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These are the top marijuana stocks for August 2020. If you invested in pot stocks a few months ago, you probably saw some big gains. Despite a global pandemic, weed stocks have grown fast in the past few months. With more people stuck at home, the demand for pot has gone up. Despite some growing pains, owning a pot stock is a long-term play.

As more states and countries continue to legalize weed, the industry is set to grow even bigger. As a cannabis investor, you need to stay informed about the industry's major developments. Knowing your stocks can put you in a better financial position later on. Check out the best pot stocks you should be looking at in August 2020.

Our Favorite: Trulieve Cannabis

U.S. multistate operator, Trulieve Cannabis has been leading the way in sales. Keep in mind, not all companies are perfect. Trulieve has most of its dispensary network in Florida. For now, it's a medical cannabis only state. An adult-use market in Florida could cut into the company's profits. It must learn how to navigate these new laws that often end up cannibalizing a medical program.

Regardless of these hurdles, Trulieve is still a winner in our eyes. Trulieve’s hyperfocus on the Florida market puts it ahead of the game. It recently opened its 55th dispensary, 53 of which are in the Sunshine State. In fact, Trulieve controls 51 percent of the market. The state's market is predicted to be the third-highest selling pot state by 2024 at $1.9 billion per year.

All that market share has increased the visibility of the brand in the state. Because of this, it has been able to keep marketing and operating costs down. In terms of financing, it hasn't had too much trouble finding investment. It is even gaining back some money through sale-leaseback agreements. These agreements turn a company's real estate into fast cash for funding. Many other large operators are doing the same thing.

While this may not be the most obvious stock choice for some investors, others are seeing the silver lining. Even with recreational competition in Florida, the company could make a steady profit. Plus, it has a presence in Connecticut, Massachusetts, and California. Dispensaries in these states can continue the success seen in Florida. For these reasons, Trulieve is a sure stock bet. 

Curaleaf Holdings Inc

Curaleaf is one of the most popular pot stocks today. With weed demand surging at record numbers, Curaleaf has come out on top. Its retail sales have gone up with increased demand. As a vertically-integrated company, it is on its way to experiencing even bigger growth. Curaleaf announced the launch of its sublingual tablets in Florida. It’s going to be sold across the company’s 28 dispensaries in the state.

Harvest Health & Recreation Inc.

Canadian-based Harvest Health & Recreation Inc. focuses on cultivation, production facilities, and retail stores for medical and adult-use pot. Recently, it appointed Deborah Kelley as Chief Financial Officer. These new changes are an indication of growth. Harvest Health’s revenue mainly comes from its sales in Arizona. Most of those sales are of third-party brands. Despite these limitations, it is set to grow big and expand its facility footprint. It currently holds licenses for 130 facilities across the country. It's the third-largest operator in the country and that is one of the reasons it is at the top of the marijuana stocks for August 2020.

Village Farms International Inc.

Canadian-based Village Farms International Inc. is a relatively small operator. It grows vegetables and now cannabis. In July 2020, the company's Pure Sunfarms venture began shipping products to dispensaries in Manitoba, Canada. The company also plans to expand its greenhouse operations to grow hemp and cannabis. Its hemp venture could bring in a lot of revenue from sales in the U.S. The 2018 Farm Bill has opened the door for many hemp companies.

Green Thumb Industries

Green Thumb Industries is a big cannabis distributor and producer. It has experienced steady growth over the years. In June 2020, the company announced the opening of its 48th location in the U.S. When recreational pot comes to the U.S., GTI and other major operators are set to significantly increase their stock prices. Get your hands on some GTI stock while it's still accessibly priced.

Cresco Labs Inc.

Cresco Labs Inc. is another one of the big multistate operators. It has expanded its operations in Illinois and Pennsylvania, two states with a large market. It’s also trying to stake a claim in New York, Massachusetts, and Michigan. In July, it announced it was expanding its real estate partnership with Innovative Industrial Properties. Cresco Labs continues to make wise decisions for its future growth.

ETFMG Alternative Harvest ETF (MJ)

For investors who don’t want to pick out individual companies, go with an Exchange Traded Fund (ETF). An ETF allows you to invest in a range of companies in a particular niche. This ETF’s portfolio includes pot growers, distributors, and research companies. Essentially, as the industry grows, so does your stock investment.

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