3 Marijuana Stocks That Could Be Millionaire Makers

It’s no longer a surprise when U.S. cannabis companies report an outstanding quarter. The marijuana boom that started amid the coronavirus pandemic lifted both revenue and earnings for pot companies, and the continuing expansion of…

state marijuana legalization has kept the momentum going. Though the federal ban on marijuana poses some difficulties, that is not stopping these companies from expanding.

Illinois-based Green Thumb Industries (OTC:GTBIF) and Cresco Labs (OTC:CRLBF) and Florida-based Trulieve Cannabis (OTC:TCNNF) all recently reported another strong quarter. Let me tell you why I think these three cannabis stocks are millionaire makers. 

1. Green Thumb Industries

Green Thumb grew revenue 85% year over year to $222 million in the second quarter ended June 30. The company attributed this growth to its 58 open and operating retail stores. Most revenue came in from key markets like Illinois and Pennsylvania, where it operates nine and 16 retail stores, respectively.

Illinois, a relatively new recreational market (which legalized adult use in January 2020), has generated close to $753 million in sales through July. The state is on its way to breaking last year’s record of $1 billion in sales for the full year. Illinois being Green Thumb’s home state is an added advantage. The company also entered the Virginia cannabis market by acquiring 100% of cannabis grower and producer Dharma Pharmaceuticals. In July, Virginia made recreational cannabis legal, but retail sales won’t begin until Jan. 1, 2024. 

The revenue growth also brought in fourth consecutive quarter of profits — this time reaching $22 million, versus a net loss of $13 million in the year-ago period.  It ended the quarter with cash and cash equivalents of $359.2 million and $198 million in total debt outstanding. With rising revenue and profits, it is in good financial standing to clear its debts. It holds licenses for 111 retail stores in 14 U.S. markets.

2. Cresco Labs

Cresco has also benefited from the growing Illinois market. Its second quarter, ended June 30, saw a whopping 123% year-over-year increase in revenue to $210 million. The company’s retail revenue, generated from 33 stores during the quarter, grew to $101 million, up 157% year over year. Much of the credit goes to…

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