Investing In Cannabis Stocks In 2021
In 2021 top marijuana stocks to buy have taken investors on a rough ride with the traditional market volatility pot stocks are known for. After climbing to new highs in February most of the best cannabis stocks to invest in have seen a large decline in market value. But as more investors turn to other areas of the market is now the time to start a position in marijuana stocks? In reality, many leading cannabis stocks to invest in are trading at some of their lowest price points this year.
In addition, analysts are predicting future gains in the cannabis sector in 2021. With this in mind adding top marijuana stocks to your watchlist this week in April may help produce profits in the future. On the Senate floor this week the SAFE Banking Act could be the first step in establishing cannabis reform in 2021. In general, this could allow cannabis companies to do business with financial institutions in a regular fashion.
In the past few weeks Chuck Schumer has also made mention he plans to introduce more cannabis reform legislation on Capitol Hill. As the prospect for federal cannabis reform grows so do the chances top pot stocks will start rebounding in the market. Even though federal reform has some time to be established the cannabis industry continues to grow rapidly in 2021.
Growing Cannabis Industry And American Legalization
At the present time, almost half of the U.S. population now has access to some form of cannabis legally. So far in 2021 New Mexico, New York, and Virginia have legalized marijuana. Currently, 17 states and Washington DC have legalized recreational marijuana with 36 having legal medical cannabis.
This rapid growth could produce large revenue growth for the top cannabis companies in the U.S. Already in 2020 most leading American cannabis companies have been reporting record full-year revenue and large increases in revenue for their 2021 guidance. In many instances, this could be a monumental turning point for the cannabis market’s future growth.
Finding the top marijuana stocks to add to your watchlist requires some good due diligence and market analysis on these cannabis companies. It’s always recommended investors do their own research before making any investment into a stock. With this in mind, we can take a closer look at 2 top U.S. marijuana stocks to add to your watchlist for 2021.
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Marijuana Stocks To Watch:
- Trulieve Cannabis Corp. (OTC: TCNNF)
- Green Thumb Industries Inc. (OTC: GTBIF)
Trulieve Cannabis Corp.
Trulieve Cannabis Corp. is a top-performing cannabis company in the U.S. with its largest presence in the Florida market. Recently opening its 84th location nationally and 79th dispensary in Florida the company has now begun its expansion in other states. In its latest earnings, Trulieve reported Q4 and full-year 2020 financial results that exceeded its revenue guidance. Specifically, the company brought in revenue of $521.5 million up 106% year over year for 2020. Additionally, the company saw a net income of $63 million equaling full-year earnings of $0.53 per share. Also, Trulieve provided its full-year 2021 guidance with 2021 revenues estimated at $815 million to $850 million.
Currently, the company is expanding in California, Massachusetts, Connecticut, Pennsylvania, and West Virginia. On April 13th Trulieve acquired 3 West Virginia dispensary permits making its presence in the state concrete. In detail, the company acquired Solevo Wellness West Virginia LLC and its three West Virginia dispensary permits. At the moment Trulieve is one of the fastest-growing cannabis companies in the U.S.
TCNNF stock is up 23.43% year. To date with a high of $53.73 in March. Closing last week on April 16th at $39.00 the stock has dropped 26.11% in the past 30 days. According to analysts at Tip Ranks TCNNF stock has a 12-month average price target of $67.28 per share. In essence, this would be a 72.51% gain from current levels. With this in mind, TCNNF stock is a top marijuana stock to add to your watchlist this week in April.
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Green Thumb Industries Inc.
Green Thumb Industries Inc. saw a recent decline due to a Chicago Tribune reporting the company was under a federal probe. The company denied the allegation but GTBIF stock took some losses in the market because of it. With 56 stores nationwide and 97 licenses for retail locations across the country, Green Thumb is a leading U.S. cannabis company. Ahead of 4/20 Green Thumb will launch its leading cannabis-infused social tonic brand Cann in Illinois.
In its fourth-quarter and full-year 2020 financial results, its Q4 revenue increased by 133.8% year over year to $177.2 million. Additionally, this was the companies second quarter of positive GAAP net income of $22.5 million or $0.11 per basic diluted share. In 2020 Green Thumbs revenue increased 157.2% to $556.6 million and adjusted EBITDA grew 546.9% to $179.6 million. Currently, Green Thumb has strengthened its balance sheet to continue to support future growth in the U.s cannabis industry.
GTBIF stock is up 15.08% year to date with a high of $39.11 in February. Closing on April 16th at $28.20 the stock is down 19.24% in the last 30 days. According to analysts at Market Beat GTBIF stock has a consensus price target of $48.58 per share. This would be a 72.3% gain from current levels. For this reason, GTBIF stock could be one of the best cannabis stocks to buy this week in April.
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