The Best Pot Stocks Today And August Cannabis Earnings
Are you looking for top marijuana stocks to buy in August? As we head into earnings for leading cannabis companies this month the top pot stocks could begin to see some upside in the market. At the present time, most top cannabis stocks are trading near some of their lowest price points in 2021. After peaking this February, the cannabis sector has been trading lower in the market for several months.
In general, the biggest catalyst this year has been the possibility of federal marijuana legalization and reform. This would add better circumstances for marijuana companies to continue to grow. So far in 2021 cannabis companies have performed well delivering strong first-quarter revenue growth that is expected to continue in these reports. For new investors, this could be a good time to add top marijuana stocks to your watchlist. Although recent Coronavirus concerns have brought down the overall markets heading into this week.
The cannabis industry has proven to be resilient through the pandemic in 2020. Currently in Congress Senate Majority Leader Chuck Schumer has unveiled a draft of the Cannabis Administration and Opportunity Act. The lawmaker is doing this to gain more support for the bill before introducing the legislation formally. In any case, this legislation could be monumental for the cannabis market going forward.
Marijuana Stocks In August Of 2021
As we head into August top pot stocks have seen significant market volatility. For investors, it’s always important to research companies before making an investment. Getting familiar with a company’s business models and stock performance can help you achieve the best returns on your investment. As some pot stocks With this in mind let’s take a closer look at 3 top marijuana stocks to add to your watchlist to start August.
Top Marijuana Stocks To Watch In August 2021
Trulieve Cannabis Corp.
On July 26th Trulieve announced it received a production license approval in Georgia giving the company further dominance in the Southeast cannabis market. In Florida, Trulieve Cannabis Corp. has the largest market share with more than 50% of the legal cannabis sales in the state. Additionally, once the acquisition of Harvest Health & Recreation Inc. (OTC:HRVSF) is complete the new company will have a consensus 2021 revenue of over $1.2 billion. This would make Trulieve the largest revenue-producing cannabis company in the US. At the present time, the Company has 85 stores in Florida, and 90 nationwide, with more growth, strategically planned.
Trulieve reported a record first-quarter 2021 revenue of $193.8 million producing a net income of $30.1 million. The company opened its first dispensary in the state of Massachusetts adding another market the company can produce growth in. Trulieve produces over 700+ SKUs and is constantly adding new items to its product line. In August the company is expected to release second-quarter 2021 financials on August 12th before the market opens.
TCNNF stock closed on July 30th at $32.70 down 18.17% in the last month. The stock has a 52-week range of $16.50- $53.73 and has gained 101.16% in its 1-year performance. According to analysts at Tip Ranks TCNNF stock has a 12-month average price target of $69.13 per share. This would represent an increase of 111.41% from its last trading price of $32.70.
Verano Holdings Corp.
Verano Holdings Corp. is a leading, MSO in the U.S. providing responsible access to regulated cannabis products. At the present time, the company produces a comprehensive suite of premium, innovative cannabis products sold under its portfolio of consumer brands. As it stands, the company’s portfolio has its presence in 14 U.S. States, with active operations in 11. Currently, Verano has 78 operational dispensaries, and 10 cultivation and processing facilities. In detail, Verano operates dispensaries under retail brands Zen Leaf™ and MÜV™ catering to both medical and adult-use markets.
Verano announced it would deliver its second-quarter 2021 financials on August 10th before the open. For its first quarter of 2021 financials, Verano reported earnings with revenue of $143 million up 117% year over year. As a result, the company saw gross profit margins of over 62% in Q1 2021. The company completed the acquisition of TerraVida and The Healing Center. This acquisition gives Verano six dispensaries in Pennsylvania and a permit to build an additional three in the state. To Close July the company announced the opening of a flagship Pittsburgh dispensary with a four-lane drive-through.
VRNOF stock closed on July 30th at $15.40 up 7% in the past five trading days. The stock has a 52-week range of $13.75-$28.00 and is down 5.23% in the last month. According to analysts at Market Beat VRNOF stock has a consensus price target of $25.50 per share. In essence, this forecast would represent an increase of 65.6% from its last trading price of $15.40.
Cresco Labs Inc.
Another MSO that should be on your radar is Cresco Labs Inc is one of the largest vertically integrated companies in the US. Currently, the company is considered the number one wholesaler of branded cannabis products in America. The company operates 33 retail locations across 10 states. Recently Cresco opened its fourth Sunnyside dispensary in Pennsylvania as the company expands into key markets. As for financials, in its first-quarter 2021 results, Cresco saw record revenue of $178 million. Now the company expects to reach an annualized revenue of more than $1 billion in 2021. In the first quarter of 2021, Cresco delivered gross profits of $87.0 million or 48.8% of revenue. The company now expects gross profits margins of more than 50% for the remaining 3 quarters.
Cresco announced a portfolio expansion of its Good News brand with more selections in the edibles and vaping areas. Under the Good News brand, Cresco is launching Counting Sheep, Day Off, and Pride products. Currently, these edibles and vape products will be available in California, Illinois, and Michigan. The company is expected to announce its second-quarter 2021 financials on August 13th before the opening.
CRLBF stock closed on July 30th at $10.65 up 7.95% year to date. The stock has a 52-week range of $5.33- $17.49 and has declined by 6.59% in the last 30 days. According to analysts at Tip Rank CRLBF stock has a 12-month average price target of $21.20 per share. This would represent a gain of 99.08% from its trading levels of $10.65. For this reason, these top-tier cannabis stocks are the best marijuana stocks for your list in August.
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