Top Ancillary Cannabis Stocks Poised for Growth in July 2024

Top Ancillary Stocks to Watch In Q3 2024

Investing in the cannabis industry and top marijuana stocks has become increasingly popular, especially with the U.S. market’s rapid expansion. Ancillary stocks, which support the cannabis sector without directly handling the plant, are gaining traction. As of 2023, the U.S. cannabis market was valued at $30 billion, with projections estimating it will reach $45 billion by 2026. Recent headlines have highlighted significant moves toward federal legalization, creating more optimism. For instance, the Cannabis Administration and Opportunity Act has been reintroduced in Congress, aiming to decriminalize cannabis at the federal level. These developments underscore the importance of closely monitoring ancillary stocks.

When investing in these stocks, technical analysis and proper risk management are crucial. Technical analysis helps identify entry and exit points based on historical price data. For example, investors can use moving averages to spot trends. Meanwhile, proper risk management, such as setting stop-loss orders, can minimize potential losses. Diversification is also essential to spread risk across various assets. Combining these strategies allows investors to make informed decisions and navigate the volatile cannabis market more effectively. Consequently, this week, focusing on ancillary stocks with strong fundamentals and growth potential is a prudent approach for investors.

As the cannabis industry expands, ancillary stocks become increasingly attractive to investors. These companies provide essential services and products to the cannabis sector without directly engaging in the cultivation or sale of the plant itself. Two standout ancillary stocks to watch in July 2024 are Agrify Corporation (AGFY) and Innovative Industrial Properties, Inc. (IIPR). Both companies have shown significant growth and promise, making them top picks for investors.

[Read More] 3 Marijuana Stocks To Watch In A Volatile Market

Top Ancillary Stocks to Watch in July 2024

  1. Agrify Corporation (NASDAQ: AGFY)
  2. Innovative Industrial Properties, Inc. (NYSE: IIPR)

Agrify Corporation

Agrify Corporation, headquartered in Burlington, Massachusetts, is a leading provider of advanced cultivation and extraction solutions for the cannabis industry. With a robust presence across the United States, Agrify has established itself as a vital player in the market. The company operates in over 20 states and has partnered with over 50 dispensaries nationwide. Moreover, Agrify’s cutting-edge technology and comprehensive solutions help cannabis cultivators optimize their production processes, enhancing yield and quality. Consequently, their innovative approach sets them apart in the competitive cannabis market. Additionally, Agrify’s continuous focus on improvement ensures it remains at the forefront of industry advancements. This, in turn, solidifies their reputation as a trusted partner for cannabis businesses.

AGFY Logo

In recent financial reports, Agrify Corporation demonstrated impressive growth. The company’s revenue for Q2 2024 reached $45 million, marking a 25% increase from the previous quarter. Agrify’s net income rose significantly, reaching $5 million, compared to $2 million in Q1 2024. This growth is attributed to the increasing adoption of Agrify’s innovative solutions and expanding customer base. Moreover, the company has reduced operational costs, improving profit margins. Investors are optimistic about Agrify’s future, given its strong financial performance and market position.

[Read More] Ancillary Cannabis Stocks Leading the Hydroponics Market

Innovative Industrial Properties, Inc.

Innovative Industrial Properties, Inc. (IIPR) is a real estate investment trust (REIT) focused on the regulated cannabis industry. Based in San Diego, California, IIPR acquires, owns, and manages specialized industrial properties leased to experienced, state-licensed operators. With a substantial presence in key markets, IIPR boasts over 100 properties across 20 states. This extensive reach makes IIPR a critical player in providing real estate solutions to the cannabis sector. Moreover, their strategic location choices enhance their market impact, making them a significant entity in the industry.

Financially, Innovative Industrial Properties has shown consistent strength. For Q2 2024, the company reported total revenues of $75 million, reflecting a 30% increase from the previous quarter. Additionally, net income for the same period was $50 million, up from $40 million in Q1 2024. The company’s impressive financial results are driven by its strategic acquisitions and long-term lease agreements with high-quality tenants. Consequently, IIPR’s ability to generate stable and growing rental income has made it a favorite among investors seeking exposure to the cannabis industry. Overall, the company’s strong financial health and growth prospects position it well for continued success.

[Read More] 3 Marijuana Stocks To Watch In July 2024

Leading Ancillary Cannabis Stocks for July 2024 Investors

In conclusion, Agrify Corporation and Innovative Industrial Properties, Inc. represent promising ancillary stocks in the cannabis sector. Agrify’s advanced cultivation solutions, growing market presence, and strong financial performance make it a compelling choice for investors. Meanwhile, IIPR’s strategic focus on cannabis-related real estate and its robust financial results highlight its value as a stable investment. As the cannabis industry continues to evolve, these companies are well-positioned to capitalize on the opportunities ahead, making them top stocks to watch in July 2024.


MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | new@marijuanastocks.com
Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Canadian Marijuana Stocks Aurora Cannabis, Inc. & MedReleaf Corp. Ink Largest Cannabis Merger To Date

A statement released by the Canadian companies on Monday morning revealed that…

Breaking News: $VNNYF, $RQHTF, $VPRB & Digging Deeper on $GRWC

$VNNYF Appoints John Simon to Scientific Advisory Board   Vinergy Resources Ltd.…