3 Cannabis Stocks That Are Better Buys Than Dogecoin

Could Dogecoin (CRYPTO:DOGE) make the comeback of all comebacks? Maybe, but I wouldn’t necessarily bank on it. Even if the popular cryptocurrency’s rebound picks up additional momentum, any gains could evaporate quickly…

You could buy Dogecoin in the hope that the whims of traders will keep pushing its price higher. Another option, though, is to invest in the stocks of companies in an industry that’s still only in its early stages with massive growth potential. I’m referring to the cannabis industry and, in particular, the U.S. cannabis industry. Here are three cannabis stocks that I think are much better buys than Dogecoin.

Ayr Wellness

Ayr Wellness (OTC:AYRW.F) ranks as one of the fastest-growing multistate cannabis operators in the U.S. The company reported 74% year-over-year revenue growth in the first quarter of 2021. Unlike many cannabis operators (especially those in Canada), Ayr is already generating strong positive adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA).

One key reason for Ayr’s tremendous growth is its aggressive acquisition strategy. In February, the company completed the acquisition of Liberty Health Sciences, giving it a major presence in Florida’s medical cannabis market. Near the end of Q1, Ayr completed acquisitions in Arizona and Ohio. It expects to close on another transaction in New Jersey this summer, which will enable the company to expand into its seventh state.

This wheeling and dealing should turbocharge Ayr’s growth. The company projects sales to jump 54% quarter over quarter in Q2 to $90 million. It looks for 2022 revenue of at least $725 million.

Ayr provides a clear path to delivering solid returns, something Dogecoin can’t do. It’s also relatively cheap compared to its peers, with a price-to-sales (P/S) ratio below 5.5.

Cresco Labs

Cresco Labs (OTC:CRLBF) stands out as another multistate cannabis operator that’s grown tremendously through acquisitions. The company’s buyout of Origin House last year vaulted it instantly into a leading position in California.

More recently, Cresco acquired Bluma Wellness in April. This purchase gave the company eight medical cannabis dispensaries in Florida, seven dispensaries under construction or in permitting, plus one of the state’s only cultivation facilities for ultra-premium cannabis flower.

Cresco currently has operations in 10 states. These include seven of the 10 most heavily populated states in the U.S. The company should especially have…

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