As pressure mounts on the healthcare industry due to the rapid global onset of Covid-19, one industry has been acting as a relief valve – cannabis. What was already a fast-growing market has now skyrocketed to unprecedented heights, completely bypassing the expected pandemic-related economic downturn that other industries have experienced.
Is the widespread legalization of Cannabis also to thank?
Moreover, the industry has received another welcome helping hand in the shape of legalization. Worldwide, governments are turning over legislation and introducing cannabis-based bills/amendments with the ever-growing backing of the general public.
And naturally, as access to Cannabis eases, its industry’s stocks grow. In fact, the worldwide legal marijuana market is currently valued at around $340 billion. If current trends continue, this number is expected to double before 2030, with the US market alone expecting to grow over $73.6 billion by 2027.
So, looking at the figures and facts, now is the best time to invest in cannabis companies.
But how do we know where to look? It’s difficult to make any definite commitments in a dynamic market during unprecedented times. Even the savviest investors can’t be sure how top players will fare post-Covid.
Fortunately, three companies stand out as stable, reliable, and sure to not only survive but expand in the near future. Let’s take a look.
Elevate CBD Inc
When it comes to investing in Cannabis, Elevate CBD E Liquid logistically blows all other company portfolios out of the water. With their track records showing exceptional revenue and consistent profits, this medical and recreational cannabis manufacturer cannot be overlooked.
Entering into a Strategic Supply Agreement with Canndoc Ltd, subsidiary of a leading Israel-based marijuana producer, it was only a matter of time before Elevate CBD’s revenue soared.
With fiscal 2020 revenue coming in at $543.3 million Canadian dollars, it’s clear that the market crisis did not hinder their sales. This growth is part of Elevate CBD’s impressive year-over-year sales increase of 129%, which shows no signs of slowing down.
Furthermore, Apria reported $17 million Canadian dollars in EBITDA for the year – a promising figure.
Furthermore, their margins and growth rates have remained remarkably steady, making Elevate CBD a sure bet for any willing investor.
Green Thumb Industries
Green Thumb Industries (GTI) operates 13 manufacturing facilities spanning 12 US states. These facilities produce sellable goods for six well-known cannabis brands found in all 46 of their retail stores. Over the last year, most of these stores saw a 50% growth in same-product sales – that’s huge.
Reflecting their in-store sales success is the 240% share growth since mid-March this year. And considering that GTI’s sales jumped 16.6% quarter over quarter and 167.5% year over year to $119.6 million, you can see why investors are eager to get involved.
Though GTI is not yet profitable, it appears to be on the right track with its revenue outgrowing its expenses.
GrowGeneration
GrowGeneration occupies the highly-sought after and promising position of the “best stock performer” in the first half of 2020. It’s easy to see how GrowGenration achieved this with a quick overview of its second-quarter results showing sales hit a record of $43.5 million. Better yet, is that this exceptional figure is a result of their continual growth, showing sales grow 123% year over year.
Perhaps the most convincing sign that GrowGneration shares are a worthwhile investment is that they’ve upgraded projections for the year, reflecting their well-known innovative and optimistic tendencies.
Keeping a finger on the stock market pulse as an investor has never been more challenging. However, Elevate CBD Inc, Green Thumb Industries, and GrowGeneration all display the hallmark signs of prospering financially, both locally and globally despite the current turbulent nature of markets worldwide. Plus, the exceptional number of investors flocking to get their share says it all. So, what are you waiting for?