For the past few months, cannabis stocks have been in the limelight. The cannabis industry as a whole has been riding high since Joe Biden won the presidential election back in November. This is because of Biden’s plans to decriminalize the calming substance. With federal legalization up for discussion, the marijuana industry could be looking at a massive market expansion in the U.S. Accordingly, this has added fuel to investors’ excitement over the top cannabis stocks. So much so, that even a Reddit-fueled trading frenzy was not enough to deter them…
For example, Canopy Growth Corp (NASDAQ: CGC) is now looking at gains of over 100% since November. Even pick and shovel plays such as cannabis farm supplies company GrowGeneration (NASDAQ: GRWG) are seeing growth. To point out, GRWG stock is up by about 50% year-to-date. According to Grand View Research, the global legal marijuana market could grow to $73.6 billion by 2027. This represents a compound annual growth rate of 18.1% in the next seven years. The report cites increasing efforts to legalize medical cannabis around the globe as another key factor for this growth. With this much activity across the board, I can understand if you would be keen on investing in the best cannabis stocks. If you are, here are top cannabis stocks making moves now.
Top Cannabis Stocks To Watch This Week
First off we will be looking at cannabis giant, Aphria. For the uninitiated, it is a global producer and distributor of cannabis products. The company boasts an impressive and diverse portfolio that includes medicinal and recreational offerings for users of all kinds. If all this wasn’t enough, the company is also in talks to merge with industry peer Tilray (NASDAQ: TLRY). This would set it to be a part of the largest cannabis company globally in terms of revenue.
Of course, Aphria is a company that investors have been watching for a while now. We can see this as APHA stock has skyrocketed by over 360% in the past year. In fact, it jumped by over 28% during intraday trading yesterday thanks to a rosy analyst update.
Source: TD Ameritrade TOS
Specifically, Cantor Fitzgerald analyst Pablo Zuanic raised his price target for the stock to $25.62. On top of that, he also reiterated his overweight rating, given its current leading position in the industry, I can see why. In the meantime, Aphria has also been busy on the international front. Particularly, it bolstered its leadership position in Germany earlier this month. On February 8, the company announced that Chief Strategy Officer Denis Faltischek would also be assuming the role of Managing Director of Aphria Germany. It seems that Aphria is setting up for a busy year ahead on all fronts. Will you be adding APHA stock to your watchlist because of this?
Following that, we have leading consumer packaged goods cannabis company, Hexo. To begin with, the company works with Fortune 500 companies through its hub and spoke business strategy. This allows Hexo to bring its wide array of cannabis offerings to established companies, leveraging their distribution capabilities. With such impressive operations, it is no wonder that investors have been flocking to HEXO stock as well.
The stock has surged by over 520% since the March lows. More importantly, HEXO stock popped by over 22% yesterday as news of its latest acquisition was announced. However, the stock has…
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