5 Top Marijuana Stocks To Watch This Week
When it comes to the marijuana industry, many bulls have and continue to count their victories in recent years. As a result, marijuana stocks are now among the most active stocks in the stock market today. This would be thanks to the flurry of regulatory updates at the federal level. Evidently, Senate majority leader Chuck Schumer unveiled a draft of legislation looking to end federal prohibition of cannabis last month. While the bill still has its share of hurdles to overcome, some of the leading names in the industry appear optimistic.
Earlier today, Trulieve (OTCMKTS: TCNNF) CEO Kim Rivers and Curaleaf (OTCMKTS: CURLF) Executive Chair Boris Jordan highlighted their outlooks. In a Yahoo Finance interview, the duo argued that banking restrictions faced by the cannabis industry could ease by early 2022. Now, to put things into perspective, marijuana providers are mostly unable to access the conventional banking system. This would be the case as long as the calming substance remains illegal at the federal level.
To address this aspect of the U.S. marijuana trade, the SAFE Banking Act comes into play. Simply put, the bill would allow banks to work with cannabis companies in legal states. Boris Jordan said, “I do think, though, we’ve got the votes in the Republican party to get SAFE Banking through.” All in all, the U.S. weed train seems to be building momentum. Could that make one of these marijuana stocks top picks in the stock market now?
Best Marijuana Stocks To Buy [Or Sell] Today
High Tide Inc.
High Tide is a retail-focused cannabis company that operates across Canada, Europe, and the U.S. Furthermore, the company’s portfolio includes a dominant Canadian cannabis retail chain, a global manufacturer, and a distributor of cutting-edge consumption accessories. Also, it has some of the most popular accessories e-commerce platforms in the world. Notably, it says that its online platforms saw almost 100 million site visits in 2020 alone.
On Thursday, the company announced that it has closed the acquisition of leading online retailer, DankStop. DankStop is a top e-commerce platform for its portfolio of consumption accessories. Through this acquisition, the company gains more than 200,000 email subscribers and further bolsters its online presence by gaining access to DankStop’s customers. Ultimately, High Tide adds an asset-light business that is already a supplier for its dropshipping catalog, resulting in enhanced efficiencies and vertical integration. With that being said, will you consider buying HITI stock?
Tilray is a pharmaceutical and cannabis company with a wide range of cannabis products. In fact, it is a leading global cannabis lifestyle and consumer packaged goods company. It continuously strives to be a trusted partner for its patients and consumers by providing them with a cultivated experience and health. With its high-quality and innovative products, the company supports over 20 brands in over 20 countries.
Last week, the company announced the launch of medical cannabis edibles in THC and CBD-rich varieties of chocolates and soft chew gummies. The new Tilray-branded edibles are now available for patients across Canada and will add to the brand’s already comprehensive offering of cannabis medicines. This includes whole flower, oils, vapes, and pre-rolls. The new product will help with pain management and anxiety treatment. All things considered, will you add TLRY stock into your portfolio of marijuana stocks?
Cronos Group Inc.
Next on this list, we have Cronos Group. The company is building a global cannabis network, with partnerships, production, and distribution across five continents. It is also committed to building disruptive intellectual property by advancing cannabis research, technology, and product development. On August 6, 2021, the company reported its second-quarter results.
Among the highlights, the company announced a strategic investment in PharmaCann, a leading U.S. cannabis company. Its Spinach brand also launched new products in the edible, concentrate, and flower categories in Canada. In the U.S., the company also officially re-launched PEACE+ in the direct-to-consumer channel, which rounds out its different pricing tiers for the U.S. hemp-derived CBD market. By having brands across price points and usage occasions, Cronos will be able to meet consumer needs in the CBD category. For these reasons, will you consider CRON stock a buy right now?
Another name to consider in the weed trade now would be GrowGeneration. In brief, the company owns and operates a network of specialty retail hydroponic and organic gardening centers. Accordingly, with 58 such locations nationwide, GrowGeneration would be the largest supplier in the U.S. market. Moreover, the company also offers e-commerce services as well. Its stores currently hold thousands of products ranging from soils and lighting tech to state-of-the-art hydroponic equipment.
For one thing, the company would be catering to both commercial and home growers with its impressive offerings. Furthermore, the company reported stellar figures in its second-quarter fiscal yesterday. This is evident as GrowGeneration saw year-over-year surges of 190% in total revenue and 161% in net income. Given all of this, will you be investing in GRWG stock now?
Innovative Industrial Properties Inc.
Topping off our list today is Innovative Industrial Properties (IIPR). Most seasoned investors in the field would be familiar with IIPR. In essence, the company is a real estate investment trust (REIT) operating mainly in the cannabis industry. As such, IIPR mainly acquires and manages specialized properties that will be leased as regulated cannabis facilities. In theory, with the possibility of federal legalization lighting a fire under marijuana stocks, IIPR stock would also stand to benefit.
As it stands, IIPR stock currently trades at $233.30 a share. After rising by over 280% since its pandemic era low, could the stock be worth jumping on? If anything, we could take a look at the company’s latest quarter fiscal posted last week. In it, IIPR saw green across the board. The company posted massive year-over-year jumps of 100% in total revenue and 120% in net income. Given IIPR’s current momentum, would you consider IIPR stock a top buy?
Read More:Best Marijuana Stocks To Buy In 2021? 5 For Your Watchlist This Week