Cannabis Industry Growth And Marijuana Stocks In 2021
Top marijuana stocks in 2021 represent one of the fastest-growing markets in the US. With most US cannabis companies delivering strong financials in the first quarter most expect to see much higher sales revenue this year. In Illinois, adult-use sales have increased 163% from the prior year to $116.4 million. According to a BDSA report, several states are showing record sales in April as demand continues growing in the US.
Unfortunately for cannabis investors, this has not translated into gains in the market in the top cannabis stocks to buy. Since reaching a new high in February the cannabis sector has seen a steep decline in market value that has lasted over 3 months. So far during the first week in June, many leading marijuana stocks to invest in are beginning to show some upside in trading.
In 2021 the one catalyst that has moved the cannabis sector higher is marijuana reform and legalization. Recently lawmakers reintroduced the MORE Act which could be the bill that leads to a new federal policy on cannabis. Undoubtedly this would be a game-changing event for the cannabis industry and could usher in higher levels for marijuana stocks. There are currently some marijuana stocks that could have significant upside with new federal policy established and upward momentum in the cannabis sector.
Cannabis Companies And Strong Revenue Growth
At the present time, the companies that are showing the strongest earnings are the US cannabis companies. But before investing in these marijuana stocks there are a few important factors to get familiar with. For one the best cannabis stocks to buy in 2021 are known for having significant market volatility. In general, this market volatility is often utilized by the short-term investor and makes it harder for the long-term investors to establish a stable position. But there could be both opportunities in top pot stocks from current trading levels.
For investors, it’s always important to research a company before investing. Before investing in any position, it's always important to do your own due diligence into marijuana stock. Generally speaking, looking into a company and studying how the stock moves in the market can be key instruments in establishing a profitable position. With this in mind, we can research some top cannabis stocks to add to your watchlist for next week. As the cannabis sector begins to recover these could be the best marijuana stocks to buy in June.
Marijuana Stocks To Watch
In the US TerrAscend is a leading cannabis operator with operations in Pennsylvania, New Jersey, and California. In addition, the company has licensed cultivation and processing operations in Maryland and Canada. Recently TerrAscend Corp. announced it closed the acquisition of Keystone Canna Remedies increasing the company's footprint with three more retail locations in Pennsylvania. As far as retail, the company operates the Apothecarium a dispensary that has won previous awards as well as best in class cultivation.
In May TerrAscend reported first-quarter 2021 net sales of $53.4 million and adjusted EBITDA of $22.6 million. Additionally, TerrAscend announced the opening of its largest retail location with a 6500 square foot Apothecarium dispensary in New Jersey. Also, the company raised its full-year 2021 guidance for net sales to exceed $300 million and an adjusted EBITDA to be more than $128 million.
TRSSF stock closed on June 4th at $11.39 up 13.33% year to date. In February TRSSF stock reached a high of $16.25 and has gained 381.22% in the course of a 1-year period. According to analysts at Tip Ranks TRSSF stock has a 12-month average price target of $16.44 per share. In essence, this would represent an increase of 44.32% from current trading levels. For this reason, TRSSF stock is a top marijuana stock to add to your watchlist for next week.
Columbia Care Inc.
As New York legalizes cannabis Columbia Care Inc. could be one of the best-positioned cannabis companies for growth in the state. Actually, a recent acquisition of a 34-acre Long Island cultivation site has given the company one of the largest cannabis presence on the East Coast. Specifically, the company operates in 18 US markets and operates 115 facilities including 87 dispensaries and 28 cultivation and manufacturing facilities.
In May Columbia Care announced a record first-quarter 2021 combined revenue of $92.5 million an increase of 220% year over year. Also, Columbia Care also saw a record combined adjusted gross profit of $37.7 million an increase of 316% from the prior year. In addition, the company reaffirmed its 2021 combined revenue guidance of $500-%30 million and adjusted EBITDA of $95-$105 million.
CCHWF stock closed on June 4th at $5.84 down 3.47% year to date. With a February high of $7.89, the stock is down 9.88% in the last month. According to analysts at Market Beat CCHWF stock has a consensus price target of $11.40 per share. This forecast would represent an upside of 95.2% from current levels. With this in mind, CCHWF stock could be one of the best cannabis stocks to add to your watchlist in June.
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Jushi Holdings Inc.
Last month Jushi Holdings Inc. completed the acquisition of two California dispensaries and closed another acquisition of Dalitso LLC Facility establishing its presence in Virginia. Currently, 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. On May 28th Jushi reported its first-quarter 2021 financials with total revenue of $41.7 million up 29% sequentially. Also, the company saw a gross profit of $20.1 million an increase of 14.1% from the prior quarter.
The company experienced a net loss in Q1 of $26.1 million. This was primarily driven by increases in derivative warrant liability interest expense, income tax expense, and losses on debt extinguishments. Jushi is expanding into new markets and could see significant revenue increases in 2021. The company launched a suite of cannabis brands across multiple states. Some of the brand names The Bank, The Lab, Tasteology, Nira+Medicinals, and Seche.
JUSHF stock closed on June 4th at 5.86 currently flat for 2021. In the past month, JUSHF stock has lost 14.95% and has a 52-week high of $9.06 in February. According to analysts at Tip Ranks JUSHF stock has a 12-month average price target of $9.97 per share. This forecast would represent an increase of 70.06% from current trading levels. For this reason, JUSHF stock could be a top marijuana stock to buy the second week of June.
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