As we start a new week in June top marijuana stocks continue showing upward momentum in the market. So, is now the time to buy cannabis stocks in 2021? Currently, the best marijuana stocks to invest in have been shedding value for the past few months. In general, this has created an opportunity for new investors to achieve better entry points in the market. One area that has shown significant growth since the start of 2020 is US cannabis companies.
In the first quarter of 2021 US cannabis companies have been giving strong revenue growth for the period. In addition, they have been quickly expanding throughout the US with mergers and acquisitions. Although this may be true their strong performance did not translate into market gains for top US marijuana stocks. Instead, the cannabis sector continued to fall while the best cannabis companies released their financials.
Now in June with some upside in trading cannabis stocks could be positioned for a rebound in the market. Ultimately the cannabis sector is primed after almost four months of consolidation. Now finding the right marijuana stocks to buy requires some due diligence on the part of the investor. Generally speaking, researching a cannabis company and seeing how it performs in the market are keys to making a good investment.Finding Marijuana Stocks In June
In reality, this current trading area could be good for the long-term investor in cannabis. Right now, the cannabis industry is showing good fundamentals and eventually, the market will react to how well the top cannabis companies are performing. Additionally, in congress, the MORE Act could become the first legislation passed for US cannabis reform and legalization. In essence, this could be a tremendous catalyst for the cannabis sector and the best marijuana stocks.
With this in mind, we can start looking for marijuana stocks with the most potential this week. As the US cannabis market continues to expand with more states implementing legal cannabis programs these companies will see increased revenue as the year progresses. In 2021 these could be some of the best marijuana stocks to add to your watchlist right now.Marijuana Stocks To WatchGreen Thumb Industries Inc.
At the present time, Green Thumb Industries Inc. is a leading cannabis consumer packaged company that has a large presence in the US. Currently, GTI has 58 retail locations across 11 states and has recently acquired a Massachusetts cannabis operator Liberty Compassion Inc. As it stands, GTI has licenses for 103 retail locations for future growth. In its latest earnings, GTI announced its first-quarter 2021 financials with total revenue of $194.4 million To compare this is an increase of 89.5% from Q1 of 2020. Additionally, GTI is reporting Q1 gross profits of $110.9 million or 57% of revenue. As a result, the company produced its third consecutive quarter of positive GAAP net income of $10.4 million or $0.05 per basic diluted share.
On the Las Vegas Strip in May Green Thumb opened a Cookies on the Las Vegas Strip through an exclusive partnership with the privately-owned Cookies Brand. Specifically, Cookies is a Bay Area brand founded by the entrepreneur Berner with his partner Jai a master cannabis cultivator and breeder. As it stands, Cookies is one of the most popular cannabis brands among younger marijuana consumers.
GTBIF stock closed on June 11th at $30.26 up 23.51% year to date. In February the stock set a new high of $39.11 and has increased by 39.19% in the past 6 months. According to analysts at Tip Ranks GTBIF stock has a 12-month average price target of $46.92 per share. This would represent an increase of 55.06% from its current trading price. For this reason, GTBIF stock is a top US marijuana stock to add to your watchlist right now.Planet 13 Holdings Inc.
If you’ve been to Vegas, you have probably seen the huge dispensary Planet 13 has established. Specifically, the cannabis company is based in Nevada, with award-winning cultivation, production, and dispensary operations in Las Vegas. Primarily the company’s mission is to build a recognizable global brand known for world-class dispensary operations and the creation of award-winning innovative cannabis products. Currently, Planet 13 is famous for its larger-than-life Superstore dispensary that’s housed in a 112,000 square foot building. In the first quarter, the company started construction on a new Superstore location in California. Also, the company also reopened its smaller model the Medezin store which takes the larger company model and puts it in a compact form.
In May Planet 13 announced its first-quarter 2021 financial results with Q1 revenue of $23.8 million. Additionally, the company saw a Q1 2021 EBITDA of $5.2 million. In detail, gross profit before biological adjustments was $12.8 million. As of Q1, the company saw a net income of $0.4 million compared to a net loss of $1.4 million in Q1 2020. On June 2nd Planet 13 announced it positioned to build a consumption lounge with passage bill 341 in Nevada. Also, the company has reported another record month with $11.2 million in sales in May.
PLNHF stock closed at $6.94 on June 11th up 24.04% year to date. In February the stock reached a 52-week high of $8.67 and is up 10.69% in the last month. According to analysts at Market Beat PLNHF stock has a consensus price target of $6.50 per share. This would be a forecast downside of 6.3%. With this in mind, PLNHF stock could be a cannabis stock to watch for a better entry point in June.