3 Cannabis Stocks That Could More Than Triple in Value in 2022, According to Wall Street

Last year was a banner year for the cannabis industry, with U.S. cannabis sales hitting a record $24 billion. And the industry’s sales are expected to reach $70 billion by 2028. An increasing demand for cannabis oil for therapeutic needs from an aging population and…

increasing consumer demand for innovative recreational cannabis products should drive the industry’s growth. With cannabis companies prioritizing risk management, the United States is expected to see legal sales of $30 billion in 2022.

High public support for legalization, an increase in corporate support, and the re-introduction of some federal legalization bills bode well for the industry. The U.S. House of Representatives’ Rules Committee cleared a marijuana banking amendment for another floor vote this week.

Given this backdrop, Wall Street analysts expect fundamentally sound cannabis stocks Trulieve Cannabis Corp. (TCNNF – Get Rating), Cresco Labs Inc. (CRLBF – Get Rating), and Columbia Care Inc. (CCHWF – Get Rating) to soar in price in the coming months.

Trulieve Cannabis Corp. (TCNNF – Get Rating)

TCNNF is a medical-based company that cultivates, produces, and distributes its products to dispensaries throughout Florida. The Quincy, Fla.-based concern offers a range of products that include flowers, edibles, vaporizer cartridges, concentrates, topicals, capsules, tinctures, dissolvable powders, and nasal sprays. It operated in 111 dispensaries as of Dec.8, 2021.

Last month, TCNNF partnered with Miami Mango, a South Florida-based cannabis company. Through the partnership, Miami Mango’s popular Mango Haze should be the first strain launched for TCNNF’s medical patients in the South Florida Market. TCNNF believes that it will provide quality and a broader selection of products to Florida’s medical cannabis community.

TCNNF’s total revenue increased 64.4% year-over-year to $224.1 million for the third quarter, ended Sept. 30, 2021. The company’s gross profit grew 50.6% from its year-ago value to $153.9 million. Its net income rose 6.9% from the prior-year quarter to $18.6 million, and the company’s adjusted EBITDA increased 42.6% year-over-year to $98 million.

TCNNF’s consensus revenue is expected to increase 80.8% to $350.41 million in the fiscal period ending March 31, 2022. The stock has gained 15.5% in price over the past five trading days.

Closing yesterday’s trading session at $21.97, the $57.06 average analyst price target represents a 159.7% potential gain.

Cresco Labs Inc. (CRLBF – Get Rating)

Chicago-based CRLBF is a cannabis operator that manufactures a suite of cannabis extracts and vape products. The company offers a wide range of products, including vape pens, capsules, edibles, sublingual oils. It operates under the brand names Cresco, High Supply, Good News, Wonder Wellness Co., Remedi, Reserve, Flora Cal, Mindy’s Edibles, and Kiva.

Last month, CRLBF partnered with…


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