These marijuana stocks are up big halfway through the year. But will their sizzle fizzle?
You might have thought that 2018 would have been a fantastic year for most marijuana stocks. Canada is on course to open its big recreational marijuana market in October. Global demand for medical marijuana is increasing. But the reality is that most marijuana stocks aren’t performing nearly as well so far this year as they did at this point in 2017.
However, there have been some winning marijuana stocks at the halfway market through 2018. Shares of MariMed (NASDAQOTH:MRMD), iAnthus Capital Holdings (NASDAQOTH:ITHUF), and Canopy Growth Corporation (NYSE:CGC) have soared. These three are the best marijuana stocks of 2018 so far for companies with current market caps of at least $200 million and that have a significant focus on the cannabis industry.
How have MariMed, iAnthus, and Canopy Growth emerged as the top year-to-date performers? And are these hot marijuana stocks smart picks now? Here’s what you need to know…
MariMed is a leading professional management company serving the emerging cannabis market. The company also markets cannabis products, including Nature’s Heritage cannabis and cannabis-infused edibles Kalm Corn microwaveable popcorn and Betty’s Eddies fruit chews.
So far in 2018, MariMed stock has skyrocketed more than 240%. By the end of Q1, MariMed’s share price had jumped over 60%. But the big gains came after the company reported its Q1 results in mid-May. MariMed announced revenue of a little over $2 million — an 81% year-over-year jump.
Investors were likely expecting an even bigger boost for MariMed with growth in medical cannabis markets in Massachusetts and Maryland. The company began operations in its Maryland cultivation and production facility in Q1. MariMed is building a new 68,000 square foot cannabis facility in New Bedford, Massachusetts.
2. iAnthus Capital Holdings
iAnthus Capital Holdings owns and operates eight cannabis cultivation facilities and 46 dispensaries in four U.S. states: Florida, New York, Massachusetts, and Vermont. The company also strategic partnerships with cannabis businesses operating in Colorado and New Mexico.
Shares of iAnthus have jumped more than 150% so far this year. The stock surged in mid-January following the company’s acquisition of the medical marijuana business owned by GrowHealthy Holdings. This deal allowed iAnthus to expand in a significant way into the Florida market. Over the next couple of months, though, the stock gave up most of those gains. However, iAnthus has been on a roll since early April, helped in part by the close of its full acquisition of Massachusetts-based Pilgrim Rock and a $50 million investment by Gotham Green Partners.
Like MariMed, iAnthus stands to benefit from growth in the cannabis market in Massachusetts. But Florida and New York could be even more important to the company’s future. iAnthus currently claims one of only 13 cannabis licenses in Florida and one of 10 licenses in…
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