5 Cannabis Stocks Wall Street Predicts Will Skyrocket

According to a report by New Frontier Data, which analyses the current cannabis economy in the United States, the factors driving the bullish market for cannabis are strong consumer demand, an increase in newly operational legal state markets in recent years, the normalization of cannabis consumption, and increasing…

societal recognition of marijuana’s therapeutic and wellness applications.

In addition, given the bill passed by the House of Representatives on Friday that could legalize marijuana nationwide, the demand for cannabis is expected to soar. According to cannabis data experts at BDSA Analytics, global cannabis sales will reach $35 billion in 2022, an increase of 22% from 2021.

Given this backdrop, Wall Street analysts expect fundamentally sound cannabis stocks Greenlane Holdings, Inc. (GNLN), Cara Therapeutics, Inc. (CARA), Flora Growth Corp. (FLGC), Corbus Pharmaceuticals Holdings, Inc. (CRBP), and Verano Holdings Corp. (VRNOF) to deliver significant upside in the coming months.

Greenlane Holdings, Inc. (GNLN)

GNLN in Boca Raton, Fla., develops and distributes cannabis accessories, child-resistant packaging, vape solutions, and lifestyle products in the United States, Canada, and Europe. It operates through two segments: Consumer Goods and Industrial Goods. The company provides consumption accessories, vaporizers, pipes, rolling papers and packaging, and other smoking and vaporization-related accessories and merchandise.

GNLN’s net sales increased 54.4% year-over-year to $56.02 million during the fourth quarter, ending Dec. 31, 2021. Its gross profit grew 102.7% from its year-ago value to $12.47 million. And the company’s cash and cash equivalent stood at $12.86 million during its fiscal year ending Dec. 31, 2021.

Top 10 Stocks for 2022

The $51.69 million consensus revenue estimate for the first quarter, ending March 31, 2022, represents a 52% year-over-year improvement. In addition, GNLN has an impressive earnings history; it surpassed the consensus EPS estimate in three of the trailing four quarters.

All three Wall Street Analysts that rated the stock rated it Buy. The 12-month median price target of $2.33 represents a 389.6% potential upside. The price targets range from a low of $2.00 to a high of $3.00. The stock closed its last trading session at $0.48.

Cara Therapeutics, Inc. (CARA)

CARA is an early commercial-stage biopharmaceutical company that emphasizes developing and commercializing chemical entities, focusing primarily on pruritus and pain by selectively targeting kappa opioid receptors in the United States. The Shelton, Conn.-based company is also developing product candidates that target the body’s peripheral nervous system and immune cells.

Last month, CARA reported that data from a sub-study of the KARE Phase 2 clinical trial demonstrated that Oral KORSUVA (difelikefalin) improved itch and inflammatory biomarkers in atopic dermatitis (AD) patients with moderate-to-severe pruritus. The biomarker data were displayed during the Late-Breaking Research: Clinical Trials session at the 2022 American Academy of Dermatology (AAD) Annual Meeting.

In February, CARA announced that the European Medicines Agency’s (EMA) CHMP had recommended approval of…

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