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Here are our top cannabis stocks for June 2021. The cannabis industry is growing at a blazing fast rate and offers promising stock options for long-term investors. Even during the pandemic, cannabis companies have seen strong gains.
For investors who want to invest in marijuana stocks with a budding future, these are the top stocks to consider adding to their portfolio in June 2021.
Cresco Labs is a major player in the industry. In fact, it is the fifth-largest public marijuana company in terms of revenue. Over the past 12 months, this stock has grown more than 145% and over 20% in 2021. Experts believe Cresco is ready to get even more gains.
Currently, Cresco has dominated in Pennsylvania and Illinois and plans to continue its strong growth as the markets mature. In Pennsylvania, in particular, Cresco increased its growing facility fourfold for more production capacity.
Cresco has operations in 10 states and runs 32 dispensaries and 18 production facilities. Just this year, it expanded into Massachusetts, Ohio, and Florida.
In addition, its focus on edibles, especially its recently-released Wonder Wellness Gummies, gives it a competitive advantage as edibles’ popularity continues to grow.
Curaleaf Holdings is arguably the biggest multi-state cannabis operator in the country. Currently, it has 106 dispensaries and operates in 23 states. It has been an aggressive expansion run and has maintained a consistent growth rate throughout, although the growth rate has slightly slowed down as of late.
While some investors may be put off by the recent slower growth, the now legal New York and New Jersey markets could be a boon for the company. In the coming year, the company could be posting its strongest stock gains yet since it leads in market share in both markets (medical cannabis).
In the first quarter, Curaleaf raised $300 million to expand its operations in New York, New Jersey, and other states with pending recreational markets. In addition, it has released new products including its Select Squeeze Beverage Enhancer.
Green Thumb Industries
Green Thumb Industries (GTI), another major multi-state operator, recently expanded its footprint in Massachusetts after acquiring privately-held Liberty Compassion, which has 2 medical cannabis retail locations under the brand name Affinity. The move not only triples GTI retail locations in the state but also improves its cultivation and production capacity.
GTI has 56 retail stores in 11 states, with more on the way. In May, it announced the opening of the Cookies dispensary on the Las Vegas Strip in partnership with the Cookies Brand from the Bay Area.
GTI is poised for larger expansion. In April, Virginia became the 16th state to legalize cannabis. GTI purchased Dharma Pharmaceuticals, a medical cannabis operator in Virginia, in order to tap into the market. Now, it holds 1 of 5 vertically integrated licenses in the state and can open 5 more locations in the state.
Florida-based Trulieve Cannabis, had an incredible 2020. Its strong and steady expansion at home and abroad, as well as strong revenue, increased its stock. In 2021, the company is expected to keep the positive trend going.
This year, it acquired Mountaineer Holdings and Solevo Wellness West Virginia, giving it 9 medical cannabis dispensaries in the state. In Pennsylvania, it acquired 3 medical dispensaries in April. Its focus on medical cannabis markets has, so far, paid off.
In addition, Trulieve made a huge deal when acquiring Harvest Health and Recreation, which raised its dispensary count to 126 in 11 states and 3.1 million square feet in production and cultivation facilities.
Innovative Industrial Properties
Innovative Industrial Properties (IIP) is a real estate investment trust (REIT). Investing in IIP is a great way for investors to avoid the volatility of pure-play stocks that deal directly with the plant. This REIT lists properties to different cannabis companies hedging its bets on multiple sources of steady income, not a single one.
Despite the volatility of the market, IIP will continue to collect rent and increase the stock's dividend. If IIP’s share price is too high for you, you can keep an eye on it until the price becomes more attractive, but if you're willing to take a risk, it may pay off in the end.
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