Sunday, May 26, 2024

Cannabis stocks in focus: Top 3 Cannabis Stocks for Q2 2024

HomeStock-MarketCannabis stocks in focus: Top 3 Cannabis Stocks for Q2 2024

As America lights up to the sticky icky, the sparking cannabis trade is ablaze – igniting a modern day gold rush where the green is greener than ever before. The second quarter of 2024 has seen zero chill in the relentless blaze sweeping the nation, with a hazy horde of states sparking up to legalize the devil’s lettuce for good. In this hazed and confused landscape, a few ganja giants are emerging as the top buds to watch for profit-minded potheads looking to get ripped on reefer riches.

Canopy Growth: Running it Back and Cracking the U.S. Greenseam

The Canadian cannabis kingpin Canopy Growth (CGC) hasn’t been passing on grass recently, it’s been rolling up a storm. The company’s share-tokers just sparked a fat one by greenlight’ing a new class of shares that’ll let Canopy crack open the colossal $50 billion American cannabis piñata. This power move puts Canopy at the front of the line to be the first純weed dealer to go public and push premium indoor on U.S. soil.

Canopy’s top nugget David Klein was higher than Bobby Brown when he sparked up about the company’s blunted expansion stating: “We’re gonna be the first buds you can buy on the NASDAQ that’ll get you a killer U.S. cannabis buzz.” With this dank development, Canopy is sitting on the biggest stash to inhale all that green clouds when the American cannabis scene goes next-level.

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Trulieve: A Litt Florida Keys Bud

When it comes to Florida’s sizzling cannabis prospects, Trulieve Cannabis (TCNNF) is one company that’s definitely not bogarting that joint. As the Sunshine State’s premier potcorn provider, Trulieve is primed to receive direct injection straight into its bloodstream if Florida opts to join the baked brotherhood and legalize adult-use weed next year.

The Florida Supreme Court recently proposed a ballot measure to turn the whole state into a raging cannabis cabana by May 2025. If the vote goes punchy, Trulieve’s already swole network of 192 dispensaries dotting the landscape will instantly become ground zero for Florida’s incoming $2 billion recreational weed wave. And that’s just beach front property – Trulieve’s financials show this company has been dodging drips and dropping decent stacks even before Florida blazes nationwide.

Green Thumb: A Budding Powerplant

Speaking of superior strains, Green Thumb Industries (GTBIF) is another king kush contender that’s caught the wandering eye of analysts and stock chamberz alike recently. After seeing its share price dip down to levels only a broke Rasta would find groovy, GTBIF fired up the bongos and cleared the room – skyrocketing its stock value all the way to $15 and change before simmering down around $12 and change currently.

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Needless to say, the smart cookie cannabis bourses are bullish on GTBIF’s expansion plans and aggressive asset snatching. ROTH Capital raised its price target to $21 for Green Thumb, essentially calling for the stock to get nearly twice as high as it sits now. Meanwhile Craig-Hallum raised to $16, and Needham sparked up a $15 price objective – signaling these dudes see major upside in Green Thumb’s dank future.

The High Tide Sweeping America

Make no mistake, the winds of weed have officially swirled into a cultural hurricane across the United States. What was once a stringed-out stoner’s pipe dream has flowered into a harsh reality that everyday Americans can’t seem to get enough of. According to surveys, nearly 9 out of 10 Yankees these days are fully lit on the idea of legalizing lord lettuce nationwide.

With such overwhelming support from Middle America, it’s no surprise that any political candidate looking to avoid going full Snuffleupagus in 2024 will likely have to voice full-throated support for deeding deemsters the dank at some point. The growing roar for more legal bud has even sparked whispers that the DEA could ditch its dated draconian views and finally deschedule cannabis ahead of the November cyclone.

Any legitimizing event on that magnitude would inevitably put afterburners on the current weed stock wildfire. The cannabis crew that’s best prepared to sear the crowd with the loudest strains and thickest trichomes will likely soar highest when the nation at last succumbs to reefer madness.

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A Hazy Road that Gets Cloudier

As the smokescreens clear, there’s no denying the great American cannabis experiment is officially a operation. However, like any newly forged territory, the path ahead won’t be a crimson-eyed cruise into infinity. Potential potheads will have to carefully tread through a minefield of regulatory potholes and underground pitfalls that still litter the road to rizz.

Investor warheads hoping to rake in reefer riches from marijuana’s normalization will need to keep a wary eye trained on the ever-shifting sands of the cannabis industry’s state-to-state patchwork laws. Getting too distracted or following bunk stoner logic could leave share bagholders dazed and confused as hazy new developments spark up and disrupt old realms.

Those that can avoid the burn and keep their rolled up will find themselves standing before a boundless oasis of green opportunity. Because when it comes to weed’s impending wildfire across America, only the strong will survive and the mighty shall thrive bunsonthe sweetscent of success. The spark has been lit, now they just need to breathe deep and ride the blazing cannabis shockwave to upper stratospheres of profit.

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Mezhar Alee
Mezhar Alee
Mezhar Alee is a prolific author who provides commentary and analysis on business, finance, politics, sports, and current events on his website Opportuneist. With over a decade of experience in journalism and blogging, Mezhar aims to deliver well-researched insights and thought-provoking perspectives on important local and global issues in society.

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