I’ve covered cannabis stocks before, but there are always more names to consider in growing areas of the marketplace. Also, it’s been a while, and as we enter a new fiscal year, I feel compelled to give my list a nice update. The cannabis industry in the United States has been flourishing recently, and marijuana stocks have remained a hot subject on Wall Street as a result.
We observed how the industry profited from the novel pandemic-induced tailwinds, with sales reaching a new high of $17.5 billion. Those figures, however, pale in comparison to the $31 billion the industry is expected to make this year. Marijuana companies have underperformed, especially in the second half, although cannabis sales have been on fire. Investors are only concerned about the future possibilities since President Joe Biden has been sluggish to embrace cannabis legislation.
Furthermore, government measures are expected to boost this year’s growth. Marijuana producers with solid fundamentals and the ability to benefit from industry tailwinds, on the other hand, are likely to win out. Furthermore, the lengthy regulatory timeframes will ultimately allow the sector’s most promising marijuana stocks to solidify their positions.
Let’s look at just three cannabis stocks I’ve yet to mention that are reasonably priced, performing well, and noted by Wall St. experts to be wise portfolio choices:
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Trulieve Cannabis Corp (TCNNF)
Trulieve Cannabis (TCNNF) is one of the most successful multi-state cannabis businesses in the United States today. Though it began as a medical-use cannabis company, it has swiftly grown into other lucrative ventures, establishing itself as a significant player in the industry. Furthermore, it is vertically integrated, giving TCNNF stock a considerable advantage over its competitors and underlying company in terms of long-term profit generation.
TCNNF just recorded a profitable quarter for the 15th time in a row, with revenue of $224.1 million for the quarter. Revenues increased by 64% in the third quarter, resulting in a net income of $18.6 million. Their year-over-year financials are mainly in the green, and analysts project growth (no pun intended) on both an annual and quarterly basis. TCNNF’s current quarter shows an EPS of 20 cents per share, with sales of $330.4 million. The consensus price target for TCNNF from analysts that provide 12-month predictions is 64.67, with a high of 106.53 and a low of 33.07. The estimate is up 154.22% from the most recent price, and TCNNF has a solid buy rating.
GrowGeneration Corp (GRWG)
GrowGeneration (GRWG) is a relatively new name in the cannabis industry, but it offers a one-of-a-kind answer to its problems. It is now one of the most well-known names in hydroponics, providing vital services to the marijuana industry. Furthermore, GRWG has 62 locations in 13 different states. Sales increased by 110% in the most recent quarter, reaching $116 million, compared to the previous year’s same period. This resulted in a net income of more than $4 million during the period.
Furthermore, according to studies, the hydroponics industry would likely rise at an annual rate of 11% until 2026. As a result, this is extremely positive for GrowGeneration and its operations, not to mention potential investors. GRWG’s year-over-year numbers, as well as the experts’ projections, both indicate continued growth. It has bested analysts’ projections on revenue for the last four consecutive quarters. Until it reports again, GRWG currently shows $103.4 million in sales. GRWG has a consensus price target of 30.00, with a high of 50.00 and a low of 14.00 among the analysts issuing 12-month price projections. The median forecast is up an impressive 192.11% from the current price, and GWRG carries an impressive buy rating with it as well.
Cresco Labs Inc (CRLBF)
Cresco Labs (CRLBF) is one of the most successful cannabis companies in the United States. It doesn’t require an extensive retail network to expand or provide regular cash flows because most of its revenues come from wholesale activities. It does, however, have a massive retail presence that continues to expand with each new quarter. It also has a presence in the top three marijuana-producing states in the United States: California, Massachusetts, and New York. Its products are popular amidst competition.
CRLBF‘s revenue has been steadily increasing. Sales increased by more than 40% year-over-year in the most recent quarter. In addition, its adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) increased by 24% in Q3 2021 compared to Q2 2021. CRLBF’s forecasts show growth on both an annual and quarterly basis, both for EPS (Earnings-per-share) and Revenue. CRLBF, for the current quarter, shows $238.8 million in sales, at 2 cents per share. The consensus price target for CRLBF from analysts that provide 12-month price projections is 16.69, with a high of 28.47 and a low of 12.72. The forecast reflects an impressive 146.65% gain from its most recent price and the strong consensus among experts and analysts is to buy stock in CRLBF.
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