Justin Bieber’s new pot play isn’t accessible to you — try these OTC weed stocks instead
Justin Bieber already makes up to $80 million a year, according to estimates from multiple sources — but cannabis could make him even richer.
The Canadian-born singer is partnering with Los Angeles-based cannabis company Palms to launch a limited-edition line of pre-rolled joints called Peaches. The name references his recent hit song “Peaches,” which has a line, “I got my peaches out in Georgia. I get my weed in California.”
The Peaches product is currently sold in California, Nevada, Massachusetts and Florida.
Since Palms is a private company, retail investors can’t get a piece of the action.
But you can still get a hit off the cannabis boom. Several publicly traded companies are well-positioned to capitalize on it, and one of those could be worth buying into, even with only your pocket change.
Trulieve Cannabis (TCNNF)
California might be Bieber’s favorite weed spot, but investors should put Florida on the map, too.
Case in point: Trulieve Cannabis entered Florida by winning the first medical marijuana application in the state in 2015. Today, the company has 90 stores, over 600,000 patients and around 2 million square feet of cultivation in the Sunshine State.
In fact, Trulieve is by far the No. 1 player in Florida’s cannabis market, with an estimated share of 46%.
Trulieve’s financials have grown tremendously, and even the COVID-19 pandemic couldn’t stop the momentum. In 2020, revenue rose 106% from the previous year, to $521.5 million.
In the first six months of 2021, revenue surged another 89% year over year, to $408.9 million.
The stock has nearly tripled since the beginning of 2020. But in recent months, it has cooled.
In fact, Trulieve has pulled back more than 40% from its March peak. But given the growth momentum in its business, now could be a