Weed stocks have been gaining more popularity in recent years. This comes as more and more states legalize marijuana for medicinal or recreational use. According to Grand View Research, the global legal cannabis market size was valued at USD 17.8 billion as of 2021. Also, the research firm said the industry is expected to expand at a compound annual growth rate (CAGR) of 25.3% from 2022 to 2030. For investors looking to get in on the ground floor of this rapidly growing industry, cannabis stocks could be an appealing option.
Despite this progress, there is still a lot of uncertainty surrounding the industry. Cannabis companies are faced with unique challenges, such as strict regulation and a lack of access to traditional banking services. As a result, many investors are hesitant to get involved in the industry. However, there are still plenty of opportunities for those who are willing to take on the risks. Cannabis stocks have the potential to generate significant returns, and the industry is only going to grow in the years to come. Considering this, check out these two top weed stocks for your mid-October 2022 stock market watch list.
Weed Stocks To Buy [Or Avoid] This Week
Innovative Industrial Properties (IIPR Stock)
To start, we have Innovative Industrial Properties (IIPR). In short, the company is a real estate investment trust (REIT). In addition, they focus on the acquisition, ownership, and management of specialized industrial properties. Specifically, IIPR focuses on leasing to state-licensed operators for their regulated medical-use cannabis facilities. Currently, IIPR has an annual dividend yield of 7.68%.
On Wednesday, IIPR announced that it will release its financial results for Q3 2022. Specifically, the company said it will announce the results on Wednesday, November 2, 2022, after the market closes. While we wait, let’s take a look back and recap how Innovative Industrial Properties performed in its previous 2nd quarter of 2022. Getting straight to it, in the second quarter of 2022, the company announced earnings of $2.14 per share, along with revenue of $70.5 million.
Continuing on, over the last five trading days, shares of IIPR stock have rebounded 3.20%. This comes as the IIPR stock closed Wednesday’s trading session at $93.55 a share.
Green Thumb Industries (GTBIF Stock)
Next up, Green Thumb Industries (GTBIF) is a national cannabis consumer packaged goods company and retailer. For a sense of scale, Green Thumb owns and operates 16 manufacturing facilities. As well as licenses for 111 retail locations throughout 14 markets in the United States.
On Wednesday, shares of GTBIF closed up 3.59% at $11.24. This comes after the company released news that Green Thumb announced plans to expand its medical retail footprint in Florida through a lease agreement with Circle K, the global convenience store retailer. In detail, Green Thumb will have the ability to lease space from Circle K in Florida. Additionally, the cannabis company said in 2023 that they plan to launch a “test and learn phase” starting with an estimated 10 RISE Express branded dispensaries next to Circle K stores throughout Florida.
Moreover, Green Thumb Founder, Chairman, and CEO Ben Kovler commented, “The opening of RISE Express stores at Circle K locations is a game-changer. Convenience is a strong channel in retail, and people want more access to cannabis. The new RISE Express model is a huge step forward in making it easier and more efficient for patients to purchase high-quality cannabis as part of their everyday routine when stopping by their local convenience store.”