March Shows Downturn In Cannabis Sector
The month of March has seen substantially lower market value for the best marijuana stocks to buy. Although at the current time most cannabis companies are reporting record 2020 financial results with triple-digit percentage revenue growth, they still lost significant value for the month. But is this current downturn in cannabis stocks a buying opportunity for investors? Most analysts believe the cannabis market will continue to grow and produce massive revenue gains for the next five years.
In the U.S., states like Michigan are seeing cannabis sales increase by 160% to $105 million for February. One catalyst that is boosting Michigan cannabis sales is the adult-use market. In fact, adult-use cannabis sales were up by 353% to $67.1 million. In 2020 Michigan generated $985 million in cannabis sales and this trend should continue to expand. At the present time, the adult-use cannabis market is growing rapidly in the U.S.
Most American cannabis companies are expanding through mergers and acquisitions spreading through the U.S. rapidly establishing their presence in the industry. Some currently believe marijuana stocks are in a position for a rebound in the market. With this in mind adding some of the top pot stocks to your watchlist could be beneficial for your portfolio. Since the start of 2021 leading marijuana stocks have seen substantial gains in the market.
Reporting Strong Full Year 2020 Financial Results
But recently U.S. top marijuana stocks like Curaleaf Holdings, Inc. (OTC: CURLF) have dropped in value significantly during the month of March. In the meantime, in March, they also released record Q4 and fiscal year 2020 financials of $238.9 million and $767.1 million, respectively. Since 2020 cannabis companies have been growing at an extraordinary rate. In many cases, the best-positioned companies will benefit from growth in each state.
Some companies have established a