Best Cannabis Stocks For Your November Watchlist
After rallying for several days in November top marijuana stocks to buy experienced a pullback in yesterday’s trading. After GOP Rep. Nancy Mace unveiled the States Reform Act the legislation was met with some opposition from other GOP members in her home state of South Carolina. Although some GOP leaders oppose the bill Nancy Mace has continued to gain support from a growing number of lawmakers from both sides of party lines.
In other developments on Monday President Joe Biden signed an infrastructure bill with a provision that allows researchers to study the marijuana consumers are purchasing from state-legal dispensaries. With the possibility of ending federal marijuana prohibition, many cannabis stocks have experienced some upside this month. In addition, many leading cannabis companies are delivering strong earnings this month adding fuel to the best cannabis stocks right now.
Because of delays with federal cannabis reform in 2021 top marijuana stocks to buy have fallen near their lowest trading levels this year. Now showing some upside in the market pot stocks could continue rising as things progress in Congress. At the present time, US cannabis companies have been growing rapidly on the state level. Since the beginning of the pandemic, many companies have delivered strong revenue growth and expanded their footprint across the American cannabis market.
Investing In Pot Stocks And What To Know
Before investing in cannabis stocks, it’s important to research a company thoroughly studying their financial results and press releases to find the best-performing businesses. In addition, following how a stock moves in the market can help you establish the best position for your investment.
One important factor to consider before investing in marijuana stocks is the significant market volatility the sector is known for. Right now, many analysts are forecasting significant upside for some of the best cannabis stocks to watch in November. Making a watchlist of top marijuana stocks can help you establish the best entries for your investment. Let’s look at 2 top US cannabis stocks to add to your list in Q4 2021.
Best Marijuana Stocks To Watch For November 2021
Green Thumb Industries Inc.
Green Thumb Industries Inc. is a leading cannabis consumer packaged company that has established a large footprint in key markets across the US. At the present time, Green Thumb has 65 retail locations across 14 states and recently opened its third store in New Jersey. Additionally, GTI has licenses for 111 retail locations for future expansions. In Q2 GTI opened a Cookies on the Las Vegas Strip through an exclusive partnership with the privately-owned Cookies Brand. Also, Green Thumb announced it closed the acquisition of Dharma Pharmaceuticals and is entering the Virginia cannabis market as well.
On November 10th Green Thumb Reported third quarter 2021 results with revenue of $233.7 million up 48.7% year over year. Overall, this marks the fifth consecutive quarter of positive GAAP net income of $20.2 million or $0.08 per diluted share. The company adjusted operating EBITDA grew to $81.2 million or 34.7% of revenue. As it stands Green Thumb ended the third quarter with cash totaling $285.8 million. The company was driven by the expanded distribution of Green Thumb branded products and increasing traffic in the 65 operating dispensaries.
GTBIF stock closed at $24.16 on November 15th down 10.88% for the trading day. Currently, the stock has a 52-week price range of $18.00-$39.11 and has increased by 10.83% in the past five trading days. According to analysts at Tip Ranks GTBIF stock has a 12-month average price target of $46.23 per share. In this case, this would represent an increase of 91.35% from its last trading level. For cannabis investors, GTBIF stock could be one of the best marijuana stocks to buy in 2021.
Ayr Wellness Inc.
Ayr Wellness Inc. has also built a strong presence in the Florida cannabis market operating 42 dispensaries in Florida and a total of 59 stores nationwide. In addition, the company entered the Illinois market with the acquisition of Herbal Remedies Dispensaries, LLC. Ayr received a provisional license to sell adult-use cannabis at greater Boston dispensaries in Massachusetts. In October the company launched Kynd premium flower in Arizona. On November 12th the company opened its seventh affiliated operating dispensary in Pennsylvania.
Ayr reported its second-quarter 2021 results with revenue of $91.3 million up 222% year over year. As a result, the company adjusted EBITDA was $27.4 million on a US GAAP basis up 225% year over year. Ayr sustained a US GAAP operating loss of $24.9 million which included one-time expenses, and non-operating adjustments of $52.3 million. The company raised its 2022 revenue target to $800 million with a $300 million AEBITDA. Additionally, Ayr provided a 3Q 2021 guidance of $100 million in revenue. The company is expected to release its third-quarter 2021 results on November 22nd before the market opens.
AYRWF stock closed on November 15th at $22.53 up 5.23% in the past five trading days. Currently, the stock has a 52-week price range of $18.01-$37.50 and is down 15.93% in the past six months. According to analysts at Market Beat AYRWF stock has a consensus price target of $56.02 per share. In essence, this would represent an upside of 148.6% from its last trading price of $22.53. As the federal process continues to drive cannabis stocks AYRWF stock could be a top marijuana stock right now.
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