The 7 Best Cannabis Stocks to Buy Now

The cannabis industry has been growing at a breathtaking pace over the past few years. Governments worldwide have been taking steps towards legalization, with strong backing from investors. The best cannabis stocks to buy now…

present excellent upside potential over the long term.

Despite the pandemic-led troubles and stalled progress on the legalization front in the U.S., the cannabis sector did relatively well. Marijuana stocks took a beating last year due to a lack of progress on the U.S. federal cannabis reform, but recent developments point to a more encouraging scenario this year.

A record-high percentage of Americans favor marijuana legalization, which points to massive demand ahead. Cannabis research firm BDSA suggests that global cannabis sales might rise by an incredible 22% this year.

Ticker Company Current Price
TCNNF Trulieve Cannabis Corp. $14.77
HITI High Tide Inc. $1.80
GTBIF Green Thumb Industries Inc. $13.12
GRWG GrowGeneration Corp. $4.77
PLNHF Planet 13 Holdings Inc. $1.61
JUSHF Jushi Holdings Inc. $1.82
SNDL Sundial Growers Inc. $0.384

Best Cannabis Stocks: Trulieve Cannabis (TCNNF)

Trulieve Cannabis (OTCMKTS:TCNNF) is one of the leading cannabis producers and retailers in the U.S., which focuses mainly on the medical marijuana market in Florida. Though it’s medical only, it is likely to go adult-use by 2024

Trulieve accounts for roughly 50% of total marijuana sales in the state and has been profitable since 2017. Revenues and profits have been consistently growing at double-digit percentages for multiple years.

Last year, the company announced that it was acquiring Harvest Health and Recreation for a whopping $2.1 billion. With the acquisition, it would now have its footprint across 11 states. The majority of its footprint is concentrated within three main hubs, including Pennsylvania, Florida and Arizona. Management notes that volumes rose by 35% upon upgrades of Harvest stores in Florida.

High Tide (HITI)

High Tide (NASDAQ:HITI) is a Canadian penny stock that has flown under the radar. However, it’s been growing revenues at triple-digit percentages over the last three years. It has established its presence across all provinces in Canada and is the largest retailer in Alberta.

The firm has quickly grown its retail footprint across Canada, acquiring budding startups across multiple provinces. It recently acquired cannabis retailers in Bud Heaven and Boreal Cannabis to add to the long list of its acquisitions.

Recent results have been mighty impressive, with sales growth of 88.5% on a year-over-year basis to CA$72.22 million during the first quarter. Moreover, in April, it recently reported stellar numbers across its brick-and-mortar stores and ecommerce channels. Overall retail gross revenues increased by 76.21% for the month.

Green Thumb Industries (GTBIF)

Green Thumb Industries (OTCMKTS:GTBIF) is one of the largest multi-state operators in the U.S., focusing on the Northeast. It owns and operates 77 retail stores in the U.S. that continue to grow each year. Its national presence serves roughly 50% of Americans.

The firm completed multiple acquisitions last year and is likely to continue growing its business through organic and inorganic means. With the launch of recreational cannabis in New York next year and a sales ramp in New Jersey, it could potentially see a massive boost in sales and EBITDA. It generated an impressive $71 million in EBITDA last year, and once the regulatory hurdles are cleared, it can pick up the pace.

Green Thumb’s most recent quarter beat revenue estimates…

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