Are These The Best Marijuana Stocks To Invest In Before November 2021?
While investors eagerly await earnings reports from Big Tech, marijuana stocks should not be overlooked in the stock market today. After all, the long-term growth potential of the industry remains a topic of hot discussion. This would be the case as House Democrats are actively working towards passing a bill allowing for federal legalization. Complementing this would be increasing legalization at the state level as more U.S. states legalize either medical and/or recreational weed.
Moreover, we could also take a look at the current outlook for the global cannabis market. According to Quince Market Insights, the industry could reach an estimated value of $19.89 billion this year. Moving forward, the firm sees a possible compound annual growth rate of about 27% for the market through 2030. If anything, companies and investors alike appear to be well aware of the industry’s current prospects as well.
For instance, we could look at the likes of Amazon (NASDAQ: AMZN), GrowGeneration (NASDAQ: GRWG), and High Tide (NASDAQ: HITI). On one hand, e-commerce titan Amazon is reportedly further relaxing its cannabis screening policies. As of last month, employees who were fired or deferred during past screenings are now eligible for re-employment. Additionally, it is also currently lobbying the federal government to legalize the calming substance. On the other hand, GrowGeneration and High Tide are now looking at substantial stock market gains. GRWG stock is now up by over 600% since its pandemic era low while HITI stock is sitting on year-to-date gains of over 70%. Evidently, even pick and shovel plays in the cannabis business are in focus now. Overall, the industry appears to be kicking into high gear now. As such, here are three names to know in the stock market this week.
Top Marijuana Stocks To Watch Ahead Of November 2021
First up, we have Tilray. For the most part, investors looking towards the cannabis industry would know Tilray. Thanks to the company’s massive presence in the global marijuana industry today, this is not surprising. After its merger with Aphria earlier this year, Tilray is now among the largest cannabis companies in the world in terms of revenue. To date, the company currently has operations across Australia, New Zealand, Latin America, Germany, and Portugal. With TLRY stock up by over 80% in the past year, could it be worth investing in now?
Well, for one thing, Tilray does not seem to be slowing down on the operational front anytime soon. Just last week, the company revealed two notable plays suggesting so. For starters, Tilray Canada is now operating under a new President, Blair MacNeil. According to CEO Irwin Simon, the move serves to drive Tilray’s next stage of growth in its flagship market, Canada. Simon appears to be optimistic about this appointment given MacNeil’s “extensive experience in growing consumer loved brands”. To highlight, Blai MacNeil is the former general manager of Bacardi’s Canadian alcoholic beverage business. All of this could continue to advance Tilray’s growth strategy to reach a 30% market share in the Canadian market by the end of 2024.
Subsequently, the company is also working with Great North Distributors, Canada’s first national sales broker for legalized recreational weed. Through this agreement announced last week, Tilray now has access to Great North’s exceptional route-to-market networks spread throughout the country. Given the company’s current overall momentum, will you be keeping an eye on TLRY stock?
Source: TD Ameritrade TOS
Following that is Cresco Labs. In brief, the Illinois-based company focuses on the production of recreational and medical cannabis-based products. Notably, it is one of the largest vertically integrated cannabis and medical marijuana firms in the U.S. now. According to Cresco Labs, its retail operations span across nine U.S. states where medical consumption is legal. In fact, the company is also the largest wholesaler of branded cannabis products locally, according to its estimates. Given the company’s current footprint in the U.S., CRLBF stock could be worth knowing now.
By and large, Cresco Labs continues to grow its U.S. network of operations. Just last week, the company opened a new dispensary in Wyomissing, Pennsylvania via its Sunnyside brand. This would mark its fifth dispensary in the state and its 38th one nationwide. Through this branch, consumers in the region now have access to Cresco Labs’ wide array of premium medical cannabis-based products. This ranges from vape products, topicals, capsules, and dried flowers.
The current play comes just a week after Cresco Labs significantly expanded its leadership position in Pennsylvania. In detail, the company acquired Laurel Harvest Labs for $80 million. Through the acquisition, Cresco Labs is gaining approximately 52,000 square feet of growing and processing space, additional dispensary real-estate, and more indoor cultivation space. With all that said, would you consider adding CRLBF stock to your watchlist this week?
Source: TD Ameritrade TOS
Industrial Innovative Properties
Another name to consider among the top marijuana stocks in the stock market today would be Industrial Innovative Properties (IIPR). Unlike most players in the space, IIPR focuses solely on the procuring and leasing of industrial properties. The likes of which are marketed towards state-licensed marijuana growers as production facilities. Year-to-date, IIPR stock is currently looking at gains of over 45%, more than double the S&P 500’s gains over the same period.
In essence, IIPR’s take on the weed industry is a unique one, to say the least. Regardless of scale, weed producers looking to enter the growing U.S. market will require space. With IIPR offering this to growers of all sizes, I can understand the current hype around the company’s shares. Despite all of this, IIPR is not resting on its laurels just yet.
Namely, the company revealed its latest property acquisition and lease agreement last week. To highlight, IIPR now owns and is leasing a 201,000 square foot industrial property in Hot Springs, California. The tenant for this facility is Gold Flora, a local vertically integrated operator making a name for itself in the regulated cannabis industry. Gold Flora CEO Lauries Holcomb said, “we look forward to working with the [IIPR] team for many years to come as our go-to real estate capital provider.” All things considered, is IIPR stock a top marijuana stock to watch for you?
Source: TD Ameritrade TOS