Do You Have These Top Marijuana Stocks On Your Watchlist This Week?

As the broader

stock market

has mostly been trading sideways this week, marijuana stocks may be worth watching. Thanks to a flurry of positive legislative news this year, the weed industry continues to heat up. As a result,

marijuana stocks

have become some of the most active stocks on the market now. According to Bank of America’s (

NYSE: BAC

) BofA Securities, the global cannabis market could grow to $300 billion by 2030. Notably, this figure accounts for both illicit and illegal cannabis sales figures. Ideally, as global legalization of the calming substance gains momentum, we could see demand in regulated markets follow suit.

Earlier this week, Alabama Governor Kay Ivey signed a bill legalizing the use of medical marijuana in the state. With possible addressable markets expanding, the cannabis industry does not seem to be slowing down at all. Not to mention, the Drug Enforcement Administration (DEA) recently revealed that it would be issuing licenses to several growing facilities. Namely, these licenses will be to supply marijuana to U.S. medical researchers. This would be yet another win for the cannabis industry seeing as the last license was issued over 50 years ago in 1968.

On top of all that, some of the top cannabis companies now are not resting on their laurels as well. For instance, we could look at the likes of Trulieve Cannabis (

OTCMKTS: TCNNF

) and Cresco Labs (

OTCMKTS: CRLBF

). Both companies’ shares are currently up by over 160% in the past year. Just last week, Trulieve made headlines after acquiring Arizona-based cannabis operator, Harvest Health. It did so via an all-stock deal valued at a whopping $2.1 billion, an industry record. If all this has you interested in the

top cannabis stocks

now, here are three names to know in the

stock market today

.

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Best Marijuana Stocks To Watch Right Now

• 
  Innovative Industrial Properties Inc
  
  (
  
  NYSE: IIPR
  
  )
• 
  Curaleaf Holdings Inc.
  
  (
  
  OTCMKTS: CURLF
  
  )
• 
  Tilray Inc.
  
  (
  
  NASDAQ: TLRY
  
  )

Innovative Industrial Properties Inc.

Innovative Industrial Properties or IIPR is a self-advised Maryland corporation. It primarily focuses on the acquisition, ownership, and management of specialized industrial properties. The properties are then leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. The company firmly believes that the cannabis industry is well-positioned for significant growth in the years to come. IIPR stock currently trades at $172.65 as of 11:25 a.m. ET and has more than doubled in the last year.

Yesterday, the company announced that it closed an acquisition of a property in Warren, Michigan. The property comprises approximately 85,000 square feet of industrial space. Simultaneously, IIPR entered into a long-term, triple-net lease at the property with a subsidiary of Sozo Companies. Sozo is expected to complete additional tenant improvement for the property.

Earlier in the month, the company also reported its first-quarter financials for 2021. Impressively, its acquisitions and portfolio performance drove a year-over-year growth of 103% in total revenues. Net income for the quarter also more than doubled to approximately $25.6 million. The company also ended the quarter with $122.1 million in cash and cash equivalents and approximately $539.3 million in short-term investments. Given how the company continues to grow its business, will you consider adding IIPR stock to your watchlist?

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Curaleaf Holdings Inc.

Curaleaf is a cannabis company that engages in the production and distribution of cannabis products across cultivation sites in 23 different states. It also boasts another 30 facilities dedicated to crafting a wide array of premium products. Curaleaf has over 200,000 registered patients and has over 1,800 active wholesale dispensary accounts. CURLF stock currently trades at $14.75 as of 11:40 a.m. ET and is up by over 110% in the last year.

Yesterday, the company signed definitive documents to acquire Los Suenos Farms and its related entities, the largest outdoor grower in Colorado. The acquisition will significantly expand Curaleaf’s Colorado presence, vertically integrating in the state with large-scale outdoor cannabis cultivation.

Last week, the company also launched its range of medical cannabis products in Germany, Europe’s largest medical cannabis market. This initial launch of a high THC oil product aims to meet the immediate patient demand and will be extended over the year to incorporate a number of different strengths and THC/CBD formulations in both oil and flower formats. Germany’s medical cannabis market is expected to be worth $2.1 billion by 2025. With these developments, would you buy CURLF stock?

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Tilray Inc.

Last but definitely not least, we have cannabis giant Tilray. When talking about the top cannabis stocks today, it would be hard to not mention this company. For the most part, this is thanks to Tilray’s reputation as a global leader in the marijuana industry today. Moreover, the company recently extended its current lead against the competition by completing its merger with industry peer Aphria. This would make it the largest cannabis company by revenue now. Despite all of this positive news, TLRY stock has mostly been trading sideways this year with year-to-date gains of over 15%. Could this make for a unique buying opportunity for investors?

Well, Jefferies (

NYSE: JEF

) analyst Owen Bennet appears to believe so. Last week, Bennet double upgraded TLRY stock from an underperform to a buy, raising his price target from $4.77 to $23 a share. If anything, this marks a massive upside of about 50% given the stock’s current price of $15.85 as of 11:26 a.m. ET. According to the analyst, the Tilray-Aphria merger makes for a “

perfect match

”, culminating in a leading portfolio of brands gaining market share across international markets.

Elsewhere, it was also reported that the Swiss National Bank increased its stake in Tilray over the weekend as well. In particular, the bank more than doubled its TLRY stock holdings by buying 175,900 shares. No doubt, large investors seem to be betting big on Tilray as the legal weed movement grows. Does this mean that TLRY stock has more room to grow moving forward?