BY: Chronic Staff | Recent News | August 3, 2021
There are 3 trending marijuana stocks that keep the limelight on in the stock market this week.
The buying opportunities in the stock market are only realized by a few. Cannabis stocks are worth checking out now. With the onset of federal legislation backing medical and recreational use, the industry is indeed booming even in the stock trend.
Currently, 18 states are now allowed for adult use of medical marijuana while the others passed bills legalizing medical use. The industry continues to grow.
Jefferies (NYSE: JEF), an investment banking firm, believes that the industry will continue to grow moving forward.
A buy rating was analyzed by Owen Bennet across several cannabis companies. He covered Cresco Labs (OTCMKTS: CRLBF), Green Thumb Industries (OTCMKTS: GTBIF), and Truelieve Cannabis (OTCMKTS: TCNNF). These stocks are currently looking at gains of over 170% in the past year. Bennet said that some can double in value by next year. As per Bennet, he believes that this is a generational wealth opportunity with potential 12-month gains across coverage of 100%. It was estimated that the US cannabis market could be worth $64 billion by the end of the decade.
The cannabis industry stays at its peak despite stock performance. Despite the retreat of the broader stock market today, top cannabis stocks still trade and have more attractive valuations.
There are three best cannabis stocks to buy and sell in July.
Canopy Growth Corporation (NASDAQ: CGC) is one of them. It has an impressive portfolio with diversified cannabinoid-based consumer products, it will definitely attract investors as it continues to expand its services.
The second one is Hexo Corporation which is an award-winning licensed producer of innovative products for the global cannabis market. Hexo has both operations in adult-use and medical use. The year-to-date gain is at 26%.
Lastly, Cureleaf Holdings Inc. The company produces and distributes cannabis throughout the North American region while operating dispensaries in over 20 states. Its stocks are looking at gains of over 130% in the past year.