Are These The Best Marijuana Stocks To Buy Now?
It’s no surprise that marijuana stocks have had a rough start in the stock market so far in 2022. Though, marijuana stocks have been on the rise in recent years, as the legal landscape surrounding cannabis has shifted. In recent years, the United States has also moved in a more pro-legalization direction, with a growing number of states decriminalizing or legalizing cannabis use. As a result, marijuana stocks have been gaining ground, and many experts believe that they will continue to do so in the coming years.
As a result, marijuana stocks could see significant growth in the next few years. This is evident with popular marijuana stocks like Green Thumb Industries Inc (OTCMKTS: GTBIF) and Innovative Industrial Properties Inc (NYSE: IIPR). In the last five years, these companies have seen their share price increase by 64.73%, and 415.97% respectively. If you’re keen on investing in the U.S. cannabis market for a potential buy [or avoid] hold long-term here are two top marijuana stocks to check out in the stock market today.
Marijuana Stocks To Watch Right Now
Curaleaf Holdings Inc. (CURLF Stock)
Starting today, Curealf Holdings Inc. (CURLF) is an international provider of consumer products in cannabis. The company aims to improve lives by providing clarity around marijuana and confidence around consumption. Currently, the company operates in 22 states with 136 dispensaries throughout the United States. In addition, Curaleaf employs over 5,700 team members.
Just last month, the company reported its Q2 2022 financial results. In the report, Curaleaf reported revenue of $338 million. This is compared with consensus revenue estimates of $312 million on a year-over-year basis. Curaleaf contributes its revenue growth to new retail store openings and the start of adult use in New Jersey. Separate from that, the gross profit margin advanced to 51.9% from 49.6% in the second quarter, of the year prior. With that, shares of CURLF are trading at $5.79 per share on Friday morning.
Boris Jordan, Executive Chairman of Curaleaf, said in his letter to shareholders, “Our record breaking second quarter got off to a great start with the launch of adult use in New Jersey and a historic 4/20. We bounced back from earlier headwinds to grow revenue 8%, and AEBITDA 18% sequentially, while continuing to execute on our growth strategy for Europe, a key differentiator for Curaleaf and a significant advantage over our competitors.” Shares of CURLF are currently down over 27% year-to-date. Though, in the last month of trading CURLF stock has rebounded 14%, while trading during Friday’s lunchtime session at $6.35 per share. With this in mind, will you be watching CURLF stock today?
Trulieve Cannabis (TCNNF Stock)
Next, Trulieve Cannabis (TCNNF) is a leading vertically integrated cannabis company. In brief, Trulieve is involved in every step of the process from seed to sale. For a sense of scale, as of June 30, 2022, the company has168 dispensaries throughout the United States. In August, Truelieve released its second quarter 2022 financial results.
Diving in, Trulieve posted revenue of $320.3 million for the quarter. This reflects a 49% increase during the same period, in 2021. Additionally, the company completed the quarter with operations in 11 states. Meanwhile, they produced over 10 million finished goods units in the second quarter, a 79% jump year over year.
Trulieve CO Kim Rivers commented in her letter to shareholders, “Our team delivered strong second-quarter results with topline growth and margin improvement by staying focused on our plan. “During our mid-year strategic review, we identified proactive measures to address the rapidly evolving economic landscape.” Similar to CURLF, Trulieve stock has been beaten down by over 44% so far in 2022. Though, in the last month shares of TCNNF stock have rebounded by over 10%. During Friday’s lunchtime trading session TCNNF stock is trading at $14.85 per share. With its current momentum this quarter, do you think TCNNF stock is trading at a discount?