The cannabis sector had been in flux for many months, and even the cheap marijuana stocks have performed poorly. However, the lockdowns in North America have come as a significant boost to the marijuana sector. The medical benefits of cannabis have ensured that it has been deemed an essential item (in some places), so many retail stores have been allowed to stay open during the lockdown. Since hundreds of thousands of people are now cooped up in their homes, the demand for marijuana products has also gone through the roof.

In this sort of situation, it is only natural for investors to look for the best marijuana stocks to own, and in order to discover those stocks, one needs to watch the market closely. From March 13 to March 17, the average revenue at stores in Washington and California shot up by around 100%. It could be worthwhile to have a look at some of the cheap marijuana stocks on the market. Here is a look at three of those.

One cannabis stock that has not got enough attention in recent times is Curaleaf Holdings. In Q4 2019, the company posted revenue of more than $131.7 million, making it one of the revenue leaders in the industry.

However, that did not result in any optimism from investors since Select, the company’s new acquisition, had delivered an underwhelming performance. The Q4 revenue reflected a slight improvement from the Q3 revenue of $129.1 million, and Select only made up $5 million in revenue each month. Curaleaf stock was trading at $7.50 earlier in 2020 but is now trading at $3.50, and the rise in demand could make Curaleaf one of the best cheap marijuana stocks on the market.

The company is currently valued at $1.7 billion, but if its sales get a significant boost due to the lockdowns, then Curaleaf could hit its target of $1 billion in sales in 2020. Experts believe that the current price could well be a decent entry point for interested investors.

Cheap Marijuana Stocks to Consider: Green Thumb Industries Inc. (CSE:GTII) (OTCQX:GTBIF)

Another important multi-state cannabis operator in the United States is Green Thumb Industries. The company has generated impressive growth thanks to the legalization of medical cannabis in Pennsylvania and recreational marijuana in Illinois. In Q4, Green Thumb generated revenue of $75.8 million and has projected that in Q1, it is going to grow its revenue by 20%.

In addition to that, the company managed to generate EBITDA of $14.4 million in the fourth quarter. The stock has declined by 50% from its highs earlier in the year. It currently has a valuation of $1.2 billion, and the total number of outstanding shares for Green Thumb stands at 1.2 billion.

However, once the boost in sales in Illinois, as well as the overall rise in sales due to lockdowns, is factored in, Green Thumb stock could represent a lot of value. Out of seven analysts, six analysts have given the stock a buy rating, and the 12-month average target price is $14.63.

Cronos Group could also prove to be one of the best marijuana stocks in the market, owing to the higher demand for the product. CRON stock went into penny stock territory due to the fears that marijuana sales were declining. However, as many states have declared the (medical) products essential, this is good news for Cronos.

That being said, an overall drop in sales is still expected for the industry as a whole. Cronos is, however, one of the few marijuana companies that has the financial strength to weather the storm. It has $1.5 billion in cash, which could tide the company through the period.

Once the coronavirus pandemic ends, there might be more growth in sales and revenue for Cronos Group. In the second half of the year, analysts expect the company to generate higher revenue, which could make Cronos an attractive option for long-term investors.