3 Hot Marijuana Stocks To Watch In The Stock Market This Week

Marijuana stocks have and continue to gain momentum in the stock market this year. For the most part, some could even argue that 2020 was a solid year for the industry all around. This would mainly be thanks to virtually all consumers being homebound and likely anxious as the global health crisis raged on. Now, in 2021, the industry appears keen to maintain its current pace while looking ahead to possibly even greater tailwinds. Namely, the path to federal legalization is now the name of the game, and investors appear eager to play.

For instance, we could take a look at the likes of Innovative Industrial Properties (NYSE: IIPR) and High Tide (NASDAQ: HITI). On one hand, IIPR is a real estate investment trust company that primarily caters to the cannabis industry. With more emerging businesses in the market today, the company’s property offerings would be in demand. On the other hand, cannabis consumption accessory retailer High Tide continues to ride the current growth in the weed industry as well. Now, both IIPR stock and HITI stock are up by over 105% in that time.

Elsewhere, direct players such as Cronos Group (NASDAQ: CRON) are not sitting idly by as well. Just last week, the company launched a new line of edible cannabis gummies. This would provide another alternative for adult consumers who are less keen on traditional consumption methods. Overall, the competition appears to be heating up in the industry now. With Senate Majority Leader Chuck Schumer’s latest proposal to decriminalize weed at the federal level, this would be the case. Having read this far, you might be keen to jump on the marijuana train yourself. In that case, here are three top marijuana stocks in the stock market today.

Best Marijuana Stocks To Buy [Or Sell] This Week

Canopy Growth Corporation

Right off the bat, we will be taking a look at the Canopy Growth Corporation (CGC). For starters, it is a world-leading diversified cannabis and cannabinoid-based (CBD) consumer product company. Through a combination of consumer insights and innovation, CGC offers a broad array of high-quality cannabis products. This ranges from dried flowers and cannabis oils to CBD-infused beverages and edibles. In terms of medical offerings, the company operates via its flagship medical brand, Spectrum Therapeutics. With CGC having a hand in both sides of the global cannabis market now, could CGC stock be worth noting?

If anything, CEO David Klein appears optimistic about CGC’s current position in the industry. In an interview with Yahoo Finance, Klein hailed Schumer’s latest bill as being “really positive”. He believes that it represents a proper beginning to the federal reform that the cannabis industry has been anticipating. CGC would be among the key Canadian marijuana names looking towards the larger U.S. cannabis market now. Notably, the company is sitting on a deal to acquire Acreage Holdings (OTCMKTS: ACRHF) and its almost 20 U.S. state licenses. The deal is set to take place once federal legalization takes hold.

By and large, this isn’t the only way CGC is expanding its operations now. The company is also hard at work bolstering its non-THC brands that are already operating in the U.S. This would include its CBD line of products featuring local celebrity Martha Stewart. With all this in mind, Klein argues that the current wait for federal reform is not slowing CGC down “all that much”. Could all of this make CGC stock a top marijuana stock to watch for you?

marijuana stocks (CGC stock)
Source: TD Ameritrade TOS

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Tilray Inc.

Following that, we have a top titan in the legal cannabis industry today, Tilray. For the uninitiated, Tilray is a Canadian company that focuses on both the pharmaceutical and consumer cannabis markets. In terms of market reach, the company boasts operations across Canada, the U.S., Australia, Latin America, and Europe. Through its comprehensive production platform, Tilray supplies its customers with cannabis offerings, hemp-based foods, and alcoholic beverages across these markets. All of this adds up to make Tilray the largest cannabis company in the world by revenue.

Now, with TLRY stock currently sitting on year-to-date gains of over 60%, could it still have room to grow? Well, for one thing, the company continues to turn heads on the financial front. Last week, Tilray reported solid figures across the board in its 2021 fiscal year report. In it, the company posted a sizable 27% year-over-year increase in total revenue, adding up to total revenue of $513.1 million for the fiscal year. According to Tilray, this performance is thanks to a 55% growth in net cannabis revenue over the same time.

CEO Irwin Simon had this to say, “We look forward to accelerating and refining our business-level strategies and roadmaps and to ensuring unmistakable, measurable progress as we build the leading consumer-packaged goods business in the cannabis industry.” Not to mention, despite TLRY stock being part of the meme stock trade, notable fund managers appear to be keen on it as well. Namely, the New Jersey Common Pension Fund D recently purchased 179,228 shares, more than doubling its current position in Tilray. All in all, would you consider adding TLRY stock to your watchlist now?

top marijuana stocks (TLRY stock)
Source: TD Ameritrade TOS

[Read More] 4 Semiconductor Stocks To Watch Right Now

GrowGeneration Corporation  

Another top name to consider in the marijuana trade today would be GrowGeneration. In brief, GrowGeneration manages the largest chain of specialty hydroponic and organic garden centers in the U.S. The likes of which consist of 58 stores located across states where marijuana is legalized for adult use. Essentially, the company provides cultivators and consumers with the necessary tools to grow their own cannabis plants. Furthermore, GrowGeneration also offers e-commerce services via its website and a proprietary business-to-business enterprise resource planning platform. With GrowGeneration, customers have access to thousands of products such as organic nutrients and soils, advanced lighting tech, and state-of-the-art hydroponic equipment among others.

In theory, as consumer interest and legislative momentum build up, so would demand for GrowGeneration’s wares. Likewise, investors appear to be keen on GRWG stock. Even now, the company’s shares are looking at massive gains of over 350% in the past year. Regardless, GrowGeneration seems to be kicking into high gear on the operational front now. Evidently, the company is acquiring HGS Hydro, the nation’s third-largest chain of hydroponic garden centers. Safe to say, this acquisition would play well with GrowGeneration’s current portfolio. To put things into perspective, the company’s total network will consist of 65 stores after closing the deal, significantly boosting its presence in Michigan.

Adding to that, the company also acquired Mendocino Greenhouse and Garden Supply (MGGS) a week prior. In short, MGGS is a North Carolina-based hydroponic garden center. More importantly, it serves growers in Northern California’s Emerald Triangle, the largest cannabis-producing region in the country. CEO Darren Lampert highlights that California remains “a critical market for GrowGeneration” as the nation’s largest legal cannabis market. With the company seemingly firing on all cylinders now, will you be adding GRWG stock to your portfolio?

best marijuana stocks (GRWG stock)
Source: TD Ameritrade TOS

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