Top American Cannabis Stocks In 2021
Heading into August the best marijuana stocks to buy have been through a turbulent month in July. After starting to climb in June the cannabis sector began declining again in July. Now with most leading cannabis companies delivering earnings in August, we may see some renewed upside for pot stocks. Currently, many analysts predict leading cannabis companies will report strong revenue growth in this round of financials. Along with earnings, the possibility of federal marijuana legalization could be another catalyst for the cannabis market in 2021.
At the present time, Senate Majority Leader Chuck Schumer has unveiled a draft of the Cannabis Administration and Opportunity Act. The Senator has released the draft to gain support from lawmakers in Congress before voting on the actual legislation. For investors, this could be an opportunity to find top marijuana stocks for your watchlist at lower price points.
Before investing in pot stocks, it's important for traders to do their due diligence on a company. Researching a company's earnings and studying how they perform in the market can help you establish the best positions for your investments. At the present time, the cannabis market is one of the fastest-growing industries in the US. According to Statista during the next five years, many analysts are predicting for sales of legal recreational cannabis to more than double reaching an estimated $42 billion by 2026.
Bullish Sentiment For Top Pot Stocks
As things develop with federal marijuana legalization more analysts are becoming bullish on cannabis stocks. With more investors beginning to eye US cannabis companies, we can begin to research some of the possible options for your list. US MSOs have been showing significant revenue growth in the first quarter of 2021. Currently, some of the top cannabis companies are trading at lower market levels.
For new investors adding these companies to your watchlist could be beneficial to your portfolio. With leading US cannabis companies reporting financials predominantly in August this could be a catalyst for the sector. In the next few months, top pot stocks could have upward momentum after months of declines. Because of this let's take a closer look at 2 top marijuana stocks to add to your watchlist before August.
Best Marijuana Stocks To Watch For Next Week
Jushi Holdings Inc.
At the present time, Jushi Holdings Inc. is a cannabis and hemp company that is expanding its presence in the medical and recreational cannabis markets. Currently, the company is building a portfolio of branded cannabis and hemp-derived assets across the US. Jushi operates 20 dispensaries under the BEYOND/HELLO brand. In June a Jushi subsidiary Franklin Bioscience opened the 13th Beyond/Hello in Pennsylvania. Additionally, Jushi has 30 retail licenses in the US, and its national brand of cannabis dispensaries Beyond/Hello continues to see growth online and in-store.
Jushi Holding Inc. delivered its fourth quarter and full-year 2020 financials with Q4 2020 total revenue increased by 29.6% sequentially to $32.3 million. Full-year total revenue increased approximately 689.6% year over year to $80.8 million. In addition, for the first quarter of 2021, the company has total revenue of $41.7 million an increase of 29% from Q4 2020.
JUSHF Stock Performance
JUSHF stock closed on July 29th at $5.16 down 11.88% year to date. The stock has a 52-week range of $1.71-$9.06 and has gained 208.81% in its 1-year performance. According to analysts at Tip Ranks JUSHF stock has a 12-month average price target of $10.30 per share. In essence, this would represent an increase of 99.40% from its last trading price of $5.16. For this reason, JUSHF stock could be one of the best marijuana stocks to buy before August.
TPCO Holding Corp.
In California TPCO Holding Corp. is one of the largest cannabis operators. Formally, known as The Parent Company the newly formed public company made its way to the market through a SPAC deal last year. The company is composed of direct-to-consumer platform Caliva and hemp manufacturer Left Coast Ventures. TPCO also brings to the table global icon and entrepreneur Shawn Jay-Z Carter. Primarily, Carter is Chief Visionary Officer and brand strategist for TPCO. Additionally, Roc Nation will also be involved in the partnership providing artists, athletes, and influencers to establish brands.
TPCO released the first quarter of 2021 net sales of $39.9 million and adjusted net sales of $45.6 million. As a result, the company saw gross profits for Q1 of 2021 of $7.2 million or 18% of net sales. In the first quarter, the company launched Shawn "JAY-Z" Carter's MONOGRAM a high-end premium cannabis product with reimages of iconic photos of American photographer Slim Aarons. At the present time, TPCO has three streamlined facilities producing 8 core brands with a focus on higher-margin product offerings. Last month TPCO made its first inaugural investments in Black and women-led business. The company is expected to release its second-quarter 2021 financials on August 16th after the market closes.
GRAMF Stock Performance
GRAMF stock closed on July 29th at $4.09 down 59.58% year to date. At the present time, the stock has a 52-week range of $3.99-$13 962 and is down 24.48% in the past month. According to analysts at Market Beat GRAMF stock has a consensus price target of $12.50 per share. This would represent an increase of 205.6% from its current price of $4.09. With this in mind, GRAMF stock could be a top cannabis stock for your watchlist in August.
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