Cannabis Stocks Rally To Begin February
So far in February marijuana stocks have begun to regain the value from the first two weeks of 2021. Although the last week in January saw sharp declines for top pot stocks, they are climbing closer to the new highs established last month. Currently, cannabis stocks like Green Thumb Industries Inc. (OTC: GTBIF) gained 5.8% in trading on February 2nd. In essence, the stock is getting closer to its 52-week high of $32.15. At the current time, most of the best marijuana stocks to buy in 2021 are showing similar market trends. As better market sentiment persists top cannabis stocks could set new highs in February as well.
In January alone American cannabis stocks extended gains by 23% marking the fourth consecutive month of gains in the market. Actually, as things progress throughout the year most cannabis companies are positioning to see revenue growth in emerging U.S. markets. In reality, this could be the start of a new growth period for marijuana companies that can extend for the next 4 to 5 years. With this in mind, cannabis companies are focusing on expanding their presence in the industry and establishing their market share.
In the U.S. leading cannabis companies have been opening new retail locations by way of mergers and acquisitions. In addition, most have also been developing new products to launch and release in some of the new recreational markets like Arizona. Generally, all these factors could prove to stimulate cannabis companies and produce record revenue for 2021. As these emerging markets produce new sales opportunities the U.S. cannabis companies that have been working to expand will see the benefits.
Cannabis Industry Growth In 2021
Already in 2020 cannabis companies were reporting record revenue in their financial results. Last year marked a big turnaround for the cannabis market that began with the pandemic shutdowns. Currently, renewed investor interest has continued to add to the popularity of cannabis stocks to buy.
Because federal reform is due for a vote in the Senate the possibility of a legalized American market seems to be around the corner. Provided that the federal government decriminalizes cannabis, use and allows cannabis companies to bank like a regular business the future looks promising.
For the purpose of researching the best marijuana stocks to invest in, we can begin looking into some top cannabis companies. In reality, these companies have been establishing their market share for years. At the present time as things progress for the cannabis industry, they could see substantial gains in 2021. With this in mind let’s take a look at 2 of the best marijuana stocks to invest in for 2021.
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Marijuana Stocks To Watch:
Harvest Health & Recreation Inc.
Harvest Health & Recreation Inc. is a vertically integrated cannabis company and MSO based out of Arizona. At the present time, Harvest is one of the best positioned in the state to benefit from the recreational market there. In fact, Harvest has 15 dispensaries in Arizona and announced on January 22nd the launch of recreational cannabis sales in the state.
Currently, nationwide Harvest has 37 retail locations in seven states and has been seeing revenue increases. Actually, in its Q3 2020 financials, Harvest saw total revenue of $61.6 million an increase of 86% from Q3 of 2019. Harvest also increased its 2020 outlook to a revenue target greater than $225 million. And the company is focusing on improving profitability and seeing more growth in 2021.
On January 25th Harvest announced the closing of a sale-leaseback transaction with Innovative Properties, Inc. (NYSE: IIPR). In detail, Harvest sold an industrial property of 292,000 sq. ft. for $23.8 million. Additionally, Harvest and IIP will enter into a triple net lease on the property and IIP will provide another $10.8 million for improvements on the property.HRVSF stock is up 54.61% year-to-date and has a 52-week high of $3.68 on January 25th. Currently HRVSF stock closed trading on February 2nd at $3.3396 up 8.43% for the trading session. At the present time, analysts at TipRanks are giving HRVSF stock a 12-month average price target of $3.96. Actually, this would be an 18,58% gain from current trading levels. For this reason, HRVSF stock is a possible top marijuana stock to buy in February 2021.
Greenlane Holdings, Inc.
Greenlane Holdings, Inc. is one of the largest global sellers of cannabis accessories and vaporization products. Currently, the company operates a distribution platform with a customer base of more than 7000 retail locations. In addition, Greenlane also owns and operates a diverse brand portfolio that includes industry-leading products in the market. On February 2nd Greenlane announced its Higher Standard brand’s expansion into Uruguay.
In detail, Higher Standard opened three new shop-in-shop retail locations in collaboration with Kaya Herb Group. Presently this marks Higher Standard’s first international stores. The CEO of Greenlane Aaron LoCascio says,” Partnering with Kaya Herb Group allows us to expand Higher Standards internationally for the first time and fulfill Greenlane’s mission to create unforgettable experiences for cannabis consumers around the world.”
GNLN stock is up 23.74% since the start of 2021 with a 52-week high of $6.65 on January 11th. Currently, GNLN closed trading on February 2nd at $4.90 up 11.36% for the trading session. At the present time, analysts at CNN Business are giving GNLN stocks a 12-month median price target of $5.00 per share. In reality, this would be a 2.04% increase from current levels. With this in mind, GNLN stock is a cannabis stock to watch for February 2021.
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