US Marijuana Stocks In 2021
This week in June the best marijuana stocks to buy are showing some upward momentum in the market. In 2021 top cannabis stocks have given investors strong returns earlier in the year. In fact, in January and February, most top pot stocks set new highs in the market. Now after several months of declines, the cannabis sector seems to be rebounding in the market. For new investors looking to capitalize off the cannabis industry growth, it could be a decent opportunity to start a position.
In the first quarter of 2021 most top US cannabis companies have delivered strong record-setting earnings. This is partly due to the expansion across the US that the cannabis market has experienced in the last two years. Since the start of the pandemic, the cannabis market has managed to strive as an industry and in the stock market. But more investors prefer trading cannabis stocks on a short-term basis because of the volatility the sector is known for.
It’s always important for investors to do their due diligence on a company before investing. Ultimately researching a company’s financials and watching how the stock performs in the market may help you achieve the best position for your investment. But with the overall markets looking stronger We could see significant upside heading into July.
Finding The Most Value In The Best Cannabis Stocks
At the present time, more investors are looking towards US cannabis companies for investment opportunities. In 2021 most American marijuana companies performed much better than their Canadian counterparts. Also, with the possibility of the US establishing cannabis reform this year the cannabis industry could continue to see substantial growth for the next few years.
Currently, there are American cannabis companies that have positioned themselves across key growth markets in the US. With analysts predicting more upside for marijuana stocks these top pot stocks could still produce significant gains this year. As the cannabis industry grows in the US at a state level let’s look at what could be 2 of the best marijuana stocks to buy in 2021.
Marijuana Stocks For Your Watchlist Before July
Curaleaf Holdings, Inc.
In the US as one of the leading cannabis companies that are expanding in key markets is Curaleaf Holdings, Inc. Primarily, the company provides packaged cannabis products and has opened its 107th retail location recently in New Jersey. Curaleaf reported its first-quarter 2021 revenue of $260 million up 170% year over year. Additionally, Curaleaf announced revenue guidance for Q2 2021 of $305-$315 million.
In June Curaleaf announced a strategic partnership between Curaleaf’s Select Brand and music and culture authority Rolling Stone. Together the two companies are expected to launch a new line of co-branded Rolling Stone by Select products. As Curaleaf continues to expand its footprint in the US and overseas the company has delivered strong Q1 results without the addition of sales from New York and New Jersey. Essentially with these new markets in the equation, Curaleaf could beat its 2021 full-year guidance for revenue of $1.2 -$1.3 billion.
CURLF stock is trading at $14.42 on June 24th up 17.44% year to date. In February CURLF stock reached a new high of $18.38 and has gained 134.33% in its 1-year performance. According to analysts at Tip Ranks CURLF stock has a 1 2month average price target of $22.94 per share. This would represent an increase of 58.97% from its last trading price. For this reason, CURLF stock could be one of the best cannabis stocks to buy before July.
Cresco Labs Inc.
Cresco Labs Inc is one of the largest multi-state operators in the US. and the number one wholesalers of branded cannabis products. Currently, the company is expanding rapidly and operates 33 dispensaries in 10 states recently opening its fourth dispensary in Pennsylvania. In its first-quarter 2021 financials under US GAAP, Cresco delivered a record revenue of $178 million. The company expects to reach an annualized revenue of more than $1 billion in 2021. In the first quarter, the company saw gross profits of $87.0 million or 48.8% of revenue. Now Cresco expects gross profit margins of more than 50% for the remaining 3 quarters.
In June Cresco announced a portfolio expansion of its Good News brand with more selections in the edibles and vape areas. Specifically, under the Good News brand, the company is launching Counting Sheep, Day Off, and Pride products. Currently, these edibles and vape products will be available in California, Illinois, and Michigan.
CRLBF stock is trading at $11.15 on June 24th up 9.48% year to date. After reaching a high of $17.49 in February the stock is up 1.50% in the past five days. According to analysts at Market Beat CRLBF stock has a consensus price target of $21.69 per share. In essence, this would represent an increase of 100.8% from its current trading level. With this in mind, CRLBF stock is a top US marijuana stock to add to your watchlist right now.
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