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Best Stocks To Buy Today? 4 Cannabis Stocks In Focus

Could this 4/20 be the time to invest in these trending cannabis stocks?

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Top Cannabis Stocks To Watch Right Now

Cannabis stocks remain hot stocks to buy in the stock market so far this year. Now, with the Biden administration championing the legalization of recreational marijuana nationwide. Additionally, more consumers continue turning to the calming substance amidst the pandemic as a means of destressing. With all this in mind, I can understand if investors are looking to expand their U.S. cannabis stocks list.

If anything, the tailwinds for the industry appear to be picking up speed on the pot-smoking holiday of 4/20. Earlier today, the U.S. House of Representatives passed the ground-breaking Secure and Fair Enforcement Banking Act. Why is this important? Well, simply put, the bill protects and enables financial institutions to service cannabis operators. Should the bill make it past the Senate and receive approval from President Biden, this would be a big win for the U.S. cannabis market. The timely approval of this bill would serve to boost investor interest in the best cannabis stocks now.

For instance, we could look at the likes of Green Thumb Industries (OTCMKTS: GTBIF) and Trulieve Cannabis (OTCMKTS: TCNNF). Both of these cannabis sellers are looking at gains of over 280% in the past year. Moreover, BDSA, a cannabis sales data platform, projects that global cannabis sales could grow to $55.9 billion in 2026. If this holds true, could one of these top cannabis stocks be the best stocks to watch in the stock market today?

Cannabis Stocks To Buy [Or Sell] This Week

Tilray Inc.

Tilray is a global leader in the production and distribution of medical cannabis and cannabinoids. The company is also one of the first licensed producers of medical cannabis in the world to have its facility Good Manufacturing Practices (GMP) certified. Impressively, the company serves tens of thousands of patients, physicians, hospitals, and governments in eight countries. Given how the SAFE Act was passed today, Tilray could benefit from it significantly as it eagerly waits to enter the U.S. market. TLRY stock currently trades at $16.14 as of 12:29 p.m. ET and is up by over 140% despite some volatility at the start of the year.

In February, the company announced its fourth-quarter and full-year 2020 financial results. Firstly, its revenue increased by 26% at $210.5 million compared to a year earlier. It generated meaningful revenue growth across its core business. Namely, this would be international medical and Canadian adult use in the fourth quarter.

Secondly, the company has also strengthened its balance sheet and is well-positioned for growth in combination with Aphria (NASDAQ: APHA). The merger with Aphria would make the two companies the world’s largest cannabis company based on pro forma revenue. Given the exciting developments surrounding the company, will you consider adding TLRY stock to your portfolio?

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Canopy Growth Corporation

Canopy Growth is a multi-brand cannabis company that is based in Canada. The company, through its subsidiaries, is engaged in the business of producing and selling legal marijuana in the Canadian medical market. It also sells marijuana in the recreational market and its core brands include Tweed and Bedrocan. CGC currently trades at $26.03 as of 12:30 p.m. ET. Earlier this month, the company announced that it will be acquiring The Supreme Cannabis Company. Notably, following the completion of the acquisition, Canopy will possess a strengthened brand portfolio that includes one of Canada’s leading premium brands, 7ACRES.

The company reported its third-quarter fiscal financial results in February. In it, the company posted a record net revenue of $153 million, a 23% increase year-over-year. Canopy Growth also notes that its business transformation continues to gain traction and it has seen its Canadian recreational market share increase by a commendable amount.

The company also expects to achieve profitability during the second half of FY 2022 while it continues to invest in consumer insights, R&D, and the U.S. market. With that in mind, will you consider adding CGC stock to your watchlist?

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Aurora Cannabis Inc.

Aurora is one of the world’s largest and fastest-growing cannabis companies. It is a leading integrated cannabis company with a robust network of subsidiaries and strategic partnerships. The company also boasts state-of-the-art production facilities and exclusive sales agreements in the European Union.

Today, Aurora sets itself apart through its global reach, high-tech, low-cost production facilities, and science-driven innovations across the entire cannabinoid value chain. ACB stock currently trades at $7.78 as of 12:31 p.m. ET.

The company reported its fiscal 2021 second-quarter financial results in February. In it, Aurora posted a total cannabis net revenue of $70.3 million, up by 11% year-over-year. Medical cannabis net revenue made up a huge chunk of this revenue at $38.9 million, which is a 42% increase compared to a year ago. Impressively, the company also ended the quarter with $565 million in cash. All things considered, will you add ACB stock to your list of cannabis stocks to watch?

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Innovative Industrial Properties Inc.

Following that, we have Innovative Industrial Properties Inc. (IIPR). In the case of IIPR, we are looking at a leading pick-and-shovel play on the U.S. marijuana industry. For the uninitiated, the company acquires and leases medical-use cannabis facilities across the country. As of early April, IIPR owns 68 properties in the U.S., all of which are currently leased. In fact, IIPR also recently reported a weighted average remaining lease term of approximately 16.7 years across its portfolio. Seeing as the marijuana industry is yet again in the spotlight, I could see investors eyeing IIPR stock now. Likewise, the company’s shares are currently sitting on gains of more than 140% over the past year.

Despite its current momentum, IIPR does not seem to be slowing at all. Yesterday, the company acquired a 175,000 square foot property in Michigan for $15.6 million, expanding its portfolio further. On top of that, IIPR also entered into a long-term, triple-net lease agreement with real estate partner Green Peak Industries.

In short, Green Peak is looking to operate the property as a regulated cannabis cultivation facility. Not only is IIPR bolstering its services, but existing partners are more than eager to grow their current partnerships. All in all, with the company firing on all cylinders, could IIPR stock be worth adding to your watchlist now?

By Jonathan Phillip

Jonathan Phillip is an up and coming financial contributor in the stock market today. He's found a strong niche in writing about true growth industries. His main focus for the last 5 years has been on the cannabis industry and marijuana stocks. He is one of the top contributors to cannabis media outlets like MarijuanaStocks.com. He also is head of social media management for StockMarket.com.

Since an early age, Jonathan has been an active member of the cannabis culture. Coming from Miami, Florida, he's been able to identify emerging trends in the space including the emergence of cannabis derivatives, vapes, e-liquids, wax, and more. His ability to identify emerging niches has afforded him the ability to source valuable information from top industry names.

Jonathan has also managed to build a strong social media presence for companies. He has worked with hundreds of public companies to develop a digital presence. As an active blogger and social media influencer, his focus is on lifestyle segments of the market. You can find Jonathan reporting on anything from industry conferences and investor events to corporate disclosures and cannabis market movers.

Since the early days of marijuana companies going public, Jonathan has made it a point to find information before the crowd. The main target of his writing is on undiscovered or under-researched companies that could hold true, lasting market potential. Through his research, Jonathan has managed to be one of the early writers to identify the opportunity of cannabis over other things like alcohol and he was one of the first reporters to cover the multi-billion dollar deals that materialized in 2017 and 2018. He has also covered the emergence of multi-state operators in the U.S. after Canada paved the way in late 2018 and 2019 for legalization in North America.

Jonathan is also an active member of the underground hip-hop scene. He has worked with some of the biggest names in the rap community while also gaining valuable insight from top producers and business moguls focused on moving brands forward. In his free time, Jonathan builds social communities and continues to hone his skills as a leading financial writer.

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