Best Marijuana Stocks 2021 With Legalization Looming
To start the 2nd week in November top marijuana stocks to buy have continued to show some upside in the market. After the announcement on Friday, November 5th that republican led legislation could be introduced this month regarding federal marijuana legalization, cannabis stocks are gaining momentum. Since reaching new highs in February top pot stocks have seen months of declines.
Now with a potential catalyst this month cannabis investors are regaining interest in the sector. In 2021 leading cannabis companies have been delivering strong earnings and are scheduled to announce financial results in November. With better sentiment for the cannabis sector, this could be a significant month for pot stocks. With a bipartisan push for federal cannabis reform, we could see the end to prohibition very soon. This would help many US cannabis companies continue expanding across the American market at a rapid pace.
In the next five years, the cannabis industry is forecast to almost double in size. According to a recent BDSA report, US cannabis sales are forecast to surpass $24 billion in 2021 and reach $47.6 billion by 2026. In the cannabis industry, there are many different companies that are positioning for growth in the future. Some have established themselves on the east coast and could gain market share as New York and New Jersey continue their legalization process. Others have a strong presence in the western US and are now expanding into other areas.
Finding The Best Pot Stocks In 2021
Before investing in marijuana stocks, it’s important to do your own due diligence. Researching a company’s earnings and studying how the stock performs in the market can help you solidify the greatest returns. Another important factor to consider about the cannabis sector is the extreme market volatility.
For example, in the past two trading days, some top pot stocks have gained double-digit percentages on the draft of the Republican-led cannabis reform bill. This type of price action can be seen with top cannabis stocks to buy in 2021. As we continue to see upward momentum in the cannabis sector let’s look at 2 top US marijuana stocks to add to your list this week.
Top US Marijuana Stocks For Your List In November
Planet 13 Holdings Inc.
Earlier this year Planet 13 announced the grand opening of its Orange County superstore which is now the largest dispensary complex in California. The company is based in Nevada, with award-winning cultivation, production, and dispensary operations on the Las Vegas strip. Planet 13 is famous for its larger-than-life Superstore dispensary that’s in a 112,000 square foot building on the Las Vegas strip. In fact, Planet 13’s two superstore dispensaries are the largest in the world currently. In addition, the company has also established a smaller model of its business the Medezin store which encompasses its larger store model and puts it in a compact form.
Planet 13 announced its second-quarter 2021 financials with revenue of $32.8 million up 205% year over year. In Q2 the company delivered an adjusted EBITDA of $7.2 million. Gross profits before biological adjustments were $18.7 million and an adjusted EBITDA of $7.2 million. Planet 13 sustained a net loss of $4.4 million and a net loss before taxes of $0.9 million. This month the company expects to launch Tinley’s products a selection of cannabis-infused beverages. On October 1st Planet 13 completed the acquisition of a Florida Cannabis License.
PLNHF stock is trading at $4.36 on November 8, 2021, up 9.622% for the trading day. The stock has a 52-week price range of $3.396-$8.67 and is down 29.04% year to date. According to analysts at Tip Ranks PLNHF stock has a 12-month average price target of $5.62 per share. In this case, this would represent an increase of 28.47% from its current trading price of $4.36.
Columbia Care Inc.
Columbia Care Inc. is positioning to grow rapidly after legalization is complete in the state of New York. Recently the company acquired a 34-acre Long Island cultivation site has given the company one of the largest cannabis footprints to service the East Coast market. In general, Columbia Care operates in 18 US markets and operates 130 facilities including 99 dispensaries and 31 cultivation and manufacturing facilities. In October the company opened a Cannabis Dispensary in Missouri its first location in the state. On November 8th the company announced it has opened its third dispensary in Virginia under the gLeaf brand.
Columbia Care delivered its second-quarter 2021 results with a record quarterly revenue of $109.7 million up 232% year over year. Primarily, the company saw record quarterly adjusted gross profits of $47.7 million an increase of 300% year over year. The company has a record adjusted EBITDA of $16.4 million up $21.1 million year over year. In addition, the company completed the acquisition of Green Leaf Medical establishing a market-leading position in the mid-Atlantic. Recently, Columbia Care appointed Phillip Goldberg of Green Leaf Medical To its Board of Directors. In September the company received state approval to rebrand its retail footprint across all its 14 locations in Florida. Columbia Care is will release its third-quarter 2021 results on November 12th before the market opens.
CCHWF stock is trading at $3.35 in November down 17.19% in the last month. The stock has a 52-week price range of $3.30-$7.89 and is down 47.44% year to date. According to analysts at Market Beat CCHWF stock has a consensus price target of $12.73 per share. In essence, this would represent an upside of 300.4% from its current trading price.
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