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The Week of 420 For Cannabis Stocks
As the week of 420 closed top marijuana stocks began showing some upward momentum the last few trading days. With the cannabis market growing rapidly in 2021 more investors are looking for ways to capitalize off new legalization in states like New York, New Mexico, and Virginia. Most analysts are predicting New York cannabis sales could become the second-largest revenue producer behind California.
Specifically, New York is estimated to see $4.2 billion in sales once fully established. As a comparison, California had an estimated $4.4 billion in sales in 2020. At the present time, cannabis sales are expected to grow by a CARG of 19% through the year 2025. At that rate, New Frontier Data analysts project that U.S. cannabis sales will reach $41.5 billion by 2025. In reality, the cannabis industry could be one of the fastest-growing markets for the next few years.
Currently, most leading cannabis stocks are at some of the lowest price points for 2021. This could be a good opportunity for new traders to establish an entry point into the growing cannabis market. At the present time there are some cannabis companies that have been positioning themselves to gain market share in key states. Generally speaking, these companies have been showing substantial revenue growth in their latest earnings reports. In addition, these cannabis companies continue to expand at a rapid rate across the nation.
Finding The Best Marijuana Stocks To Buy In 2021
With the intention of finding some of the best marijuana stocks to buy in 2021, we can research some companies. At the present time, these companies are well-positioned to take advantage of the growing cannabis market.
As an investor always do your own due diligence and market research before investing. As it stands these top marijuana stocks could see substantial growth for the next five years. With this in mind, let’s take a look at 2 of the top cannabis stocks to invest in for 2021.
Marijuana Stocks To Watch:
- Trulieve Cannabis Corp. (OTC: TCNNF)
- Cresco Labs Inc. (OTC: CRLBF)
- Columbia Care Inc. (OTC: CCHWF)
Trulieve Cannabis Corp.
Trulieve Cannabis Corp. is a top-performing cannabis company with its largest footprint in Florida. Recently opening its 86th location nationwide and 81st dispensary in Florida the company is expanding into California, Massachusetts, Connecticut, and Pennsylvania. With a strong performance in 2020, Trulieve reported fourth-quarter and full-year 2020 financial results that beat its revenue guidance. In detail, the company saw revenue of $521.5 million increasing 106% year over year for 2020. Also, important Trulieve delivered a net income of $63 million equaling full-year earnings of $0.53 per share. The company also provided its full-year 2021 guidance with revenue estimated at $815 million to $850 million.
On April 13th Trulieve acquired 3 West Virginia dispensary permits establishing the ability to start a presence in the state. Specifically, the company acquired Solevo Wellness West Virginia LLC and its three West Virginia dispensary permits. Additionally, on 420 the company celebrated the holiday opening two new stores in the state of Florida. At the present time, Trulieve has over 50% of the market share in Florida and could become a major player in other states.
TCNNF stock is up 20.56% year to date with a high of $53.73 in March. Closing last week at $38.12 the stock is down 2o.67% in the last 30 days. According to analysts at Tip Ranks TCNNF stock has a 12-month average price target of $67.44 per share. In essence, this would be 76.92% from current levels. With this in mind, TCNNF stock is a top marijuana stock to add to your watchlist last week of April.
Cresco Labs Inc.
Cresco Labs Inc. is a U.S. cannabis multi-state operator with a consumer-packaged approach for the U.S. market. Currently, the company is one of the largest sellers of branded cannabis products in the U.S. Cresco operates 32 dispensaries in 10 states with 18 production facilities nationwide. On April 14th Cresco closed the acquisition of Bluma Wellness and has expanded into Florida. Also, Cresco has launched adult-use cannabis sales in Arizona adding to the possibility of future revenue growth in 2021.
In March Cresco announced its fourth quarter and full-year 2020 financials that show record revenue for the year. Specifically, the company saw a record 2020 revenue of $476.3 million increasing 271% year over year. Additionally, the company saw a record full-year adjusted EBITDA of $116 million. On 420 Cresco’s Sunnyside Dispensaries released a new survey finding over 25% of Americans now consume cannabis. This figure is up 56% since 2018 with 23% of current cannabis consumers saying they tried cannabis for the first time in the past year.
CRLBF stock is up 18.69% year to date with a high of 17.49 in February. Closing at $11.71 on April 23rd the stock 12.07% in the last 30 days. According to analysts at Market Beat CRLBF stock has a consensus price forecast of $19.21 per share. This would be a 64.1% gain from current its current stock price. For this reason, CRLBF stock is could be a top marijuana stock to invest in for 2021.
Columbia Care Inc.
Columbia Care Inc. is a U.S. multi-state operator that provides medical and adult-use cannabis products to the U.S. and E.U. Based in New York, the company holds licenses in 18 U.S. jurisdictions and operates 87 dispensaries and 27 cultivation and manufacturing facilities. On April 15th the company launched a first of its kind medical cannabis capsule in the United Kingdom. Specifically, these capsules were released in the U.S. as a dose-metered medicinal cannabis product. With a variety of different THC and CBD formulations, doctors are able to use these dosing options to prescribe specific cannabis-based medical solutions.
In March Columbia Care reported record Q4 and full-year 2020 financials. In particular, full-year revenue saw an increase of 151% to 197.9 million. Additionally, Q4 revenue was up 234% year over year to $81.8 million. For 2021 the company is expecting combined revenue of $500-$530 million. Currently, the company could see substantial growth in 2022 from the New York cannabis market.
CCHWF stock is down 1.40% year to date with a high of $7.89 in February. Closing last week at $5.97 the stock is down 6.06% in the last 30 days. According to analysts at Tip Ranks CCHWF stock has a 12-month average price forecast of $10.29 per share. Essentially this would be a 72.51% increase from current levels. With this in mind, CCHWF stock is could be one of the best cannabis stocks to buy in April.