Top Cannabis Stocks To Watch This Week
Are you looking for top marijuana stocks to buy before 2022? This week has become a volatile week for cannabis stocks. After the week started with a downturn in the overall markets pot stocks also continued to decline. But yesterday the cannabis sector began to see some upside in trading that has investors believing in a Santa Claus rally again. For most of 2021 top marijuana stocks have been trading lower as the months have gone by.
This is partly due to the delays in Congress in establishing federal cannabis reform in 2021. But with a strong bipartisan push currently taking place on Capitol Hill, it could be a matter of time before we see cannabis reform taking place. In the US although the cannabis sector saw significant declines many leading cannabis companies delivered strong earnings in 2021.
Regardless of the delays with federal cannabis reform, the US cannabis market is expanding rapidly on the state level. This has given the leading companies new markets to grow in for 2022 as well. In December some top cannabis stocks have established new 52-week lows for new investors this could be a good time to make a marijuana stock watchlist for next year. But for many retail investors, it may be difficult to invest in top-tier US MSOs.
Finding The Best Pot Stocks To Buy Right Now
One of the main reasons has to do with federal marijuana legalization which affects US MSOs from trading on major US stock exchanges. Because cannabis is not federally legal US marijuana stocks have to trade on the OTC Markets which are not available for Robinhood and WeBull traders. In 2021 these are among the largest pools of retail traders coming into the market. This has also hurt top US pot stocks in the market as well-kept new retail investors from trading US cannabis stocks. Currently, investors can trade US marijuana stocks on Schwab and ETRADE platforms.
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Before investing in cannabis stocks, it’s important to always do your due diligence before starting a position. Researching a company’s earnings and press releases can help you find the best-performing ones. In addition, watching how a stock performs in the market can help you find the best entry point for your investments. At the present time, many top US marijuana stocks to buy may present a short-term and long-term potential for investors. Lets look at 2 top US marijuana stocks for your 2022 list right now.
Best US Marijuana Stocks For 2022
- Trulieve Cannabis Corp. (OTC: TCNNF)
- Verano Holdings Corp. (OTC: VRNOF)
Trulieve Cannabis Corp.
Trulieve Cannabis Corp. is a high-performing cannabis company in Florida, with a market share of around 46%. On December 8th, the company opened its 111th outlet in the state. Harvest Health & Recreation Inc. has been acquired, and the company now is forecast to produce over $1.2 billion in revenue in 2021. The company is presently the industry leader in the United States, with 157 retail dispensaries. In addition, the company has a 3.5 million square foot cultivation and processing capacity. Georgia has granted Trulieve a production license, letting the company expand its foothold in the Southeast cannabis industry. Furthermore, the company built its first dispensary in Massachusetts, opening a new market for future expansion.
In November, Trulieve released its results for the third quarter of 2021, marking the company’s 15th consecutive profitable quarter. Overall, the company’s net revenue increased by 64% to $224.1 million year over year. As a result, Trulieve made a gross profit of $153.9 million, with a gross margin of 68.7%. Adjusted EBITDA was $98 million, or 43.7 percent of revenue, for the company. In West Virginia, the firm also began its first agricultural endeavors and opened its first dispensaries. On December 21st Trulieve opened its 8th Tampa area dispensary adding to its dominance in the state.
TCNNF Stock Performance
TCNNF stock closed at $23.53 on December 21st, down 19.17% in the last month. The stock is currently trading in a 52-week price range of $23.10-$53.73, down 25.59% year to date. TCNNF stock has a 12-month median price target of $64.84 a share, according to CNN Business analysts. This would be a 175.55% increase from its last trading price of $23.53. Trulieve has the potential to become one of the largest MSOs in the US by 2021, as well as one of the best marijuana stocks to watch right now.
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Verano Holdings Corp.
Verano Holdings is one of the largest multi-state businesses in the United States, offering regulated cannabis products to consumers. In general, the company creates high-quality cannabis products that are sold under its various consumer brands. Verano, for example, operates in 11 states and has 90 functioning dispensaries as well as 12 growing and processing facilities. The company has 40 dispensaries in Florida, which is a substantial presence in that region. In 2021, Verano intends to have more than 92 dispensaries. The company operates dispensaries under the retail brands Zen LeafTM and MÜVTM, which serve both the medicinal and adult-use sectors. The startup opened a drive-through dispensary on Flamingo Road in Las Vegas in October. The firm announced the opening of its 11th MÜVTM dispensary in Orange Park, Florida, in 2021 on December 9th.
TerraVida and The Healing Center were recently purchased by Verano. Verano now has six dispensaries in Pennsylvania and a permit to open three more in the state because of this transaction. The business established a flagship Pittsburgh dispensary with a four-lane drive-through earlier this year. The company reported third-quarter 2021 results in November, with revenue of $207 million, up 106 percent year over year. In addition, on an unadjusted basis, gross profit climbed by 33% sequentially to $133 million, or 64% of revenue. Verano’s footprint grew in Q3 with the addition of seven new dispensaries throughout its primary markets.
VRNOF Stock Performance
VRNOF stock closed on December 21sth at $10.64 down 11% in the last month. Currently, the stock has a 52-week price range of $9.86-$28.00 and is down 37.95% in the last six months. According to analysts at Tip Ranks VRNOF stock has a 12-month average price target of $31.99 per share. In this case, this would represent an upside of 205.05% from its last trading price. As we begin to close out this holiday trading week these could be some of the best US cannabis stocks for your list in 2022.
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