Jul 20, 2021 (StockMarket.com via COMTEX) -- Best Marijuana Stocks to Watch As Markets Rebound
While tech billionaires are aiming for newer heights in the space travel front, investors and consumers alike seem to be looking towards a different kind of high. Namely, cannabis stocks are a hot topic in the stock market right now. For the most part, I can understand the hype around the sector now. As most seasoned investors would know, federal support for the decriminalization of cannabis is steadily growing in the U.S. Accordingly, this would spur investor interest in the top marijuana stocks in the stock market today.
The most recent indication of this would be Senate Majority Leader Chuck Schumer's latest proposed legislation. If anything, the Cannabis Administration and Opportunity Act aim to fully decriminalize cannabis in the U.S. In fact, even the U.S. Surgeon General Vivek Murthy recently endorsed the draft bill, saying, "I don't think that there is value to individuals or to society to lock people up for marijuana use". Adding to that, Murthy also argues that science should be the guiding principle when it comes to legislation surrounding marijuana. Overall, the current field of research supporting the benefits of cannabis use would support Murthy's endorsement.
Naturally, all this would put some of the top names in the industry in focus now. In theory, companies such as Tilray ( NASDAQ: TLRY ) and Cronos ( NASDAQ: CRON ) could see their addressable markets expand significantly. Even now, TLRY stock is already looking at gains of over 45% year-to-date. All in all, some would argue that now is a good time to keep an eye on top marijuana stocks. Should you agree with this, here are four to consider now.
Best Marijuana Stocks To Buy [Or Sell] This Week
High Tide Inc. ( NASDAQ: HITI )
Innovative Industrial Properties Inc. ( NYSE: IIPR )
Canopy Growth Corporation ( NASDAQ: CGC )
GrowGeneration Corporation ( NASDAQ: GRWG )
High Tide Inc.
High Tide is a leading marijuana company that operates across Canada, Europe, and the U.S. Its portfolio companies include a dominant Canadian cannabis retail chain, a global manufacturer, and a distributor of cutting-edge smoking accessories. It also has one of the largest accessories e-commerce platforms in the world for marijuana products. HITI stock currently trades at $6.21 a share as of Tuesday's close and has been up by over 200% in the past year. Today, the company announced an exciting piece of news that has gotten the attention of investors.
Diving in, High Tide announced that it has entered into a definitive agreement to acquire leading online retailer DankStop. By acquiring this top e-commerce platform, the company's portfolio will include 3 out of the top 5 most popular e-commerce platforms for consumption accessories.
Also, it boasts almost 100 million site visits across all its platforms in 2020. With that, High Tide will be able to continue its rapid expansion into the U.S. By being a vertically integrated company in the consumption accessories space and having access to the end-user will continue to result in high margin sales across all the company's channels. Given all of this, will you consider buying HITI stock?
Innovative Industrial Properties Inc.
Innovative Industrial Properties is a weed company that targets medical-use cannabis facilities for acquisition. This would include sale-leaseback transactions, with tenants that are licensed growers under long-term, triple-net leases. Furthermore, the company says it believes that this industry is poised for significant growth in the coming years. Shares of IIPR stock closed Tuesday's trading session at $207.99 apiece. The company will report its second-quarter financials after the market closes on Wednesday, August 4, 2021. Last month, the company declared a second-quarter dividend of $1.40 per share of common stock. This represents an approximately 32% increase year-over-year. In May, the company announced that it had acquired a Michigan property, comprising approximately 85,000 square feet of industrial space.