How To Invest In Cannabis Stocks This Summer
Are you looking for top marijuana stocks to invest in this summer? So far in July, the cannabis sector continues to see some upside in trading. Currently, many top marijuana stocks to buy are trading significantly lower than the highs achieved this year. This was a result of a pullback in the cannabis sector after the overall market saw a major sell-off in February. For the past four months, top pot stocks have been consolidating near some of their lowest stock prices this year.
Although marijuana stocks have been somewhat volatile in 2021 the growth prospects of the cannabis industry for the next five years make some of the top cannabis stocks attractive for the long term. According to a recent report from Statista US sales of legal recreational cannabis are expected to reach an estimated $42 billion by 2026. This would be more than double the size of the current revenue the US cannabis market is producing.
Upward Momentum For Top Pot Stocks On Your Watchlist
In the first quarter of 2021 top cannabis companies produced strong earnings growth and continue to perform well in 2021. Despite these strong earnings in Q1 top marijuana stocks remained trading lower in the market. This has given investors the opportunity to find top cannabis stocks to buy at lower entry levels.
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Starting in June the cannabis sector has begun to recover some of the value it shed after mid-February. For the most part, US pot stocks have seen some better market value to start July. With this in mind, we can take a closer look at some top marijuana stocks for your watchlist next week. As market conditions continue to improve for the cannabis sector these could be the best marijuana stocks to add to your list in July.
Top Marijuana Stocks To Watch
Cresco Labs Inc.
One of the leading vertically integrated MSOs in the US is Cresco Labs Inc. At the present time, the company is a leading wholesaler of branded cannabis products in the states. In June Cresco expanded its footprint and now operates 33 retail locations in 10 states. Last month, the company opened its fourth Sunnyside dispensary in Pennsylvania. Cresco delivered the first quarter of 2021 record revenue of $178 million. The company expects to reach an annualized revenue of more than $1 billion in 2021. Cresco saw Q1 2021 gross profits of $87.0 million or 48.8% of revenue. Going forward, the company expects gross profit margins of more than 50% for the remaining 3 quarters of 2021.
Cresco recently had a portfolio expansion of its Good News brand adding selections in the edibles and vaping areas of its lineup. Specifically, the company launched Counting Sheep, Day Off, and Pride products under the Good News brand. These edibles and vape products will be available in California, Illinois, and Michigan. Cresco is expected to release its second-quarter 2021 financials on August 13th before the market opens.
CRLBF stock closed on July 9th at $11.59 up 17.49% year to date. In February CRLBF stock reached a high of $17.49 and has increased 184.77% in its 1-year performance. According to analysts at Tip Ranks CRLBF stock has a 12-month average price target of $21.17 per share. This would represent an increase of 82.66% from its last trading price. For this reason, CRLBF stock is a top cannabis stock to add to your list next week.
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Ayr Wellness Inc.
Ayr Wellness Inc. recently became the fourth largest cannabis company in the Florida market. With a few key acquisitions, the company has expanded its footprint and established itself among leading cannabis companies. At the present time, Ayr has 36 retail dispensaries in Florida and a total of 52 stores nationwide. Recently, AYR opened a dispensary in Spring Hill, Florida, and another new dispensary in Key West. The company delivered first-quarter 2021 revenue of $58.4 million up 74% year over year. Also, AYR saw Q1 Adjusted EBITDA of $18.4 million on a US GAAP basis.
Looking forward AYR provided revenue guidance for the second quarter of 2021 with an estimate of $90 million up 218% from the prior year. Also important, the company gave its guidance for 2022 with a revenue of approximately $725 million. AYR has opened its sixth dispensary in Nevada close to the Las Vegas airport. Last month the company opened its third dispensary in Pennsylvania by CannTech PA, LLC, a wholly-owned subsidiary of the company.
AYRWF stock closed at $29.03 up 22.06% year to date. In February AYRWF stock reached a high of $37.50 and has gained 272.24% in its 1-year performance. According to analysts at Market Beat AYRWF stock has a consensus price target of $57.70 per share. This forecast would represent an increase of 98.8% from current trading levels. With this in mind, AYRWF stock could be a top marijuana stock to buy right now.
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Trulieve Cannabis Corp.
Trulieve Cannabis Corp. has held the largest market share in Florida with more than 50% of the legal cannabis sale in the state. In a big move, the company made an acquisition that’s positioned it to become the largest cannabis company in the world. Specifically, the acquisition of Harvest Health & Recreation Inc. (OTC: HRVSF) would create a new company with a consensus 2021 revenue of $1.2 billion. As it stands the company is now considered the largest revenue-producing cannabis company in the world. Once the agreement is complete the new company will operate in 11 states with over 128 dispensaries servicing both the medical and recreational US cannabis industry.
Trulieve reported a record first-quarter 2021 revenue of $193.8 million producing a net income of $30.1 million. In July the company completed the acquisition of Keystone Shops in Pennsylvania and became the first medical cannabis operator in West Virginia. In detail, the company has begun cultivation at their 100,000 square foot facility in Huntington, West Virginia.
TCNNF stock closed at $38.25 on July 9th up 20.97% year to date. In March TCNNF stock reached a new high of $53.73 and has gained 200.71% in its 1-year performance. According to analysts at Tip Ranks TCNNF stock has a 12-month average price target of $68.61 per share. In essence, this would be a 79.37% gain from its last trading price. As the cannabis sector continues an upward trend TCNNF stock could be one of the best marijuana stocks to invest in for 2021.
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