Top pot stocks to explore as US cannabis market booms

August 04, 2021 03:39 PM PDT | By Team Kalkine Media
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  • GrowGeneration Corp. (NASDAQ: GRWG) will declare Q2 results on August 12, 2021. The stock gained 2.14% YTD.
  • Tilray, Inc. (NASDAQ: TLRY) brought IPO in 2018. The stock grew 69.25% YTD.
  • Cronos Group Inc. (NASDAQ: CRON) Q2 result will come on August 6. The stock rose 1.24% YTD.

Cannabis stocks are on investors’ radar as more states planning to legalize the marijuana trade for recreational and medicinal use. Thirty-six states and four territories have allowed medical use of marijuana as of May 18, 2021. On the other hand, 18 states, two territories and the District of Columbia have enacted legislation for nonmedical use of cannabis as of June 22, 2021, as per the National Conference of State legislatures (NCLS) data.  

Here we discuss five cannabis stocks in the market.

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GrowGeneration Corp. (NASDAQ: GRWG) runs hydroponic and organic gardening stores. Its market capitalization is US$2.4 billion, and its P/E ratio is 163.92.

The Denver, Colorado-based company went public in 2016.

The company will declare its second-quarter result on August 12, 2021.

In the March quarter, GrowGeneration earned revenue of US$ 90 million compared to US$32.98 million in the year-ago period. Its net income for Q1 was US$6.15 million, contrary to the net loss of US$2.09 million in the March quarter of 2020. The earnings per share diluted improved from US$0.06 to US$0.10 in the first quarter, year-over-year.

The stock price saw a surge of 2.14% YTD and closed at US$ 40.91 on Aug 3, 2021.

Also Read: Which are the six fastest-growing US small-cap stocks?

Source: Pixabay

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Tilray, Inc. (NASDAQ: TLRY) cultivates and sells cannabis for medical and recreational purposes. 

Tilray brought IPO in 2018. Tilray has a market capitalization of US$ 6.25 billion. 

Its Q4 and fiscal year 2021 ended on May 31. The revenue for FY 2021 was US$ 513 million, a 27% over the previous fiscal year. The booked net loss of US$ 336 million compared to the net loss of US$ 100.8 million in FY 2020. The net loss per share diluted was US$ 1.25 in FY 2021 against the net loss per share of US$ 0.47 in FY 2020.   

The stock saw a growth of 69.25% YTD and closed at US$ 14.25 on Aug 3, 2021.

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Cronos Group Inc. (NASDAQ: CRON) cultivates and sells cannabis products. Its brands include medicinal Peace Naturals and recreational Cove and Spinach.

The company's IPO came in 2014. It has a market capitalization of US$ 2.65 billion.  

It will announce the second-quarter result on August 6. 

Its Q1 revenue increased from US$9.34 million to US$14.65 million YoY. It logged a net loss of US$161.6 million in the quarter against a net income of US$75.68 million in Q1 of 2020. Its net loss per share diluted was US$0.44.  

Its stock grew 1.24% YTD and closed at US$ 7.39 on Aug 3, 2021.

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Aurora Cannabis Inc. (NASDAQ: ACB) cultivates and sells medicinal and recreational cannabis. Its brands are Aurora, CanniMed, San Rafael '71, MedReleaf, and Daily Special.

ACB launched IPO in 2007. Its market cap is US$ 1.37 billion. 

Its March quarter 2021, revenue was US$ 55.16 million compared to US$ 73.54 million in the same quarter the previous year. It incurred a net loss of US$ 164.65 million compared to US$ 133.53 million in the March quarter of 2020. 

The stock fell 18.21% YTD and closed at US$ 7.19 on Aug 3, 2021.

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Source: Pixabay

Hydrofarm Holdings Group, Inc. (NASDAQ: HYFM)
 manufacturers agri-equipment.

Hydrofarm’s market cap is US$2.12 billion; Its IPO was launched in 2020. HYFM will declare the Q2 result on August 12.

For the first quarter ended March 31, 2021, its net sales were US$ 111.39 million, and net income was US$ 4.94 million. For the March quarter of 2020, the revenue was US$ 66.90 million, and the net loss was US$ 3.73 million. The EPS diluted for March quarter 2021 was US$ 0.13.

The HYFM stock fell 8.33% YTD and closed at US$ 49.02 on Aug 3, 2021.

Please note: The above constitutes a preliminary view and any interest in stocks/cryptocurrencies should be evaluated further from an investment point of view.

The reference data in this article has been partly sourced from Refinitiv.


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