This includes doing in depth research and analysis into proposed pot stocks to watch. With alternative pot stocks, investors should make sure that they understand the ins and outs of the business model before investing. With that in mind, it seems as though there is a lot of opportunity to be had in the cannabis industry. The hopes are that we can continue to see growth in the near future and beyond.
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