Last year the cannabis space had been in the middle of a lot of pain but things started to look up somewhat this year and investors are moving into cannabis stocks yet again. However, one needs to have a long-term view when it comes to cannabis stocks since the industry is still at a relatively nascent stage. Here is a quick look at three cannabis stocks that investors could look into if they are looking for possible handsome gains in two years.
One of the cannabis stocks that investors could consider adding to their watch lists at this point is that of the New York-based multi-state operator Columbia Care. The company is mainly involved in the cannabis retail space and at this point in time, it has a footprint in 14 states in the United States.
In this regard, it is perhaps also important to point out that the company likes to move into states which have a limited license and that helps Columbia Care to do business in states where competition is not that intense. The stock is trading at less than $4 a share and could well prove to be a long-term winner.
MariMed is a cannabis company that has generated incredible growth in recent years and despite being a penny stock, it could be well worth adding to the watch lists at this point. The stock price is below a dollar at this point and hence, it might not be the most stable cannabis stock in the market.
However, it should be noted that in the past half a decade it has generated growth of 636%. On the other hand, unlike many other cannabis companies, it is actually profitable and in 2020, its earnings went up by more than 100%.
Lastly, the Las Vegas-based Planet 13 Holdings is a company that people looking into cannabis stocks at this point could start tracking. Unlike pure-play cannabis companies, Planet 13 is involved in the cannabis retail space and offers a unique experience at its superstore in Las Vegas.
Prior to the start of the pandemic, its store in Las Vegas had recorded 1 million visitors in 2019, and in 2020, the store made up as much as 9% of all cannabis sales in the state of Nevada. More importantly, the company has recently set up another superstore in Orange County in California and that is another key development that could be seen as a positive by investors.