The lockdowns owing to the coronavirus pandemic have been a drag on most industries, but the United States economy now seems all set to reopen in many states. Many of the hot marijuana stocks in the market are still trading at record lows despite the limited closures of cannabis retail outlets. Dispensaries were classified as essential in many places, which proved to be a major boost for many cannabis companies. As a matter of fact, the sales of cannabis products rose significantly in recent weeks as people, who are cooped up in their homes, have been consuming these products to a higher degree.

On the other hand, there is a certain degree of hope that many states in the United States, such as Arizona, New York, and Florida, could legalize recreational marijuana in order to boost tax revenues. That could be a particularly significant boost to many of the hot cannabis stocks on the market. Additionally, the government could allow cannabis companies in the United States to have access to banking services in order to ease the situation post the lockdown. In such a situation, it could be worthwhile for investors to have a closer look at some of the hot cannabis stocks in the market. Here is a look at four of those.

4 Hot Marijuana Stocks: Aphria Inc (TSX:APHA) (NYSE:APHA)

Aphria stock has long been considered one of the hot cannabis stocks on the market and for good reason. The company has managed to deliver profits in three out of the previous three quarters, a rarity in the cannabis production industry.

In addition to that, the stock trades at only twice its forward sales, making it significantly cheaper than cannabis behemoth Canopy Growth (TSX:WEED) (NYSE:CGC), which trades at a ratio of almost 20. Despite all that, Aphria stock has declined 55% over the past 12 months. However, some believe that the company has the potential to engineer a rebound.

The performance over the past 12 months has not been congruent with the company’s performance as a whole, so any major positive development could be a boost for Aphria stock.

4 Hot Marijuana Stocks: GrowGeneration Corp (NASDAQ:GRWG)

hot marijuana stocks

GrowGeneration generated significant growth in the 2019 financial year and has become one of the hot cannabis stocks in the market due to its performance. The company, which operates organic growth centers, grew its revenue by 174.9% year-on-year. Revenue grew from $29 million in the prior-year period to $80 million in 2019.

GrowGeneration is also involved in selling nutrients, soils, and advanced lighting technology for commercial growers. Due to the onset of the coronavirus pandemic, GrowGeneration has pivoted to private label items, as well as an online sales channel that allows customers to pick their items up from the store.

One of the major factors behind the company’s stupendous performance was the acquisition of 10 new stores. Same-store sales soared by 36% in 2019.

4 Hot Marijuana Stocks: CV Sciences Inc (OTCQB:CVSI)

As far as CBD stocks are concerned, CV Sciences is hard to ignore. The company’s PlusCBD Oil brand has become a highly popular product, and currently, as many as 3,000 retail outlets in the United States carry the product.

The updated Farm Bill gave the company its biggest boost to date as it allowed CV Sciences to transport hemp-based CBD products across the United States and distribute with ease. 2019 was a particularly eventful year for the company. CV Sciences introduced new CBD-based products and also struck up agreements with big-ticket retailers like Kroger (NYSE:KR) and Teeter.

In 2019, sales grew by 11% to hit $53.7 million, but at the same time, CV Sciences posted a loss of $17.2 million. In 2018, the company made a profit of $10.2 million.

4 Hot Marijuana Stocks: Scotts Miracle-Gro (NYSE:SMG)

hot marijuana stocks

Highly established gardening supply company Scotts Miracle-Gro may not be a pure-play cannabis stock, but it has made a significant foray into the cannabis cultivation space in recent times. In a new development that should come as a major boost for shareholders, the company decided to maintain its dividend payout for the quarter.

On Monday, the company announced that the quarterly dividend is going to be $0.58 per share. Shareholders of record as of May 27, 2020, are going to be paid the dividends on June 10. Considering the current state of the market, this is a significant gesture from the company, and it remains to be seen if it results in a rally in the stock over the coming days.

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