As we start a short trading week many cannabis investors are asking how marijuana stocks will continue to perform in February? Although the cannabis sector has reached new highs this month, a pullback on Thursday, February 11th could signal future market volatility. As it stands pot stocks have been gaining significant value since the presidential election. But with new highs in the market comes the risk of increased market fluctuation. Enter your text here...
For example, on February 10th top Canadian marijuana stocks like Tilray, Inc. (NASDAQ: TLRY) shot up to a new 52 week high of $67.00 before ending the week much lower at $29.00 on February 12th. Recently becoming a favorite for Reddit investors this could have an effect on how the stock trades going forward. Enter your text here...
In the U.S. cannabis companies have also been showing upward momentum since November. One breakout hydroponic supplier and gardening center GrowGeneration Corp. (NASDAQ: GRWG) saw almost 800% gains in 2020 and has now gained 41.40% to start 2021. Actually, GrowGen is one of the top-performing agriculture supply companies in the sector.
Cannabis Stocks And Current Market Trends
Indeed, this shows a significant upward trend for cannabis stocks. In addition, the industry is reporting increasing demand for cannabis and record revenue growth in 2020. At the present time, the cannabis market is expanding rapidly and is expected to more than double in sales in the next five years.
With this in mind, many investors are looking for the best marijuana stocks to buy for 2021. In essence cannabis investors have been seeing returns on their investments in the marijuana sector. The recent pullback could be shareholders taking some profits bringing the market value down. For the purpose of finding cannabis stocks with growth potential, let’s take a look at 4 marijuana stocks that see some gains next week in February.
Green Thumb Industries Inc.
Green Thumb Industries Inc. is a leading national cannabis consumer packaged goods company that has been growing quickly across the U.S. As the owner of Rise dispensaries, the company announced on February 1st that it has opened its 52nd location in Pennsylvania. In addition, Green Thumb also manufactures and distributes a large portfolio of branded cannabis products. Currently, the company has 13 manufacturing facilities across 12 U.S. markets. Also, Green Thumb holds licenses for 97 retail locations across America.
GTBIF stock is up 48.73% year-to-date and set a new high of $39.11 on February 10th. Since then, GTBIF stock has pulled back in the market to close the week at $36.44 on February 12th. At the present time, analysts at Stock Invest are predicting GTBIF stock to rise 70.61% in the next 3 months. This forecast is based on the stock’s short term market performance in which marijuana stocks have seen upward momentum. For this reason, GTBIF stock is a top U.S marijuana stock for your American cannabis watchlist in 2021.
Harvest Health & Recreation Inc.
Harvest Health & Recreation Inc. is a U.S. cannabis company headquartered in Arizona. At the present time, the company has 15 dispensaries in Arizona and another 22 locations across 7 states. Recently adult-use sales launched in Arizona and Harvest’s foothold in the state could increase revenue growth in 2021. While the company continues to expand in states like Florida, Harvest could see record revenue in the near future.
HRVSF stock is up 79.17% since the start of 2021 and set a new high of $4.33 in trading on February 10th. After reaching this high HRVSF stock has pulled back to close the week at $3.87 on February 12th. Currently, analysts at TipRanks are giving HRVSF stock a 12-month average price target of $4.61 In essence this would be a 19.12% gain from current levels. With this in mind, HRVSF stock could be one of the best cannabis stocks to buy in 2021.
