Top Cannabis Stocks To Watch in 2021
If you are an investor, it is always essential to have an annual outlook for the best performers in a particular industry or sector. It is no secret that the cannabis industry has some good candidates for top cannabis stocks that could make a good investment in 2021. In this piece, we will look at some of the top cannabis stocks that investors should be interested in.
Trulieve Cannabis Corp
When looking at Trulieve Cannabis Corporation, there is no question that this company has the ability to expand its operation due to its advantageous cash position. The company is poised to grow and beat Wall Street expectations during the next fiscal quarter. Last quarter, the company beat analyst estimates with regards to revenue. Truelieve also exceeded expectations with a reported net income of 17.4 million dollars and $0.15 EPS.
After capturing the majority of the Florida market, the firm is currently looking to begin operating in Massachusetts soon.
Analysts are projecting total annual revenue for Trulieve Cannabis Corporation to be within a range of 465 to 485 million dollars.
Cresco Labs is gaining momentum due to its rising market share in the state of Illinois. Its success in Illinois gave the company leverage to expand in a total of 9 states currently allowing recreational and medical marijuana. Cresco Labs has differentiated itself from many other cannabis companies due to the fact that it has a revenue-generating wholesale business. Nearly 60% of its revenue comes from wholesale.
The company's wholesale success has led to a dramatic revenue increase year-over-year. Cresco Labs's third-quarter revenue 2020 total was four times the amount then it generated during the third quarter in 2019. The company also reported the same sales growth of over 170% in the third quarter.
Jushi Holdings has very strong growth expectations for 2021. Currently, Jushi Holdings is concentrated in the states of Pennsylvania, Virginia, and Illinois. These are all limited license states. Jushi Holdings is looking to gain from opening more stores in the state of Virginia. Jushi is also looking to poise from significant growth in Pennsylvania. It is projected that Jushi Holdings will have sales growth of over 176$% annually for the year. The company is poised to meet its projected revenue holdings.
Columbia Care is also projected for growth in 2021. The company has over 70 dispensaries in over fifteen states. The company’s growth has come as a result of a series of acquisitions. Columbia Care has acquired a company known as the Green Solution. This firm is one of the leading cannabis operations in the state of Colorado. This acquisition is key as it gives the company inroads in one of the most popular marijuana states in the country. As a result of this, Wall Street believes that Columbia Care's 2021 revenue should increase by more than twice the amount of its 2020 total.