3 Best Marijuana Stocks to Buy Right Now

Stocks are not like sports teams. It’s OK, even accepted, to jump on the bandwagon in the market, particularly if that bandwagon appears to be a long-term trend…

If you’re looking at cannabis stocks, there’s a simple reason to invest in Cresco Labs (OTC:CRLBF)Green Thumb Industries (OTC:GTBIF) or Trulieve Cannabis (OTC:TCNNF). All three just turned in record quarters and are turning a profit.

The last part is still a rarity among marijuana companies. However, these three companies are multistate operators with enough scale to thrive as more states open up to medical and adult-use marijuana.

1. Green Thumb Industries has seen its revenue jump

Green Thumb Industries led the trio during the third quarter, reporting $157.1 million in revenue, up 31.3% sequentially and 131% year over year. More importantly, the company listed positive net income in the quarter for the first time, reporting $9.6 million. Green Thumb also said it increased its gross margin in the quarter to 55.4%, compared to 53.2% in the second quarter.

The company is based in Chicago but operates in 12 states. It has 25 retail stores, but much of its business is connected to its brands, which include Beboe, Dogwalkers, and Dr. Solomon’s. The company’s branded-product gross sales were up a reported 32.6% over the prior quarter.

With all of that positive news, it is easy to see why the company’s share price is up more than 120% year to date.

TCNNF Chart

TCNNF DATA BY YCHARTS

2. Cresco Labs just turned the corner

Cresco Labs’ shares are up more than 47% since January. It posted $153.3 million in revenue in the third quarter, up 63% sequentially and 326% year over year. More importantly, it recorded positive net income for the first time at $4.9 million.

Cresco is also based in Chicago. It owns 19 dispensaries over nine states and its products are sold in more than 700 dispensaries in the United States. In its third-quarter earnings call, the company said it made $90 million in wholesale sales, making it the top cannabis wholesaler in the country. It has made…

Continue reading at THE MOTLEY FOOL

 

 

You May Also Like

About the Author: admin

Leave a Reply

Your email address will not be published.