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Finding The Best Stocks To Invest In Right Now
Currently, in the US top marijuana stocks to buy could start showing some upside in the market. As the leading cannabis companies report earnings many investors are watching to see how the market reacts to this round of financials. For the most part, 2021 has been a volatile year for top cannabis stocks. After reaching new highs in February most pot stocks have declined and consolidated at much lower market value for several months. In the US cannabis companies have reported strong first-quarter earnings and most analysts expect this round to continue the trend. As it stands US cannabis companies are performing well even though cannabis is still federally illegal.
In most parts of the US, states are establishing medical and recreational cannabis while things progress in Congress. In July, Senate Majority Leader Chuck Schumer unveiled a draft of the Cannabis Administration and Opportunity Act. This unveiling is to make sure lawmakers see the bill and iron out their differences before moving forward for a vote. Regardless US cannabis companies seem to be thriving in the current environment. Currently, the best US marijuana stocks in 2021 could be trading at attractive market values. With earnings being a possible catalyst, it could be time to add some top cannabis stocks to your watchlist.
For investors, it’s always important to do your due diligence before investing. Thoroughly researching a company’s financials and studying how the stock performs in the market can help you achieve the best returns on your investment. Although cannabis stocks have some volatility, they have delivered gains for investors in 2020 and the first quarter of 2021. With this in mind, let’s take a closer look at 2 of the best marijuana stocks for your list going into August.
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Top Marijuana Stocks To Watch
- Trulieve Cannabis Corp. (OTC:TCNNF)
- Cresco Labs Inc. (OTC:CRLBF)
Trulieve Cannabis Corp.
Trulieve Cannabis Corp. has established the largest market share with more than 50% of the legal cannabis sale in the state of Florida. As it stands, once the acquisition of Harvest Health & Recreation Inc. (OTC:HRVSF) is complete the new company will have a consensus 2021 revenue of $1.2 billion. This makes Trulieve the largest revenue-producing cannabis company worldwide. The Company currently has 87 stores in Florida, and 96 nationwide, with more growth, strategically planned.
Trulieve reported a record first-quarter 2021 revenue of $193.8 million producing a net income of $30.1 million. Recently, the company opened its first dispensary in the state of Massachusetts giving Trulieve a new market to expand in. On July 21st the company opened a new 3200 sq. ft dispensary in Winter Haven, Florida. This morning the company announced production license approval in Georgia expanding its southeast market. Trulieve is expected to release second-quarter 2021 financials on August 12th before the open.
TCNNF stock closed on July 23rd at $32.50 up 2.78% year to date. TCNNF stock has a 52-week range of $14.66- $53.73 and has increased by 115.23% in its 1-year performance. The stock has declined 14.38% in the last month and is trading near some of the lowest levels it is seen in 2021. According to analysts at Tip Ranks TCNNF stock has a 12-month average price target of $68.70 per share. This forecast would represent a 111.38% increase from its last trading price of $32.50. For this reason, TCNNF stock is a top marijuana stock to add to your list this week.
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Cresco Labs Inc.
Cresco Labs Inc. is a leading wholesaler of branded cannabis products in the United States. Currently, the company has expanded its footprint and now operates 33 retail locations in 10 states. Recently, the company opened its fourth Sunnyside dispensary in Pennsylvania. Cresco delivered first-quarter 2021 record revenue of $178 million. As of now, the company expects to reach an annualized revenue of more than $1 billion in 2021. Initially, Cresco saw Q1 2021 gross profits of $87.0 million or 48.8% of revenue. The company expects gross profit margins of more than 50% for the remaining 3 quarters of 2021.
Cresco recently had a portfolio expansion of its Good News brand adding selections in the edibles and vaping areas of its lineup. Specifically, the company launched Counting Sheep, Day Off, and Pride products under the Good News brand. These edibles and vape products will be available in California, Illinois, and Michigan. Cresco is expected to release its second-quarter 2021 financials on August 13th before the market opens.
CRLBF stock closed on July 23rd at $10.54 up 6.84% year to date. CRLBF stock has a 52-week range of $5.13-$17.49 and has increased by 102.69% in its 1-year performance. In the past 6 months, the stock has declined by 25.74%. According to analysts at Market Beat CRLBF stock has a consensus price target of $23.28 per share. This forecast would represent an upside of 120.9% from its current price of $10.54. With this in mind, CRLBF stock could be one of the best cannabis stocks to buy in 2021.
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