While investors scramble to find the best stocks as inflation surges, weed stocks continue to gain traction. Arguably, some would even say that they are among the hottest stocks right now in the stock market. Given the current growth runway for the industry as a whole globally, I can understand why. For starters, the world today is growing increasingly fond of the calming substance. Understandably, with more time to conduct proper research, we can find more applications for cannabis emerging across the board. All this has and continues to expand the growth opportunities for the global marijuana industry today.

In fact, things continue to heat up in the growing legal U.S. cannabis market now. Earlier this week, Senate Majority leader Chuck Schumer introduced the Cannabis Administration and Opportunity Act (CAOA) draft bill. Should the CAOA be successful, we could see the end of cannabis prohibition in the U.S. At the same time, it would see the government regulate and tax marijuana like alcohol and tobacco. Safe to say, this ideal outcome could spell massive tailwinds ahead for the industry moving forward. Likewise, even Tilray (NASDAQ: TLRY) CEO Irwin Simon. believes that U.S. legalization could happen within the next 24 months.

Given these developments in the weed industry, the top weed stocks in the stock market today could be in focus. Firstly, industry lead Tilray continues to grow its business in both domestic and international markets. Secondly, investors may also want to consider pick-and-shovel plays such as GrowGeneration (NASDAQ: GRWG) or weed accessory retailers like High Tide (NASDAQ: HITI). Both GRWG stock and HITI stock are up by over 250% in the past year. With all that said, here are three trending cannabis stocks worth knowing in the stock market now.

Top Weed Stocks To Watch In July 2021

Aurora Cannabis Inc.

Starting us off today is Aurora Cannabis Inc. In short, it is a Canadian licensed cannabis producer. Through its global cannabis portfolio, the company caters to both the medical and consumer markets. Among its core divisions are its Aurora, Aurora Drift, San Rafael ’71, MedReleaf, and CanniMed brands to name a few. In particular, demand for the company’s medical cannabis products seems to be growing now. In its latest quarter fiscal posted in May, Aurora saw its international medical sales skyrocket by 134% year-over-year. Now, seeing as Aurora is an upcoming name in the cannabis industry, ACB stock could be worth watching.

While the company’s shares may be trading at a loss this year, Aurora does not seem to be slowing down. Just yesterday, the company completed a $6.36 million shipment of cannabis to Israel. This would be one of the largest single shipments towards the region to date. Evidently, the sale would be a testament to Aurora’s growing influence in international markets now. On top of this, the company is also actively collaborating with Cantek Global, a leading name in Israel’s medical marijuana industry now. The deal will see a minimum supply of 4,000 kgs of bulk dried flowers delivered annually to Israel. Aside from Israel, the company also boasts leadership positions in both the Canadian and European markets.

Furthermore, Aurora is also hard at work bolstering its existing brands as well. As of last month, the company’s San Rafael ’71 brand now boasts three new products. Senior Director John McEachern believes that this adds to Aurora’s robust genetics library of cannabis offerings, meeting more diverse consumer demands. Could all of this make ACB stock a top weed stock to invest in for you?

weed stocks (ACB stock)
Source: TD Ameritrade TOS

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Cresco Labs Inc.

Following that, we have a U.S.-based marijuana company, Cresco Labs Inc. By Cresco’s estimates, it is one of the largest vertically integrated multistate cannabis operators in the U.S. The company primarily identifies as a consumer-packaged goods provider and is the largest wholesaler of branded cannabis products locally. Similar to our previous entry, Cresco’s wide array of brands serves the medical and adult-use markets. For a sense of scale, Cresco currently operates across 10 states in the U.S. with 18 production facilities and 32 operational dispensaries.

With the current focus towards federal legalization in the U.S., we could be looking at exciting times ahead for CRLBF stock. Likewise, investors appear to feel the same as well. This would be the case seeing as the company’s shares are now up by over 115% in the past year. On the financial front, Cresco appears to be gaining momentum as well. Back in May, the company saw its total revenue skyrocket by over 170% year-over-year in its first-quarter fiscal. This was followed by a 272% increase in cash on hand over the same period.

This week, investors could be eyeing CRLBF stock as the company opens yet another dispensary in Philadelphia. The addition of the Sunnyside retail outlet marks Cresco’s fourth dispensary in the state. According to CEO Charlie Bachtell, Cresco’s Sunnyside retail platform continues to outpace industry averages on per store retail metrics. With all this in mind, would CRLBF stock be a top buy for you in the stock market today?

top weed stocks to buy (CRLBF Stock)
Source: TD Ameritrade TOS

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Innovative Industrial Properties Inc.

Last but not least we have Innovative Industrial Properties Inc. (IIPR). Now, IIPR primarily operates as a real estate investment trust (REIT). Simply put, the company primarily targets medical-use cannabis facilities for acquisition. After acquiring said facilities, the company works with tenants that operate in the marijuana industry. Unlike most pure-play names in the market, IIPR stock could be a more defensive play among weed stocks now. After all, the company would be less exposed to intense market competition among pure-play marijuana providers, given the structure of its main business.

To some extent, it seems like investors are already keen on the company’s shares. As demand for cannabis and its related products skyrocketed during the pandemic, so did IIPR stock. Since its pandemic era low, IIPR stock is sitting on gains of over 240%. Similarly, the company also posted stellar figures in its latest quarter fiscal back in May. In it, IIPR saw massive year-over-year leaps of 102% in total revenue and 118% in net income. Moreover, the company also announced that it would be increasing its dividend for the current quarter by 6%. This would mark a dividend of $1.32 per share for investors now.

If all that wasn’t enough, the company also provided a key update on its operations last week. In the second quarter so far, IIPR has already made four key acquisitions, all of which are currently being leased. Additionally, the company also carried out three lease amendments, providing more tenant improvements at its properties in Florida and Pennsylvania. With IIPR seemingly firing on all cylinders now, will you be adding IIPR stock to your portfolio?

best weed stocks (IIPR stock)
Source: TD Ameritrade TOS

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