With Joe Biden becoming the President-Elect, pot stocks have been seeing an increase in momentum in the stock market. Investors are starting to feel more hopeful about the prospects of the industry. In November after Biden was announced the winner of the Presidential election, another five U.S. states voted to legalize marijuana. This resulted in top marijuana stocks like Tilray (TLRY Stock Report) and Canopy Growth (CGC Stock Report) seeing a nice jump in trading momentum. South Dakota, New Jersey, Arizona, and Montana approved ballot measures to legalize recreational cannabis, while Mississippi voted to approve the use of medical marijuana. This brings the total count to 36 States nationwide that have legalized cannabis either medicinal or recreational.
The Biden/Harris candidacy has been vocal about their opinions on cannabis. They have expressed strong views in favor of mass marijuana decriminalization in the United States. Considering this, investors should be paying close attention to the marijuana industry. With all that being said, let’s take a closer look at the best U.S. based pot stocks to buy for your long-term portfolio.
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First up on the list is Trulieve Cannabis (TCNNF Stock Report). If you’re looking for one of the most profitable pot stocks in the United States, look no further. On November 13th the company announced it has been approved as a medical cannabis licensee in West Virginia. This makes it their 6th state they have a presence in. Trulieve currently has 68 dispensary stores with the bulk of their presence being in Florida. TCNNF stock price is currently up 152.28% year-to-date.TCNNF Stock: What To Watch
In the company’s most recent quarterly results they reported an impressive $120.8M in revenue, which is a 26% increase quarter-over-quarter. They also reported a $60.5M in adjusted EBITDA, representing the 10th consecutive quarter of growth and profitability. It’s important to note that even at this growth rate, what puts Trulieve at the top of our list of pot stocks to buy is the company’s ability to keep its operating and marketing expenses relatively low.
“Once again our financial results reflect our exceptional ability to grow our business quarter over quarter, through continued organic expansion of our retail footprint, while maintaining industry leading profitability. We are pleased to be able to demonstrate strong financial performance in revenue, adjusted EBITDA and free cash flow while pivoting our business to meet the changing behaviors and needs due to COVID,” stated CEO Kim Rivers.
As we look forward to what’s ahead for cannabis in the United States, I believe Trulieve is well-positioned to capitalize making TCNNF stock one of the best pot stocks to buy in the stock market today for long-term growth.Best Pot Stocks To Buy [Or Sell] Right Now: Green Thumb Industries Inc.
Next up on the list is Green Thumb Industries Inc. (GTBIF Stock Report). Green Thumb has been able to demonstrate a great deal of potential in the last few years. The company is one of the nation’s leaders in cannabis consumer packaged goods. It also owns and operates Rise™ retail stores.GTBIF Stock: What To Watch
Last week, Green Thumb reported its Q3 20202 earnings. The company reported a 31.3% quarter-over-quarter and 131.1% year-over-year increase in revenue to $157.1 million. They also reported a positive net income of $9.6 million or $0.04 per basic and diluted share. This is GTBIF’s third straight quarter of positive cash flow. The company anticipates its strong balance sheet and “financial flexibility” will help support its continued growth into 2021. Year-to-date GTBIF stock price is up 125.18% hitting intraday highs during Monday, November 16th trading session of $21.28.
“This was an excellent quarter for Green Thumb as we delivered substantial revenue growth and our ‘Enter, Open, Scale’ strategy is generating meaningful operating leverage across our business. We expanded gross margins and EBITDA margins quarter-over-quarter while delivering positive net income for the first time,” stated Green Thumb Chairman, Founder and CEO Ben Kovler.
Green Thumb Industries is undoubtedly one of the biggest operators in the U.S. cannabis market. Because of the company’s consistent growth, many investors believe in the future of Green Thumb. For that reason, it remains a top pot stock to watch for your long-term portfolio.Best Pot Stocks To Buy [Or Sell] Right Now: Curaleaf Holdings
The last pot stock on the list is Curaleaf Holdings (CURLF Stock Report). Curaleaf is one of the fastest-growing U.S. pot stocks in the market today. According to analysts, Curaleaf is expected to generate more sales by 2024 than any other pot stock. They anticipate it could achieve $2.5 billion in sales if Wall Street analysts are right. Curaleaf currently has a presence in 23 states. They own and operate 96 dispensaries, 23 cultivation sites, and 30 processing sites. The company has more operational dispensaries than any other U.S. multistate operator (MSO). Because of this, the company could continue to grow its retail store count through acquisition or organically.CURLF Stock: What To Watch
Curaleaf reported its Q2 2020 earnings back in August. Since these earnings CURLF stock price has jumped 89.32% to intra-day highs of $11.19 a share during November 16th trading session. In their earnings release, the company reported a record second-quarter pro forma revenue of $165.4 million. They also reported the closing of the Grassroots acquisition which helped expand the company’s presence to 23 states.
“The closing of Grassroots affirms our position as the world’s largest cannabis company when measured by both revenue and operating presence. Overall Curealeaf remains well-positioned for continued growth in the second half of 2020. This growth will be driven by organic initiatives, the integrations of the Select and Grassroots businesses, as well as, the closing of multiple strategic tuck-in acquisitions across a number of key states,” stated Joseph Lusardi, CEO at Curaleaf.
Because of Curaleaf’s huge growth potential and strategic acquisitions, many investors feel that Curaleaf is in a strong position to see a lot of upward momentum in the long term as we look forward to mass legalization in the United States. With all that in mind, could CURLF stock be the best pot stocks in the stock market right now?