3 Top Cannabis Stocks to Buy Right Now

There has been a lot of buying in the cannabis space since November. The legalization of cannabis in five U.S. states and the victory of Joe Biden have boosted investors’ confidence. With Democrats taking control of both the Senate and House, investors hope that pro-cannabis bills, such as SAFE Banking Act and the MORE Act, could soon become laws. So, amid the favorable environment, here are the three cannabis stocks that can deliver superior returns this year…

Aphria

Since the beginning of November, Aphria (TSX:APHA)(NASDAQ:APHA) has returned over 155.6%. Along with optimism in the cannabis space, its impressive second-quarter performance drove the company’s stock price. It outperformed both analysts’ top-line and bottom-line expectations during the quarter. Meanwhile, I believe the rally could continue, given its high-growth prospects.

Aphria has acquired a significant market share in the Canadian recreational cannabis market by offering compelling and relevant products, with its vape and dried flower products performing exceptionally well. The company’s recent acquisition of SweetWater has allowed the company to expand its U.S. operations.

Meanwhile, Aphria is working on merging with Tilray, which the management expects to complete the deal by the end of April or early May. The merger would significantly strengthen the combined entity’s position in Canadian and the United States’s recreational cannabis markets. Further, the synergies could deliver $100 million of pre-tax savings within the first two years of completing the transaction. So, given its high-growth prospects and improving profitability, I am bullish on Aphria.

Green Thumb Industries

After delivering impressive returns of over 140% last year, Green Thumb Industries (CNSX:GTII) has continued its upward momentum, with its stock price trading over 20% higher for this year. Five U.S. states legalized their cannabis programs in November. Meanwhile, many more states could follow suit, given their budget deficits amid increased spending due to COVID-19. The expansion in the United States’s cannabis market could greatly benefit Green Thumb Industries.

Meanwhile, the company has healthy production and distribution capabilities, with 13 cultivation and manufacturing facilities. The company has a strong presence in 12 states with its six consumer brands. It also operates 51 retail stores. However, the company…

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