5 Best Cannabis Stocks To Invest In For June 2021

The cannabis market is a growing sector.  It consists of companies that either support or research, develop, distribute, and sell medical and recreational cannabis for consumers. This article will cover the best cannabis stocks you can buy this month for maximum profitability.

With cannabis use growing, these best cannabis stocks are scheduled for a banner year.

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1. Canopy Growth Corporation (NASDAQ: CGC)

Starting off our list of the best cannabis stocks is Canopy Growth Corporation. Canopy is one of several leading cannabis and cannabinoid-based consumer products companies.

Boasting over 15 brands, Canopy offers varieties in high-quality dried flowers, oil, and infused beverages. Some of its well-known brands are Spectrum Therapeutics, Tokyo Smoke, amongst others.

Canopy has over 3,000 employees across key markets in the Americas and Europe.

Canopy reported a 37% revenue growth for 2020 across its cannabis and consumer products in its earnings call. Revenue for Q1 2021 stood at $122.71 million, while total cannabis net revenue was $83.74 million. The cannabis company ended 2020 with $1.91 billion in cash and short-term investments.

Canopy is looking to strengthen its position as a top cannabis producer. Canopy recently improved its supply chain execution by making key acquisitions.

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2. Innovative Industrial Properties Inc (NYSE: IIPR)

Second, on our best cannabis stocks is cannabis facilities acquirer Innovative Industrial Properties. Even though it is not a cannabis producer or distributor, Innovative is one of the best cannabis stocks to look out for.

The company enables licensed cannabis makers to lease properties for long-term and triple-net leases. In May, the company acquired a Massachusetts property with 70,000 square feet of industrial space. Innovative paid $3.1 million to close the deal.

Innovative entered into a long-term, triple-net lease with Temescal Wellness to use the property upon completion.

Looking into its financial records, Industrial had an impressive Q1.

According to the report, it doubled its acquisitions and portfolio performance to $42.9 million. Its net income came in the region of $25.6 million.

Innovative was able to pay investors a quarterly dividend of $1.32 per share, showing a 32% surge in value year-over-year. It made up to $661.4 million in cash and short-term investments for the period.

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3. Amyris Inc. (NASDAQ: AMRS)

Next on our best cannabis stocks is biotechnology conglomerate Amyris Incorporated. Amyris is one of the best cannabis stocks to invest in as it has increased 636% so far.

The company developed a method of synthesizing cannabinoids in yeast. It recently introduced a wellness CBD health product brand.

Its sales figures have responded accordingly, its quarter-over-quarter sales volume has shot up by 96%. The $3.5 billion valued cannabis synthesizer reported a 72% increase in its year-over-year products.

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4. Tilray Inc. (TSX: TLRY)

Next on the list of best cannabis stocks is Ontario-based Tilray Inc.

Tilray is one of the most active cannabis businesses in the sector. It recently acquired Aphria to boost its consumer products and businesses.

Tilray is the biggest cannabis company by revenue, and its shares have risen 105% in six months.

Offering a rich portfolio of products, Tilray creates cannabis for medical, adults, hemp foods, and beverages.

The company noted in its earnings call that it made a total revenue of $210.5 million, indicating a 26% year-over-year increase.

Additionally, it had $261.3 million as cash in hand.

Earlier this month, the firm announced the launch of a new brand dubbed Symbios. This is the first product launched since the merger. The announcement sent Tilray’s shares shooting up 3.5%.

CEO Brendan Kennedy has attributed its remarkable quarter to its ability to generate meaningful revenue growth while downsizing operational costs.

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5. Curaleaf Holdings (CSE: CURA)

Coming in at the bottom of our best cannabis stocks is Massachusetts-based Curaleaf Holdings. Curaleaf has enjoyed a phenomenal quarter.

According to the company, its Q1 revenue increased 170% from last year, and its adjusted earnings before taxes and depreciation were up 213% from the previous year.

Curaleaf has an operational base in 23 US states with 106 dispensaries, 23 cultivation sites, and 30 processing sites. Seeking to expand its place on the global cannabis market, the company is cementing its leading status in rolling out top-line consumer products.

According to the Amplify Seymour Cannabis ETF, Curaleaf Holdings is expected to improve its production across its 23 operational bases. The company is also opening a shop in Colorado and planning to grow its business in 2022.

The cannabis industry has outperformed the wider financial market as more consumers are using products for recreational purposes.

With many countries already legalizing consumer use of cannabis, these companies are some of the best cannabis stocks to own shares in for the long term.

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