Should You Consider These Top Pot Stocks Amid New York’s Recent Legalization News?

Yesterday, reports said that New York is preparing to join a growing number of states that have legalized marijuana. This came after lawmakers reached a deal to allow sales of the drug for recreational use. In detail, this deal would expand the state’s existing medical marijuana program and set up a licensing and taxation system for recreational sales. Lawmakers could also vote on the bill earliest by today. Furthermore, this comes after Democrats who have made it a priority this year to pass the legislation. One thing that looks likely is that marijuana stocks will continue to pick up momentum. The driving factor will be the growing acceptance for the recreational substance and also the fact that both the House and Senate are now controlled by Democrats.

For instance, marijuana stocks like Tilray (NASDAQ: TLRY) and Innovative Industrial Properties (NYSE: IIPR) have been up by over 200% and 100% respectively in the last year itself. Could this latest move to legalize marijuana in New York be the next catalyst for the sector in general? Your guess is as good as mine. Marijuana stocks could also be more volatile than your average stock, given that it is highly speculative. This is because of the legal uncertainties in the U.S. that are currently in play. The end game would of course be federal legislation and there is certainly a growing possibility for this to happen. With that in mind, will you consider buying these top marijuana stocks in April 2021?

Best Marijuana Stocks To Buy [Or Sell] Today

Trulieve Cannabis Corporation

Another top marijuana company in focus now would be Trulieve Cannabis Corporation. For some context, the “seed-to-sale” company is the first and largest fully licensed medical cannabis company in Florida. Aside from that, it also owns licensed operations in California, Massachusetts, Connecticut, Pennsylvania, and West Virginia. Trulieve cultivates and produces all of its products in-house and distributes them via its branded dispensaries. On top of that, the company also offers direct-to-patient home delivery services. Meanwhile, TCNNF stock is looking at gains of over 110% in the past six months.

marijuana stocks to buy (TCNNF stock)
Source: TD Ameritrade TOS

Despite its current momentum, Trulieve continues to expand its operations across the U.S. Namely, the company acquired West Virginia-based Mountaineer Holding and began planting operations at its Holyoke cultivation facility last week. Through the $6 million stock and cash transaction, Trulieve gained a cultivation permit and two additional dispensary permits. This brings its total dispensaries in West Virginia to six.

That’s not all, the company also posted solid figures in its fiscal 2020 earnings report last week as well. In it, Trulieve reported a 106% year-over-year surge in annual revenue reporting $521.53 million, marking the company’s third straight year of profitability. By and large, Trulieve seems to be firing on all cylinders. Does this make TCNNF stock worth investing in now?

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Cresco Labs Inc.

Following that, we have medical marijuana company Cresco Labs Inc. In brief, it is one of the largest vertically integrated multi-state cannabis operators in the U.S. Coupled with the company’s strategic geographic footprint and leading distribution platform, Cresco is a prominent name in the industry. The company claims to employ a consumer-packaged-goods (CPG) approach to cannabis. Essentially, CPG means that Cresco’s brands are designed to meet the needs of all consumer segments. With its wide array of cannabis offerings and overall industry tailwinds, CRLBF stock would be a go-to for pot investors now. This appears to be the case seeing as it is up by over 250% in the past year.

marijuana stocks (CRLBF stock)
Source: TD Ameritrade TOS

On the operational front, Cresco has not been resting on its laurels. Earlier this month, the company acquired Cultivate, a Massachusetts-based cannabis company. Through this acquisition, Cresco is now among the top 3 cannabis players in the state. CEO Charles Bachtell noted that this is the third billion-dollar cannabis market where the company achieved this status.

Adding to that, the company had a stellar fiscal 2020. In its full-year report posted last week, Cresco saw a record full-year revenue of $476.3 million. This added up to a whopping 271% year-over-year surge. Given Cresco’s current momentum, would you consider buying CRLBF stock?

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Curaleaf Holdings Inc.

Curaleaf is a leading medical and wellness cannabis operator in the U.S. The company has over 350,000 registered patients across 23 states. It has another 30 facilities dedicated to crafting cannabis into a wide array of premium products. Impressively, the company also has 101 dispensaries, 23 cultivation sites. CURLF stock currently trades at $14.11 as of 1:10 p.m. ET and has been up by over 250% in the last year.

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

Earlier this month, the company reported its fourth-quarter and fiscal year-end 2020 financial results. In it, Curaleaf reported a record total revenue of $230.3 million, a 205% increase year-over-year. The company also completed the acquisition of Alternative Therapies Group (ATG). In addition to that, its R&D activities drove the launch of 32 new formulated products across many form factors during the quarter.

Moving forward, Curaleaf will enter the European cannabis market with a proposed acquisition of EMMAC Life Sciences Limited. EMMAC is Europe’s largest vertically integrated independent cannabis company. All things considered, will you buy CURLF stock?

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Green Thumb Industries Inc.

Green Thumb is a national marijuana consumer packaged goods company and the owner of Rise dispensaries. The company manufactures and distributes a portfolio of branded cannabis products including Beboe, Dogwalkers, and Rythm. Green Thumb also owns and operates over 97 retail locations and operations across 12 U.S. markets. GTBIF stock currently trades at $26.25 as of 1:10 p.m. ET and has been up by over 300% in the last year.

top marijuana stocks to buy now (GTBIF stock)
Source: TD Ameritrade TOS

The company had just reported record results for its fourth-quarter and full-year 2020 on March 17, 2021. Green Thumb posted a revenue of $177.2 million for the quarter, which is a 133.8% increase year-over-year. Net income for the quarter was $22.5 million. The company also notes that the new Biden administration has indicated strong support for advancing comprehensive cannabis reform. This would play well for the company’s growth in the long run. With that in mind, will you consider buying GTBIF stock?

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