Top Marijuana Stocks In January 2021
At the present time, top marijuana stocks to buy are the hottest sector in the stock market. Currently, this year has brought more upward momentum for the best cannabis stocks to buy in 2021. For example, GrowGeneration Corp. (NASDAQ: GRWG) saw 13.77% gains on January 11th trading. As the U.S. continues ushering in a new President and a Senate more likely to pass cannabis reform in America, many investors are seeing the marijuana industry’s potential. Already growing at a record pace in the U.S. 2020 saw most top pot stocks reporting record revenue in the second half of the year. Asa matter of fact Canadian cannabis companies have also seen increases in revenue due to the derivatives market creating more sales in the country.
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But is investing in marijuana stocks right now a good idea for investors? As it stands if predictions for the cannabis market are correct most marijuana companies will experience massive growth in the coming years. Generally speaking, legal sales in the cannabis market are predicted to grow to more than $24 billion in 2021. In essence, this would be a result of the more than 3 million new consumers expected to purchase cannabis from the legal market. As more states establish legalization the cannabis market can continue to flourish. In addition, changes in federal policy could lead to a new era for leading cannabis companies. In which banking and regulation favor growth for the industry.
How Will The Cannabis Market Change In 2021?
In the U.S. legal cannabis sales in 2020 were more than $18 billion up more than 33% from 2019. Although the pandemic was devasting to American health and economic well-being it has become a milestone for growth in the cannabis industry. Another landmark moment for the cannabis industry can occur this year. In fact, there are a handful of U.S. cannabis companies that could achieve a billion dollars in sales in 2021. One of those cannabis companies Curaleaf Holdings, Inc. (OTCQX: CURLF) has 96 dispensary operations in 23 states and continues to expand. Currently, some analysts predict most top cannabis stocks will gain over 50% more market value in the coming months.
With this being the trend with cannabis stocks finding the right one for your portfolio could be beneficial. But narrowing your picks down to a couple of the best performing cannabis companies could sometimes be difficult. Provided that the stock market continues to remain stable in the coming month’s gains in the market are highly likely. With this in mind, these 2 top marijuana stocks to buy could be candidates for your watchlist in 2021.
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Marijuana Stocks To Watch:
Trulieve Cannabis Corp. (OTCQX: TCNNF)
Harvest Health & Recreation Inc. (OTCQX: HRVSF)
Trulieve Cannabis Corp
Trulieve Cannabis Corp is the first and leading medical cannabis company in the state of Florida. Currently, the company’s operation has approximately 51% of the Florida market. With 70 stores in the state and 76 nationwide Trulieve has more growth in mind for 2021. While being one of the better performing cannabis companies in the U.S. its recent expansion into other states could signify further growth potential for this year. In 2020 Trulieve achieved a record revenue of $136.3 million in the 3rd quarter.
In fact, the company achieved an adjusted positive EBITDA of $67.5 million or 50% of revenue. This result represents the 11th quarter of consecutive growth and profitability. One thing to watch for with Trulieve is how rapidly it can duplicate what it did in Florida in states like California, Massachusetts, Connecticut, and Pennsylvania. As Trulieve continues to show strong revenue growth it could be one of the first to achieve a billion dollars in sales.
TCNNF stock is already up 28.37% for 2021 and looks to have upward momentum going into today’s trading. Current analysts at Tip Ranks have given TCNNF stock a 12-month average price target of $43.86 representing a 9.27% gain from current levels. In reality, the stock saw triple-digit percentage gains in 2020 and could continue climbing. For this reason, TCNNF stock could possibly be one of the best marijuana stocks to invest in for 2021.
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Harvest Health & Recreation Inc.
Harvest Health & Recreation Inc. a vertically integrated cannabis company and multi-state operator in the U.S. With a strong presence in its home state of Arizona Harvest is well-positioned to benefit from the newly established adult recreational market there. With 15 dispensaries throughout the state of Arizona and another 22 across 6 other states, Harvest has a strong presence in the U.S. cannabis market. In addition, Harvest performed well in Q3 2020 bringing in revenue of $61.6 million up 86% from the same period in 2019. For 2020 Harvest gave guidance with a revenue target of $225 million. Although the company is not yet profitable it is moving closer to that goal through revenue growth, cost control, and investments in key cannabis markets.
HRVSF stock is up 43.06% since 2021 began and looks like it has more upside in today’s trading. At the current moment, HRVSF stock is pushing closer to its 52-week high of $3.64 back in January of 2020. With upward momentum taking top pot stocks in 2021 to new highs investors should keep the cannabis sector on their watchlist. As Harvest continues its expansion across the U.S. HRVSF stock is a top cannabis stock to watch in 2021.
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