Marijuana legalization in the United States is getting closer, and marijuana stocks are set to benefit. President Joe Biden appears to be warming to the idea of legalization at the federal level, and a House of Representatives committee approved a bill in early March that would…
decriminalize possession of all currently illicit drugs and promote investments in substance abuse treatment.
At the same time, several U.S. states continue to legalize recreational use of marijuana, with New York being the latest to consider taking action on the issue. Several states in the southern U.S., including Alabama and Georgia, are aggressively moving to legalize both recreational and medical marijuana.
Here are seven marijuana stocks to buy as the south, and other regions of the U.S., go green:
Data last updated: March 26, 2021 11:40 AM EDT
% Daily Change
|TLRY||Tilray Inc||23.16||-3.10||-0.74||Cannabis Stocks: The Latest News Hitting APHA, TLRY, SNDL, GRWG Stocks Today|
|SNDL||Sundial Growers Inc||1.21||-7.31||-0.10||Cannabis Stocks: The Latest News Hitting APHA, TLRY, SNDL, GRWG Stocks Today|
|GRWG||Growgeneration Corp||52.13||-5.54||-3.06||7 Growth Stocks to Buy That Cater to New Trends|
|CGC||Canopy Growth Corp||32.43||-3.08||-1.03||7 Marijuana Stocks to Buy as the South Goes Green|
|HEXO||Hexo Corp||6.74||-4.59||-0.32||7 Marijuana Stocks to Buy as the South Goes Green|
|ACB||Aurora Cannabis Inc||9.31||-4.07||-0.40||7 Marijuana Stocks to Buy as the South Goes Green|
|CRON||Cronos Group Inc||9.55||-2.05||-0.20||7 Marijuana Stocks to Buy as the South Goes Green|
Marijuana Stocks to Buy: Tilray (TLRY)
Tilray stock has been on a rollercoaster lately after it was targeted by the r/WallStreetBets Reddit mob. TLRY stock jumped 237% at the beginning of February, rising from $19 a share to just under $66. Of course, the boost didn’t last. Buyers quickly became sellers, and Tilray stock fell back as low as $21.63 per share. While the share price has slowly been recovering in recent weeks on news of U.S. legalization efforts, it remains under $30.
The drama of the share price aside, there is reason for investors to feel optimistic about TLRY stock. The main reason for optimism is the upcoming merger with rival Aphria (NASDAQ:APHA) in a $4 billion deal that will make Tilray one of the biggest marijuana producers in terms of production and revenue.
The merger has caused many analysts to turn bullish on Tilray stock. Analysts also like the steps that Tilray has taken to reconfigure its operations ahead of the Aphria merger, cutting 10% of its workforce and closing several production facilities to streamline its operations.
Sundial Growers (SNDL)
Sundial Growers has been “the little marijuana stock that could” so far in 2021. SNDL stock began the year at just 55 cents a share and was being threatened with delisting by the Nasdaq stock exchange.
However, the share price skyrocketed 436% to a peak of $3.04 in early February. Like Tilray, Sundial Growers’ jump was due to a short squeeze by traders who congregate on Reddit. The stock has since come back down to earth and now trades at about $1.20 per share.
As with Tilray, Sundial Growers has…
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