Are These The Best Marijuana Stocks To Buy In The Stock Market Today?
As the Congress votes on legalizing marijuana in the country next week, marijuana stocks could be in focus once again. After all, in recent years, marijuana has begun to see wider acceptance in a growing number of regions for medical or recreational use. As such, it is now an industry that has recorded $24 billion in sales last year. By legalizing marijuana throughout the country, it could likely propel marijuana sales further. And by extension, this would mean higher valuations for cannabis companies in the stock market.
If you have not been keeping up with the industry, Cresco Labs (OTCMKTS: CRLBF) has recently been making headlines. This is thanks to the company’s announcement on Tuesday to acquire Columbia Care (OTCMKTS: CCHWF). The acquisition, valued at a whopping $2 billion, will bring the two companies together to create the largest U.S. multistate operator by revenue. Next to that, we also have Green Thumb (OTCMKTS: GTBIF) which reported a 60.5% year-over-year increase in revenue for the full year of 2021. This growth is driven by the increased scale in the company’s Consumer Packaged Goods and retail businesses. And on that note, watch out for these top marijuana stocks in the stock market today.
Top Marijuana Stocks To Watch Today
- Canopy Growth Corporation (NASDAQ: CGC)
- Aurora Cannabis Inc. (NASDAQ: ACB)
- Tilray Brands Inc. (NASDAQ: TLRY)
- GrowGeneration Corporation (NASDAQ: GRWG)
- High Tide Inc. (NASDAQ: HITI)
For starters, we will be looking at the Canopy Growth Corporation, or CGC for short. In brief, CGC is a Canada-based cannabis cultivator and provider of cannabinoid-based consumer products. In detail, the company offers weed enthusiasts a wide array of offerings worldwide. This ranges from high-quality dried flowers, cannabis oils, infused beverages, edibles, and vaporizers among other things. CGC brands include Tweed, DOJA, Martha Stewart CBD, and First & Free among many others.
On Tuesday, the company announced positive results from its clinical trial that studied the effects of cannabidiol (CBD) on menstrual-related symptoms. Evidently, the findings showed that CBD improves a variety of physical and psychological symptoms associated with menstruation. Apart from this, CGC’s Martha Stewart CBD last week announced new flavors of its CBD wellness gummies. Namely, these flavors are Alphonso Mango, Coconut, and Pineapple. The new flavors are made with CGC’s high-quality, U.S.-grown CBD isolate, the purest and most potent form of CBD. As such, consumers can expect a consistent and great-tasting experience. With these developments, should you invest in CGC stock?
Aurora Cannabis is a licensed producer of medical and consumer cannabis. It has sales and operations in more than 25 countries worldwide. The company is a leading integrated cannabis company with a robust network of subsidiaries and strategic partnerships. Boasting state-of-the-art production facilities, the company continues to be one of the fastest-growing cannabis companies in the world. Over the past week, ACB stock has risen by over 17%.
Earlier this week, the company announced that it will be acquiring TerraFarma, the parent company of vertically integrated cannabis company Thrive Cannabis. Thrive is mostly known for its award-winning flagship recreational brand, Greybeard Cannabis. In addition to Greybeard, Aurora will also be adding Being to its portfolio. Being is a wellness-oriented brand known for its sublingual THC and CBD strips. With this acquisition in place, do you have ACB stock on your watchlist?
Following that, we have Tilray, a leading name in the global cannabis market. The company is in the cannabis lifestyle and consumer packaged goods business. For a sense of scale, it currently operates across Canada, the U.S., Europe, Australia, and Latin America. Through its extensive work in the fields of weed research, cultivation, and distribution, Tilray supports its extensive portfolio of brands. Given the scale and reach of Tilray’s operations, I could see why investors may be looking to invest in TLRY stock.
On March 17, Tilray announced that its medical cannabis division, Tilray Medical, has expanded its medical cannabis offerings in Malta. Specifically, the company has launched the first EU GMP-certified medical cannabis oil products in the country. This builds upon the company’s penetration into the Maltese market last month with the first sale of medical cannabis. As it stands, Tilray’s EU GMP medical cannabis products are now readily available in pharmacies across Malta. As Tilray continues to expand its business, will you be watching TLRY stock?
GrowGeneration is the largest specialty retailer of hydroponic and organic gardening equipment in the U.S. To date, the company boasts a network of 63 stores located throughout U.S. states where cannabis is legal. For the most part, it is a pick-and-shovel play company for the cannabis industry that sells thousands of products. Namely, this would include organic nutrients and soils, advanced lighting technology, and state-of-the-art hydroponics equipment that is used by both commercial and home growers.
Earlier this month, the company reported its fourth-quarter and full-year financials. For starters, revenues for the quarter came in at $90.6 million for the quarter, up by 46% from the same period last year. Financials aside, the GrowGeneration also plans to open 15 to 20 new garden centers in 2022, further expanding its footprint in the marijuana industry. As such, do you believe that GRWG stock has more room to run?
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With over a decade of experience in the industry, High Tide is a retail-focused cannabis company that operates across Canada, Europe, and the U.S. Furthermore, the company’s portfolio includes a Canadian cannabis retail chain, a global manufacturer, and a distributor of cutting-edge consumption accessories. Also, it has some of the most popular accessories e-commerce platforms in the world. Notably, it says that its online platforms saw almost 100 million site visits in 2020 alone.
On Thursday, High Tide reported financial results for its first fiscal quarter of 2022. In brief, revenue came in at $72.2 million this quarter, nearly doubling from $38.3 million in the same quarter last year. Additionally, gross profit increased to $23 million this quarter, up by 56% year-over-year. Along with that, the company opened 6 new Canna Cabana locations across Canada. Considering the strong quarter, would you add HITI stock to your portfolio?