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Stock Market Volatility Affects Cannabis Stocks
As the stock market delivers one of the worst weeks of trading since October 2020 marijuana stocks have also suffered some losses during the week. Before Monday the 25th cannabis stocks were showing substantial gains in the market. But on Friday 29th most have not recovered to the highs established in trading last week.
As we head into February this recent drop could present the opportunity to get some of the best cannabis stocks to buy at a lower price point. One event that could stimulate the market next month would be the passing of a new stimulus bill. Currently, most cannabis companies are starting off in 2021 with more M&As and expansions into key cannabis markets. In reality, this could have a positive impact on future business growth.
Trulieve Cannabis Corp. (OTC: TCNNF)Green Thumb Industries Inc.
Green Thumb Industries Inc. is a national cannabis consumer packaged goods company and retailer in the U.S. At the present time, Green Thumb has 50 dispensary locations across 12 U.S. markets. In addition, Green Thumb also has 13 manufacturing facilities and licenses for 96 retail locations in the U.S. market. In detail, the company operates the growing retail cannabis stores Rise and Essence. Additionally, the company has a portfolio of branded cannabis products including BeDoe, Dogwalkers, Dr. Solomonâs, Incredibles, Rhythm, and Feel Collection.
In 2020 Green Thumb ended the year reporting record financials in Q3 of 2020. Actually, Green Thumb was one of the highest revenue-producing U.S. cannabis companies last year with $157.1 million for the period. In essence, this is a 131% increase from the same period a year prior. The company has a strong balance sheet and has more than enough capital to support continue
Recently in the market, Canadian marijuana stocks have been gaining much more value in January. In essence, investors are doubling down on the Canadian sector because of the belief that the U.S. is getting close to cannabis reform on the federal level. Although it could still be sometime before outside companies are given access to the U.S. cannabis market when it occurs most companies will be prepared to capitalize.
At the present time, even cannabis companies that have struggled in the past are demonstrating signs of recovery. In general, since these companies have been beaten down badly in the market, they could have the potential for more short-term gains. Provided that current stock market trends persist top pot stocks to watch could continue with recent upward momentum. With this in mind letâs take a look at 2 Canadian marijuana stocks that could have future potential.Marijuana Stocks To Watch:
HEXO Corp. (NASDAQ: HEXO)Canopy Growth Corporation
Canopy Growth Corporation is the first cannabis company in North America to be publicly traded. Currently, Canopy is one of the largest Canadian marijuana companies in the world. With a current market cap of $12.55 billion Canopy could continue to climb in the market in January. At the present time, the company has established a few methods in entering the U.S. cannabis market. For one Canopy has begun implementation of an amended arrangement with Acreage Holdings, Inc. (OTC: ACRHF). In detail, Acreage has developed a plan to market Canopyâs diverse beverage portfolio in the U.S. Both companies expect to launch the THC beverage line in the summer of 2021.