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Top Marijuana Stocks to Watch

RagingBullRagingBull ·

Traders are always looking for ways to multiply their money, and marijuana stocks could be one way to do that. Marijuana stocks have been getting higher because of positive industry catalysts. Now, some of these stocks have nearly doubled recently, and traders and investors are looking to get into some of these names. There’s a lot of marijuana stocks to watch, but we’ve narrowed it down to just three because it’ll be easier to research these companies. You could easily find information and conduct your own due diligence because these stocks are listed on major exchanges. That said, let’s take a look at some top marijuana stocks to watch.

Top Marijuana Stocks to Watch

Canopy Growth Corporation (NYSE: GCG)

Canopy Growth Corporation was the first pot company in North America to become publicly traded. Canopy Growth has been innovating the industry, and has first mover advantage.

CGC has various brands including:

  • Spectrum is an international medical brand focused on simplifying healthcare interactions, patient education and a color-coded Spectrum to classify pot that many Canadians rely on everyday.
  • Tweed is a widely-recognized cannabis brand focused on quality products and customer relationships.
  • DNA Genetics, a Cannabis Cup Award-winning company focused on breeding new strains of pot.
  • Leafs by Snoop (Snoop Dogg partnered with Tweed to distribute his line of cannabis products.
  • CraftGrow Collection is focused on establishing a diverse online marketplace for legal medical pot products.
  • FORIA – A U. S-based cannabis oil producer focus on sexual health and wellness products that partnered with Canopy Growth to exclusively distribute its products to the Canadian market.

Canopy Growth Corporation offers products such as: dried flower, oils and concentrates, softgel capsules, and hemp, and consequently, the company is well-diversified with its pot products and caters to a wide array of cannabis users.

Here’s a look at CGC on the hourly chart. If you notice the moving average crossovers, you might look to potentially buy the stock or options on the stock.

pot stocks

Source: thinkorswim

CGC doubled in just a few weeks after some industry-changing news.

Constellation Brands (NYSE: STZ) partnered with Canopy Growth to launch pot-infused beverages. STZ invested $4B in CGC, and some are looking at this as a potential merger and acquisition (M&A) play.

With Canada and other states legalizing cannabis, CGC could continue to get higher. Canopy Growth could potentially see its stock more than double in a short period, if more countries continue to push for legalization. That said, CGC is one of the top marijuana stocks to watch.

Cronos Group Inc (NASDAQ: CRON)

Cronos Group (NASDAQ: CRON) is another one of the top marijuana stocks to watch. The company is a geographically diversified and vertically-integrated cannabis company operating within Health Canada’s Access to Cannabis for medicinal purposes regulations. CRON has three primary core assets: Peace Naturals, Original BC (OGBC) and Whistler Medical Marijuana Company (WMMC).

According to Cronos Group, it

  • Owns 100% of Peace Naturals, a company licensed to produce and sell medical marijuana as well as cultivate cannabis oil, acting under the authority of a license issued by Health Canada pursuant to the Access to Cannabis for Medical Purposes Regulation (ACMPR). Located in Simcoe County, Ontario, Peace Naturals has 95 acres of land.
  • Has an interest in Whistler Medical Marijuana Company (WMMC), a company licensed to produce and sell medical marijuana as well as cultivate cannabis oil, acting under the authority of a license issued by Health Canada pursuant to the Access to Cannabis for Medical Purposes Regulation (ACMPR). WMMC is certified organic by the Fraser Valley Organic Producers Association.
  • Owns 100% of Original BC (OGBC), a company that is currently licensed to cultivate and sell medical marijuana, acting under the authority of a license issued by Health Canada pursuant to the Access to Cannabis for Medical Purposes Regulation (ACMPR). OGBC is located on 31 acres of land in the heart of the Okanagan Valley, British Columbia.

CRON could offer high growth potential for those who want exposure to the Canadian pot market. If there’s an increasing demand for cannabis in the Canadian market, CRON could see its shares continue higher.

Here’s a look at CRON on the hourly chart:

pot stocks

Source: thinkorswim

Now, CRON has options, so if you know how to trade options, you might consider buying longer-date call options, if you think the stock could potentially explode.

Constellation Brands (STZ)

Although Constellation Brands is not a pure marijuana industry play, it does offer some exposure to the industry because it just placed a large bet in the cannabis industry. Again, Constellation Brands invested $4B in CGC, in an attempt to tap into the marijuana beverage market.

Constellation Brands is looking at ways to get into the legal pot industry. CEO Rob Sands stated, “If we see that opportunity within the confines of what we can legally do, we will do it.” The pot market is still in a legal gray area in the U.S., but Constellation Brands is looking at this as a high-risk, high-reward play. If the company is able to execute a strategy that brings cannabis-infused beverages legally, it would have first-mover advantage and this stock could see a strong move up.

Here’s a look at STZ on the daily chart.

pot stocks

The Bottom Line

The legal pot market is still in a legal gray area, consequently, it’s a high-risk, high-reward play. Those who are looking to trade these top marijuana stocks need to conduct their own due diligence. Basically, you’ll need to look at company filings, laws and events that could affect the pot industry in order to be successful at trading marijuana stocks.

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