Why These Marijuana Stocks Have Continued to Grow
Marijuana stocks have not been the safest investment in the past few years, to say the least. During that time, we have watched cannabis stocks have massive instability. Although this is a symptom of an infant market, there’s no doubt that we as investors would love to see pot stocks become more stable. In the past three months, pot stocks have seen more positive sentiment than in previous years. This time period is characterized by large double-digit percentage gains and an overall bull mindset. Trading since Mid-March has been positive for marijuana stocks as COVID has helped to increase cannabis demand.
With this demand increase, many leading pot stocks to watch have reported better than expected financials. As you can see, it has been quite good for marijuana stocks in the past few months. With that being said, it is now time to choose some solid long term cannabis stocks to watch. These could come in any form; be it pure-play grower or ancillary marijuana stock. All things considered, here are two leading pot stocks that could be more stable in the next few months.
One of the Top Picks for Pot Stocks to Watch
Trulieve Cannabis Corp. (TCNNF Stock Report) has a lot going for it as a leading marijuana stock to watch. TCNNF stock has benefitted greatly from the company’s position in the Florida cannabis industry. Recently, it reported opening its 55th dispensary in the U.S. which is quite a big achievement. What makes TCNNF stock so special though is that 53 of those dispensaries are located in Florida. Trulieve has chosen the Sunshine State as its primary market for one main reason. That reason is that Florida has yet to go full rec.
Trulieve has set itself up to be in an advantageous position in the cannabis industry so it can take full advantage of the legal moves that Florida makes. If the state decides to legalize recreational cannabis, there is no doubt that Trulieve would benefit greatly. In addition to this, TCNNF stock has grown substantially because the underlying business model for Trulieve has done quite well. All of these factors add up to a cannabis company that could have a bright future. For this reason, investors continue to believe that it is a marijuana stock to watch.
What is the Largest Marijuana Stock Up To?
Canopy Growth Corp. (CGC Stock Report) is widely known for being the largest marijuana stock in the industry. After receiving a massive $4 billion investment a few years ago, CGC stock quickly shot into the spotlight. Since that time, it has been on a wild path with a lot of volatility. In the past few months, CGC stock has been able to turn that around; once again becoming a marijuana stock to watch. Although it is still down around 65% from its all time high, the major cannabis producer has been able to shoot up in value tremendously in the past few months.
As the largest pot stock, Canopy often takes the brunt of the market volatility. But, the instability of CGC stock may have turned around for the better. Many investors believe that Canopy could now be considered a solid long term play. With the cannabis industry becoming larger than ever, Canopy is undoubtedly in a solid position to take advantage of any and all growth. Currently, investors believe that CGC stock could shed a small amount of value, before becoming a value buy. But, at the current price, it is definitely a marijuana stock to consider.