Top Cannabis Stocks For November 2021
Are you looking for the best marijuana stocks to buy in November? For the first week of the month, the top cannabis stocks to invest in are trading near the lowest levels seen in 2021. For new investors, this could be an opportunity to establish positions in top pot stocks at much lower price points. This month many leading cannabis companies will report earnings which analysts are expecting to show continued revenue growth.
Although this year the top cannabis companies have been performing at a higher level it has not translated into market gains. One major factor that has brought down the cannabis sector is federal marijuana legalization and reform. Because of delays in the Senate regarding ending cannabis prohibition we have seen a significant downtrend with top marijuana stocks.
Many analysts believe that from current trading levels the cannabis sector has never been more attractive. As we start to close out the year it could be time to make a list of the best cannabis stocks to buy in 2021. From current trading levels, most pot stocks could have upside as federal marijuana legalization continue to gain momentum. In 2021 the US market has expanded as new states legalize marijuana and provide new market growth.
Finding The Best Investments In Top Pot Stocks Right Now
Before investing in cannabis stocks, it’s important to do your research on a company. In general, looking into a company’s financials and studying how the stock performs in the market can help you achieve the best returns. As the first week in November begins these top pot stocks could be primed to start rebounding in the market. After months of consolidating lower many leading cannabis stocks are trading at levels seen in 2020. Let’s look at 2 of the best marijuana stocks for your watchlist in November.
Top Marijuana Stocks For Your November Watchlist
Verano Holdings Corp.
Verano is one of the largest multi-state operators providing regulated cannabis products to US cannabis consumers. In general, the company produces premium cannabis products sold under its portfolio of consumer brands. At the present time, Verano has active operations in 11 states with 87 operational dispensaries nationwide, and 10 cultivation and processing facilities. In Florida, the company has 38 dispensaries which is a significant presence in that market. Verano expects to surpass 90 dispensaries in 2021. Specifically, the company operates dispensaries under retail brands Zen Leaf™ and MÜV™ catering to both medical and adult-use markets. On October 28th the company opened a dispensary with a drive-through on Flamingo Road in Las Vegas.
Verano completed the acquisition of TerraVida and The Healing Center. Ultimately, this acquisition gives Verano six dispensaries in Pennsylvania and a permit to build an additional three in the state. Earlier in the year, the company opened a flagship Pittsburgh dispensary with a four-lane drive-through. Notably, Verano announced second-quarter 2021 financials with record revenue of $199 million an increase of 164% year over year. As a result, gross profit on an unadjusted basis was $100 million or 50% of revenue.
VRNOF Stock Performance
VRNOF stock closed on October 29th at $11.25 down 3.02% in the past month. Currently, the stock has a 52-week price range of $10.14-$28.00 and is down 34.17% in the past six months. According to analysts at Tip Ranks VRNOF stock has a 12-month average price target of $32.30 per share. In this case, this would represent a gain of 187.11% from its last trading price.
Cresco Labs Inc.
Next on the list is Cresco Labs Inc one of the largest vertically integrated cannabis companies in the US industry. Currently, the company is considered the number one wholesaler of branded cannabis products in the US. According to a new BDSA report, Cresco is the leading cannabis brand in Illinois and Pennsylvania. As it stands, Cresco operates 40 retail locations across 10 states with 20 production facilities and 47 retail licenses. Notably, the company opened its fourth Sunnyside dispensary in Pennsylvania as the company expands into other key markets. In October Cresco acquired Laurel Harvest Labs, LLC increasing its depth in Pennsylvania. Also, the company announced a portfolio expansion of its Good News brand with more selections in the edibles and vaping areas. In October the company is shifting to owned brand distribution in California to increase profitability and reduce third-party distribution.
Additionally, Cresco announced the acquisition of Blair Wellness Center a Maryland dispensary. Cresco announced its second-quarter 2021 results with a record revenue of $210 million. In addition, the company reaffirmed its annualized revenue guidance of $1 billion in 2021. As a result, the company delivered gross profits excluding fair value markups of $107 million or 51% of revenue. Cresco has a net income of $2.7 million and an adjusted EBITDA of $45.5 million. For its outlook, the company expects gross profit margins of more than 50% for the remaining two quarters of 2021. The company will report its third-quarter 2021 results on November 11th before the market opens.
CRLBF Stock Performance
CRLBF stock closed at $7.80 on October 29th down 36.33% in the past six months. At the present time, the stock has a 52-week price range of $7.00-$17.49 and is down 20.93% year to date. According to analysts at Market Beat CRLBF stock has a consensus price target of $23.88 per share. In essence, this would represent an upside of 206.1% from its last trading price.