In this article, we will look at the 13 best marijuana stocks to buy now. If you want to explore similar stocks, you can also take a look at 5 Best Marijuana Stocks to Buy Now.
According to Grand View Research’s Marijuana Market Analysis, the global legal marijuana market was valued at $13.2 billion in 2021 and is expected to grow at a compound annual growth rate of 25.5% from 2022 to 2030. A major driver of this growth is the growing demand for the legalization of marijuana. Grand View Research noted that a number of countries have legalized the use of marijuana for medical purposes to treat illnesses such as epilepsy, seizures, glaucoma, and muscle spasms. North America has allowed the use of recreational marijuana and over two-thirds of the U.S. states have given marijuana legal status. Grand View Research expects the legal marijuana market to grow by up to 28% over the next 5 years.
According to Mordor Intelligence, the cannabis market is expected to grow at a CAGR of 15.4% from 2022 to 2027, with North America being the largest and fastest growing market. Among primary drivers for this growth is the proven efficacy of cannabis in medical applications, the legalization of cannabis, research & development efforts for the genetic modification of the plant, and the advancements in the intellectual property rights of cannabis.
Investors are piling into marijuana stocks as the drug gains legal status from regulatory authorities worldwide. Some large-cap companies such as Altria Group, Inc. (NYSE:MO), Constellation Brands, Inc. (NYSE:STZ), and Philip Morris International Inc. (NYSE:PM) are also making sizeable investments in the cannabis industry, which is expected to boom over the next decade.
hedgehog94/Shutterstock.com
Our Methodology
To determine the best marijuana stocks to buy now, we reviewed companies that are operating in the space and are making efforts to capture more market share. We narrowed down our selection to stocks that had positive market sentiment and potential growth catalysts.
Best Marijuana Stocks to Buy Now
13. Verano Holdings Corp. (OTC:VRNOF)
Number of Hedge Fund Holders: N/A
Verano Holdings Corp. (OTC:VRNOF) operates as a vertically integrated multi-state cannabis operator in the United States. The company engages in the cultivation, processing, wholesale, and retail distribution of cannabis in Arizona, Arkansas, California, Connecticut, Florida, Illinois, Maryland, Massachusetts, Michigan, Missouri, Nevada, New Jersey, Ohio, Pennsylvania, and West Virginia. The company offers artisanal cannabis products under the Encore, Avexia, MUV, and Verano brands for medical and adult-use markets.
Verano Holdings Corp. (OTC:VRNOF) is making strides in the cannabis industry. On August 11, Verano Holdings Corp. (OTC:VRNOF) announced the opening of MUV Palatka, the company’s 55th Florida dispensary and 109th nationwide. On August 15, Verano Holdings Corp. (OTC:VRNOF) announced the launch of Savvy, a new brand featuring larger-format cannabis products, catering to more value-oriented patients and consumers.
Wall Street is bullish on Verano Holdings Corp. (OTC:VRNOF). On July 22, Seaport Global analyst Sonny Randhawa initiated coverage of Verano Holdings Corp. (OTC:VRNOF) with a Buy rating and an $11 price target. The analyst sees the cannabis sector growing at a CAGR of 17% and expects the U.S. legal market to be $86 billion in 2030, with the overall market growing to $140 billion.
In the first quarter of 2022, Westerly Capital Management initiated a position in Verano Holdings Corp. (OTC:VRNOF). As of March 31, Westerly Capital Management’s stake in the company is valued at $1.24 million and the fund is the most prominent shareholder.
12. Green Thumb Industries Inc. (OTC:GTBIF)
Number of Hedge Fund Holders: N/A
Green Thumb Industries Inc. (OTC:GTBIF) engages in the manufacture, distribution, and sale of various cannabis products for medical and adult use markets in the United States. It offers cannabis flowers, pre-rolls, concentrates, vapes, tinctures, edibles, topicals, and other cannabis-related products under the Beboe, Dogwalkers, Doctor Solomon’s, Good Green, Incredibles, and RHYTHM brands.
On August 3, Green Thumb Industries Inc. (OTC:GTBIF) released market-beating earnings for the fiscal second quarter of 2022. The company reported earnings per share of $0.10 and beat EPS estimates by $0.06. The company’s revenue for the quarter amounted to $254.31 million, up 14.62% year over year, and beat market consensus by $5.40 million.
Wall Street analysts are bullish on Green Thumb Industries Inc. (OTC:GTBIF). On July 22, Seaport Global analyst Sonny Randhawa initiated coverage of Green Thumb Industries Inc. (OTC:GTBIF) with a Buy rating and a $15 price target. On August 4, Alliance Global Partners analyst Aaron Grey revised his price target on Green Thumb Industries Inc. (OTC:GTBIF) to C$25 from C$40 and reiterated a Buy rating on the shares. The analyst sees the company well positioned to weather tough market conditions, a competitive backdrop with pricing pressure, and structural challenges in the cannabis industry. The analyst also sees Green Thumb Industries Inc. (OTC:GTBIF) benefitting from increasing adult-use sales of cannabis products in New Jersey and other states.
In the second quarter of 2022, Zevenbergen Capital Investments raised its stakes in Green Thumb Industries Inc. (OTC:GTBIF) and brought them to $0.85 million. As of June 30, the fund owns roughly 0.10 million shares of Green Thumb Industries Inc. (OTC:GTBIF) and is the largest shareholder in the company.
11. Curaleaf Holdings Inc. (OTC:CURLF)
Number of Hedge Fund Holders: N/A
Curaleaf Holdings Inc. (OTC:CURLF) is a cannabis operator in the United States. The company does business through two segments: Cannabis Operations and Non-Cannabis Operations. The Cannabis Operations segment engages in the production and sale of cannabis through retail and wholesale channels. On August 8, Curaleaf Holdings Inc. (OTC:CURLF) released earnings for the fiscal second quarter of 2022. The company reported a revenue of $337.55 million, up 8.12% year over year, and beat expectations by $2.25 million.
Curaleaf Holdings Inc. (OTC:CURLF) is expanding its operations in Europe. On August 9, Curaleaf Holdings Inc. (OTC:CURLF) announced that it has signed a definitive agreement to acquire a 55% stake in Four 20 Pharma GmbH, a fully EU-GMP & GDP licensed German producer and distributor of medical cannabis with its own product line.
Wall Street is bullish on Curaleaf Holdings Inc. (OTC:CURLF). On July 22, Seaport Global analyst Sonny Randhawa initiated coverage of Curaleaf Holdings Inc. (OTC:CURLF) with a Buy rating and a $9 price target. On August 9, Alliance Global Partners analyst Aaron Grey revised his price target on Curaleaf Holdings Inc. (OTC:CURLF) to C$12 from C$15 and reiterated a Buy rating on the shares.
10. Ayr Wellness Inc. (OTC:AYRWF)
Number of Hedge Fund Holders: N/A
Ayr Wellness Inc. (OTC:AYRWF) is a vertically-integrated cannabis multi-state operator that cultivates, manufactures, and retails cannabis products and branded cannabis packaged goods. The company’s cannabis and cannabis products include concentrates, edibles, and vaporizers. As of August 11, 2022, Ayr Wellness Inc. (OTC:AYRWF) operates 50 dispensaries.
Wall Street analysts are bullish on Ayr Wellness Inc. (OTC:AYRWF). On July 22, Seaport Global analyst Sonny Randhawa initiated coverage of Ayr Wellness Inc. (OTC:AYRWF) with a Buy rating and a $13 price target.
On August 11, Ayr Wellness Inc. (OTC:AYRWF) announced that the Massachusetts Cannabis Control Commission has granted a final license for adult-use cannabis at its Sira Naturals dispensary in Somerville. The Company also received approval to open the first phase of its cultivation expansion in Milford, Massachusetts.
As of March 31, Ancora Advisors is the most prominent stakeholder in Ayr Wellness Inc. (OTC:AYRWF) and has stakes worth $0.11 million in the company.
Large cap companies such as Altria Group, Inc. (NYSE:MO), Constellation Brands, Inc. (NYSE:STZ), and Philip Morris International Inc. (NYSE:PM) are eyeing opportunities in the marijuana market and are making hefty investments in marijuana companies.
9. Trulieve Cannabis Corp. (OTC:TCNNF)
Number of Hedge Fund Holders: N/A
Trulieve Cannabis Corp. (OTC:TCNNF) operates as a medical cannabis company. The company cultivates and produces products in-house and distributes them to its branded dispensaries in Florida and also offers home delivery services. The company produces flowers, edibles, vaporizer cartridges, concentrates, topicals, capsules, tinctures, dissolvable powders, and nasal spray products. On August 10, Trulieve Cannabis Corp. (OTC:TCNNF) reported that its revenue for the fiscal second quarter of 2022 amounted to $320.30 million, up 48.89% year over year.
Analysts are bullish on Trulieve Cannabis Corp. (OTC:TCNNF). On July 22, Seaport Global analyst Sonny Randhawa initiated coverage of Trulieve Cannabis Corp. (OTC:TCNNF) with a Buy rating and a $23 price target. On August 10, Alliance Global Partners analyst Aaron Grey revised his price target on Trulieve Cannabis Corp. (OTC:TCNNF) to C$35 from C$40 and reiterated a Buy rating on the shares.
As of March 31, Tamarack Capital Management is the largest shareholder in Trulieve Cannabis Corp. (OTC:TCNNF) and owns 50,000 shares of the company. The fund’s stakes are valued at $1.05 million and the investment covers 0.5% of Tamarack Capital Management’s 13F portfolio.
8. MariMed Inc. (OTC:MRMD)
Number of Hedge Fund Holders: N/A
MariMed Inc. (OTC:MRMD) engages in the cultivation, production, and dispensing of medicinal and recreational cannabis in the United States and internationally. The company offers cannabis genetics produce flowers, concentrates, cannabis-infused products, edibles, and cannabidiol formulations. On August 8, MariMed Inc. (OTC:MRMD) released earnings for the fiscal second quarter of 2022. The company reported a revenue of $33 million, up 1.2% year over year.
On July 18, MariMed Inc. (OTC:MRMD) announced that it has received approval from the Maryland Medical Cannabis Commission to operate its expanded production kitchen at its Hagerstown, Maryland cultivation and production facility.
On August 4, MariMed Inc. (OTC:MRMD) announced the availability of its new cannabis-infused ice cream. The company collaborated with Emack & Bolio’s, a Boston-based ice cream brand to develop the cannabis-infused vegan and dairy ice cream.
On August 8, MariMed Inc. (OTC:MRMD) announced that it has signed a definitive agreement to acquire the ownership interests in an adult-use cannabis dispensary license in Illinois. The company said that it intends to manufacture and distribute its proprietary brands and products throughout Illinois.
7. Village Farms International, Inc. (NASDAQ:VFF)
Number of Hedge Fund Holders: 3
Village Farms International, Inc. (NASDAQ:VFF) produces and supplies cannabis products to other licensed providers and provincial governments in Canada and internationally. The company owns Pure Sunfarms, one of Canada’s largest licensed producers of greenhouse-grown recreational cannabis. On July 19, Village Farms International, Inc. (NASDAQ:VFF) launched The Original Fraser Valley Weed Co. under its Pure Sunfarms brand. The Original Fraser Valley Weed Co. is a recreational weed brand that offers bulk dried flower grown in British Columbia’s Fraser Valley.
On August 9, Village Farms International, Inc. (NASDAQ:VFF) released earnings for the fiscal second quarter of 2022. The company reported a revenue of $82.63 million, up 17.52% year over year, and beat expectations by $5.92 million.
Wall Street is bullish on Village Farms International, Inc. (NASDAQ:VFF). On August 11, Alliance Global Partners analyst Aaron Grey revised his price target on Village Farms International, Inc. to $6 from $10 and reiterated a Buy rating on the shares. The analyst continues to look for growth catalysts from its core cannabis business as Village Farms International, Inc. (NASDAQ:VFF) continues to outperform peers and expand into new categories.
At the end of the first quarter of 2022, 3 hedge funds held stakes in Village Farms International, Inc. (NASDAQ:VFF) worth $2.43 million. This is compared to 9 positions in the preceding quarter with stakes worth $3.85 million.
In the second quarter of 2022, Renaissance Technologies initiated a position in Village Farms International, Inc. (NASDAQ:VFF). As of June 30, the fund owns roughly 0.2 million shares and is the largest shareholder in the company.
6. OrganiGram Holdings, Inc. (NASDAQ:OGI)
Number of Hedge Fund Holders: 6
OrganiGram Holdings, Inc. (NASDAQ:OGI) produces and sells cannabis and cannabis-derived products in Canada. It offers medical cannabis products, recreational cannabis products, cannabis edibles, and concentrates. The company also engages in the wholesale shipping of cannabis plant cuttings, dried flowers, blends, pre-rolls, and cannabis derivatives to retailers and wholesalers.
On July 14, OrganiGram Holdings, Inc. (NASDAQ:OGI) released earnings for the fiscal third quarter of 2022. The company reported a revenue of $29.09 million, up 79.14% year over year, and outperformed Wall Street consensus by $3.02 million.
Shortly after the company’s earnings release, Stifel analyst Andrew Partheniou revised his price target on OrganiGram Holdings, Inc. (NASDAQ:OGI) to C$1.50 from C$2.25 and maintained a Hold rating on the shares. On July 15, Alliance Global Partners analyst Aaron Grey revised his price target on OrganiGram Holdings, Inc. (NASDAQ:OGI) to C$1.50 from C$2.25 and reiterated a Neutral rating on the shares.
At the close of Q1 2022, 6 hedge funds held stakes in OrganiGram Holdings, Inc. (NASDAQ:OGI) worth $5.64 million. This is compared to 9 positions in the previous quarter with stakes worth $11.47 million.
In the second quarter of 2022, Renaissance Technologies raised its stakes in OrganiGram Holdings, Inc. (NASDAQ:OGI) by 363%, bringing them to $0.98 million. As of June 30, Renaissance Technologies owns roughly 1.07 million shares of the company and is the largest shareholder.
Unlike Altria Group, Inc. (NYSE:MO), Constellation Brands, Inc. (NYSE:STZ), and Philip Morris International Inc. (NYSE:PM), which are famous and expensive, OrganiGram Holdings, Inc. (NASDAQ:OGI) is a cheap and affordable stock for beginners.
Click to continue reading and see 5 Best Marijuana Stocks to Buy Now.
Suggested articles:
- 10 Best Weed Stocks to Buy Now
- 15 Most Valuable Weed Companies in the World
- 10 Weed Stocks to Buy in 2022
Disclosure: None. 13 Best Marijuana Stocks to Buy Now is originally published on Insider Monkey.
