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If These Are The Best Pot Stocks...

By Investing.com (Brenda O'Farrell/Investing.com)Stock MarketsMar 15, 2022 08:16
ca.investing.com/analysis/if-these-are-the-best-pot-stocks-200503336
If These Are The Best Pot Stocks...
By Investing.com (Brenda O'Farrell/Investing.com)   |  Mar 15, 2022 08:16
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In the world of cannabis stocks, there have been few real winners of late. The sector, on both sides of the Canada-US border, faces a number of challenges. So where is the money in the sector going?

Last month, US News and World Report published a list of the “Best Marijuana Stocks To Buy For 2022.” The article noted that the Biden presidency, "has been a major disappointment for cannabis stock investors." The piece pointed out that this frustration stems from, "virtually no progress on federal marijuana reform or legalization."

That said, let’s take a look at how the top five stocks in the piece have fared so far this year. Be warned: Brace yourselves.

OrganiGram Holdings

OrganiGram Holdings (NASDAQ:OGI) (TSX:OGI) is a Canadian-based producer that serves both the medicinal and adult recreation markets.

On Feb. 18, the stock closed at US$1.53. At that time, Cantor Fitzgerald had an “overweight” rating on the stock and a US$4.18 price target.

Yesterday, OrganiGram shares closed at US$1.30, down about 3% on the day, and 9.7% since the beginning of March. And in the last year, they have lost almost 70% of their value.

OrganiGram Weekly Chart.
OrganiGram Weekly Chart.

Cresco Labs

Cresco Labs (OTC:CRLBF) (CSE:CL) is a US-based grower that operates in 10 states and owns more than 1,000 marijuana dispensary outlets.

On Feb. 18, the stock closed at US$7.44. Cantor Fitzgerald had an “overweight” rating on the stock and a US$19 price target at that time.

Yesterday, Cresco shares closed at US$5.54, flat on the day, and down about 15.3% since the beginning of March. In the last year, the stock has lost just over 58% of its value.

Cresco Labs Weekly
Cresco Labs Weekly

Curaleaf Holdings

Curaleaf Holdings (OTC:CURLF) (CSE:CURA) is another US-based multi-state cannabis grower, but with a much bigger geographical footprint than Cresco. It operates in 23 states. And with annual sales of about US$1.3 billion, it is ranked the second largest multi-state operated company in the US.

On Feb. 18, the stock closed at US$8.59. At that time, Cantor Fitzgerald had an “overweight” rating and a price target of US$16.50 on the stock.

Yesterday, Curaleaf shares closed at US$5.75, down 2.8% on the day, and down 9.87% since the beginning of March. In the last year, the stock has lost just shy of 63% of its value.

Curaleaf Weekly
Curaleaf Weekly

Green Thumb Industries

Green Thumb Industries (OTC:GTBIF) (CSE:GTII) is another US-based multi-state cannabis producer that operates in 14 of the country’s largest markets, with plans to expand.

On Feb. 18, the stock closed at US$21.27. And at that time Cantor Fitzgerald had an “overweight” rating on the stock and a price target of US$54.

Yesterday, Green Thumb closed at US$15.20, down 2.63% on the day, and down 15.5% since the beginning of March. In the last year, the stock has lost just over 54% of its value.

Green Thumb Industries Weekly
Green Thumb Industries Weekly

Trulieve Cannabis

Trulieve Cannabis Corp (OTC:TCNNF) (CSE:TRUL) is a Florida-based pot grower with 112 dispensaries and a major player in the state’s medical marijuana market. It also operates in other states, including Massachusetts, Pennsylvania, and Arizona.

On Feb. 18, the stock closed at US$23.72. And at that time Cantor Fitzgerald had an “overweight” rating and a price target of US$72.

Yesterday, Trulieve closed at US$17.24, down about 7% on the day, and just over 16% since the beginning of March. In the last year, the stock has lost more than 62% of its value.

Truelieve Cannabis Weekly
Truelieve Cannabis Weekly

Still wondering where the money in the sector is going? Look for the puff of smoke.

If These Are The Best Pot Stocks...
 

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