Cannabis & hemp stocks continue to experience high levels of volatility as we enter Q2 2021. However, cannabis stock investors are now gaining more insight into the winners and losers in the sector. Among the available options, investors should look out for stocks that are both profitable and provide steady, consistent gains. We’ve provided a shortlist of those stocks as we believe they are the 3 hot cannabis stocks to buy now.
Scotts-Miracle-Gro (NYSE: SMG), Trulieve Cannabis (OTC: TCNNF) and Curaleaf (OTC: CURLF) have been among the best performers in the sector. Let’s take a closer look at why they continue to outperform their peers.
#1 Curaleaf
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Curaleaf is arguably the # 1 cannabis multistate operator (MSO) in the U.S. Cannin.com continues to support Curaleaf as one of the strongest stocks to capitalize on the $20 billion dollar cannabis industry.
The company has 100+ dispensaries operating in 23 states, and over 1,800 wholesale locations. They also recently entered the E.U. cannabis market with it’s $285 million aquisition of EMMAC. Curaleaf offers a strong variety of every type of cannabis consumable you can imagine.
This cannabis stock is certainly one of the 3 hot cannabis stocks to buy now as it’s price is currently 16x revenue and provides investors with a significant growth opportunity.
#2 Scotts-Miracle Gro
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Cannabis ancillary stock Scotts-Miracle-Gro has outperformed just about every cannabis stock in the industry and just yesterday they issued shareholders a helathy $.65 dividend for each share. In this fourth quarter, its US consumer sales grew by 90% during the quarter, while the company-wide sales also increased by 79%. Hawthorne sales itself rose by 68% rise for Q4 and 61% for the full year.
This increase in sales was seen across all the products and retail channels. EPS of $7.24 was achieved against $4.47 of Q3-2019. Free cash flows of $495.3 million were also recorded for the year indicating solid liquidity in its operations. Scotts-Miracle expects to deliver an EPS ranging from $8 to $8.40 during the fiscal year 2021 which means yet another year of double-digit growth in earnings is visible.
From the looks of it, Scotts-Miracle-Gro has positioned itself as the best cannabis stock for 2021 and certainly one of the 3 hot cannabis stocks to buy now.
#3 Trulieve Cannabis
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This cannabis company is serious about expanding. On April 7, Trulieve announced that it raised $198.1 million by selling shares at $39.63 before deducting the underwriting discounts and commissions, and other offering expenses. The company said it will use the proceeds to fund its business development and expansion plans.
Trulieve expects its recent acquisitions and expansion strategies to start paying off as early as EOY 2021. In its guidance for 2021, it accounted for a full year of operations from Pennsylvania, continued growth in Florida as well as its Massachusetts, Connecticut, and California locations.
Adult-use cannabis has already been legalized in over 16 states in the United States of America, including Washington D.C, and with full legalization in Canada, recreational marijuana is clearly here to stay.
Analysts have a 12-month average target price of $69.04 for Trulieve Cannabis, an upside of over 60% of the current price. Trulieve is a good stock to buy and certainly one of the 3 hot cannabis stocks to buy now.
3 Hot Cannabis Stocks to Buy Now
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Market analysts expect the marijuana and hemp industry will have an annual value exceeding $75 Billion in the next decade. Is it too late to invest in marijuana stocks? No! This is the perfect time to invest.
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