Three cannabis stocks are poised to offer significant returns for investors who buy the dop
Over the last few years, the cannabis industry has grown at an incredible rate. With strong support from investors, governments around the world have taken steps to legalize cannabis. These stocks offer great upside potential for the long-term and are among the best cannabis stocks you can buy.
Record-breaking high percentages of Americans support marijuana legalization. This indicates that there will be a lot of demand. According to BDSA, global cannabis sales could rise by 22% this year according to the cannabis research company. One of the top companies to watch is Trulieve Cannabis. It is already one of America’s most prominent cannabis retailers and producers, focusing primarily on Florida’s medical marijuana market. Although it is medically-only, it will likely be available for adult use by 2024.
Trulieve is responsible for approximately 50% of the total state marijuana sales. It has been profitable since 2017, and, for multiple years, revenues and profits have been growing at double-digit rates.
High Tide is a Canadian penny stock that has been under the radar. It has seen triple-digit growth in revenues over the past three years. It is Canada’s largest retailer and has established itself in all Canadian provinces.
High Tide has rapidly expanded its retail presence across Canada by acquiring budding entrepreneurs in multiple provinces. To add to its long list of acquisitions, it recently purchased cannabis retailers in Bud Heaven as well as Boreal Cannabis.
Recent results were impressive, with sales growth of 88.5% year-over-year to $65 million during the first quarter. It also reported impressive numbers in April across both its brick-and-mortar stores and ecommerce channels. Retail gross revenues increased 76.21% in April.
Green Thumb Industries, one of the largest multistate operators in the US, focuses on the Northeast. It operates 77 retail outlets in the country, which continue to grow every year. The company’s presence in the US serves approximately 50% of Americans.
Last year, the firm acquired multiple businesses and will likely continue to grow its business by organic and inorganic methods. It could see an increase in sales and EBITDA (earnings before interest, taxes, depreciation and amortization) with the New York launch of recreational marijuana next year. It was able to generate an impressive $71 million in EBITDA last fiscal year. Once the regulatory hurdles have been cleared, the pace will pick up.