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Making A List Of The Best Marijuana Stocks To Buy Right Now? 4 To Watch

Marijuana stocks are on the rise as momentum for federal U.S. decriminalization picks up.

4 Top Marijuana Stocks To Buy [Or Avoid] Right Now

Marijuana stocks are on a tear right now. The gains these stocks have seen year-to-date have been impressive so far. Many investors are turning to marijuana stocks these days given how the Democrats now control the trifecta of federal government level. With Joe Biden as the sitting president, and Democrats controlling both the House and Senate, the pathway to marijuana legalization in the U.S. is very real. After the post-election high that these top marijuana stocks enjoyed on President Joe Biden’s victory last year, momentum seems to be picking up yet again.

Earlier this month, U.S. Senators Cory Booker, Ron Wyden, and Chuck Schumer issued a joint statement, “We are committed to working together to put forward and advance comprehensive cannabis reform legislation that will not only turn the page on this sad chapter in American history but also undo the devastating consequences of these discriminatory policies. The Senate will make consideration of these reforms a priority.

Marijuana stocks like Canopy Growth (NASDAQ: CGC) and Innovative Industrial (NYSE: IIPR) have risen by over 60% and 20% respectively year-to-date. As investors pay close attention to the best marijuana stocks to buy in the stock market today, they could very well take advantage of the current market momentum. With that in mind, let’s look at the top marijuana stocks that could be worth adding to your portfolio.

Top Marijuana Stocks To Buy This Month

Tilray Inc.

Tilray is a pharmaceutical and cannabis company that is incorporated in the U.S. with primary operations headquartered in Ontario. It is a global pioneer in the research and cultivation of medical cannabis and cannabinoids. The company was the first licensed producer of medical cannabis in the world to receive a Good Manufacturing Practices (GMP) certified in accordance with European Medicine Agency standards. The company’s share prices have been up by over 300% year-to-date. Today, the company announced an agreement with Grow Pharma to import and distribute medical cannabis products in the United Kingdom.

Source: TD Ameritrade TOS

This agreement will allow Tilray to have a range of GMP-certified medical cannabis products available for patients in the UK by March 2021. The company says that its partnership with Grow Pharma will provide patients in need access to a sustained supply of GMP-certified, high-quality medical cannabis. It will also continue to advocate for reasonable patient access to medical cannabis in Europe and countries around the world. This certainly plays well for the company as marijuana adoption begins to pick up momentum all around the globe. All things considered, will you have TLRY stock as a top marijuana stock to buy?

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Aphria Inc.

Aphria is a premier global cannabis company. Its state-of-the-art greenhouses and cultivation operations make the company one of the world’s leading fully integrated cannabis companies. The company has over 1,000 employees worldwide and has over 2.4 million ft2 in the current cultivation area. APHA stock has been up by over 180% year-to-date.

Source: TD Ameritrade TOS

In the company’s second-quarter fiscal posted last month, it reported net revenue of $125.84 million, a 33% increase year-over-year. The company also reported a record gross revenue for adult-use cannabis of $56.53 million in the second quarter, a 149% increase from the prior quarter, representing the seventh consecutive quarter of growth. The company also ended the quarter with $54.88 million in cash. In this quarter, Aphria completed its first shipment of medical cannabis to Canndoc for distribution in Israel. It also completed its first EU-GMP shipment of dried cannabis and cannabis oil to Germany.

This would show how the company is rapidly expanding its distribution network to countries all over the world.  Furthermore, these impressive financials would reflect the strength of Aphria’s diversified global cannabis and consumer packaged goods business. With that in mind, will you consider buying APHA stock?

[Read More] 4 Top Tech Stocks To Watch Right Now

HEXO Corp

HEXO is a consumer packaged goods cannabis company with a worldwide market. It partners with Fortune 500 companies to bring its brand value, cannabinoid isolation technology and licensed infrastructure to established companies. It leverages these companies’ distribution networks and capacity. As one of the largest licensed cannabis companies in Canada, HEXO has 2 million ft2 of facilities in Ontario and Quebec. HEXO stock has been up by over 5% since today’s opening bell and trades at $9.16 as of 10:16 a.m. ET.

Source: TD Ameritrade TOS

In the company’s latest quarter financials, it reported gross revenue of $32.4 million, the highest in the company’s history and a 114% increase from a year earlier. HEXO also reported net revenue of $23.15 million, doubling year-over-year. HEXO CEO Sebastien St-Louis had this to say, “Today’s record revenue performance reflects our commitment to providing consumers with high-quality products, at reasonable prices, for all occasions. We continue to hold the number one market share position in Quebec while continuing to aggressively expand into other markets. HEXO is now top four in adult-use market share by net sales dollars in Canada.” With such impressive financials, would you want to consider buying HEXO stock?

[Read More] Looking For The Best Consumer Stocks To Buy? 1 Reported Earnings Today

Aurora Cannabis Inc 

Last on this list is Aurora, a pioneer in the global cannabis market. The company has continually pushed industry standards with its industry-leading product development, creating innovative brands. Aurora has also been paving the way to a new era of medical products and choices for patients. ACB stock has been up by over 60% year-to-date. The company is set to report its second-quarter fiscal on Thursday’s closing bell.

Source: TD Ameritrade TOS

Aurora is currently the #1 Canadian medical cannabis platform by revenue and is a leading international cannabis platform. It enjoyed a 40% quarterly growth in its first-quarter fiscal. Last month, the company announced a strategic agreement with MedReleaf Australia. MedReleaf will act as the exclusive supplier in Australia of Aurora’s MedReleaf, CanniMed and Aurora brands. Products covered by the agreement will be EU-GMP certified and include dried flowers, oils, and soft gels. With such exciting developments surrounding the company, won’t you want to own ACB stock?

By Brett David

Brett David is a digital marketing and finance professional for nearly 10 years now and a contributing author for StockMarket.com. His passion for digital marketing and the stock market began after graduating with a B.S.B.A in business administration and finance. After completing college, he went on to becoming an entrepreneur in the marketing and finance space, which led to becoming a contributor to outlets such as ThriveGlobal.com, MarijuanaStocks.com, MarketingAgency.com and SearchEngineWatch.com.

Brett loves the ability to deliver to his readers engaging and educational content that can be easily consumed by the reader. He enjoys writing about a wide variety of companies ranging from blue-chip stocks to the undervalued small and micro cap stocks. His favorite stock market sectors today to write about are: Tech, Cannabis, Mining, Biotech, and TMT.

Brett has worked with hundreds of publicly traded companies on increasing their digital footprint and corporate outreach since 2013.

You can find Brett most of time digging through corporate filings conducting fundamental analysis or at an industry conference looking for the next big trend or company to hit the street. His digital marketing experience gives a competitive edge over other contributing authors by allowing him to see and analyze trends faster than the next person.

Brett, a South Florida native, enjoys spending time with his wife and son outdoors, and is an avid basketball and MMA fan.

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