2 Top Marijuana Stocks To Watch For 2020
Marijuana stocks have had an interesting year so far. In 2020, we have seen quite a lot of volatility in the cannabis industry. This includes popular pot stocks like Canopy Growth Corp. (NYSE:CGC) and Aphria Inc. (NYSE:APHA) as well as less popular pot stocks like Planet 13 Holdings Inc. (OTC:PLNHF). Although the year did get off to a rough start, since March, things have been mostly positive for the cannabis industry. During that time, many popular marijuana stocks have been able to climb back to their pre-covid prices and beyond.
While we don’t yet know how long this bull run will last, there seems to be a great deal of positivity surrounding marijuana stocks. Covid has shown that demand for marijuana is higher than ever before. Because of that, many investors believe that there is a solid long term future in the cannabis industry. Of course, we can’t predict too far into the future given the uncertainty of our current world. But, the trends we have seen in the past, may be amplified moving into the future. With that in mind, here are two top marijuana stocks for the rest of 2020.
A U.S. MSO Pot Stock to Watch
Green Thumb Industries Inc. (OTC:GTBIF) is a marijuana stock that has shown a great deal of potential in the past few years. Because it is based in the U.S., the company is not subject to the ups and downs of the Canadian cannabis industry. With that in mind, GTBIF stock has grown due to the company’s 48 U.S. retail locations. These stores are spread across ten states in the country. This year alone, Green Thumb has opened as many as nine new stores. In its latest quarter ending in June, GTBIF stock reported revenue growth of around 170%.
In addition, GTBIF stock also posted an adjusted EBITDA margin of around 30%. With a market cap at almost $3 billion as of mid-September, Green Thumb Industries is without a doubt one of the largest MSOs in the cannabis industry. Because it has consistently grown over the past few years, many investors believe in the future of the company. For that reason, it remains a leading pot stock to watch.
A Marijuana Stock With Potential On the Horizon
HEXO Corp. (NYSE:HEXO) has gone from a leading marijuana stock to a penny stock in only a year or so. At around $0.75 per share as of mid-September, many believe that HEXO stock may have a bright future in the long term. This is due to its partnership with Molson Coors Inc. (NYSE:TAP) which has yet to come to fruition.
In the past six months, HEXO stock has been working to climb back from the grave. In that time, the company has diversified the amount of products that it offers to customers. This includes the production of oils, sprays, and more. Because it has been working to make more products, HEXO stock looks like it could become a leader in the retail cannabis stock market. For that reason, it remains a potential pot stock to watch.
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