Cheap Stocks To Buy Now? 2 Cannabis Stocks For Your List

To begin, cannabis stocks refer to companies that are involved in the cultivation, production, and distribution of cannabis and its derivatives. As cannabis has become increasingly legalized for both medicinal and recreational use in several countries, the industry has experienced rapid growth and garnered significant investor interest.

However, the cannabis industry is still heavily regulated and faces several challenges. These include legal and regulatory hurdles, supply chain issues, and uncertainty surrounding future legalization. In addition, the industry is highly competitive and requires significant investment in research and development to remain competitive.

Investing in cannabis stocks requires a thorough understanding of the regulatory environment, competitive landscape, and individual companies’ financials, growth potential, and market position. It’s important to carefully evaluate factors such as revenue growth, earnings potential, and legal and regulatory risks before making any investment decisions. With that being said, here are two cannabis stocks to watch in the stock market today.

Cannabis Stocks To Watch Now

Trulieve Cannabis (TCNNF Stock)

Starting off, Trulieve Cannabis Corp (TCNNF) is a leading vertically integrated cannabis company, focused on cultivating, producing, and distributing high-quality cannabis products for medical and recreational use in the United States. The company operates in several states, including Florida, California, and Massachusetts, and has a diverse product portfolio, including flowers, edibles, concentrates, and accessories.

Earlier this month, Trulieve reported its 4th quarter and full-year 2022 financial results. In detail, the company notched in Q4 2022 revenue of $302 million, while posting record revenue for FY 2022 of $1.24 billion. Additionally, Trulieve’s U.S. retail network of 181 dispensaries increased by 14% on a year-over-year basis.

In 2023 so far, shares of TCNNF stock have dropped by 18.96% year-to-date. Meanwhile, during the Wednesday morning trading session, Trulieve stock opened modestly higher by 0.51% at $5.90 a share.

TCNNF stock
Source: TD Ameritrade TOS

[Read More] 3 Cyclical Stocks To Watch For March 2023

Innovative Industrial Properties (IIPR Stock)

Next, Innovative Industrial Properties Inc. (IIPR) is a real estate investment trust (REIT) that focuses on the acquisition, ownership, and management of specialized industrial properties leased to licensed operators in the cannabis industry. The company provides real estate capital solutions to cultivators, processors, and distributors of medical and adult-use cannabis.

In March, Innovative Industrial Properties announced its Q1 2023 dividend of $1.80 per share of common stock. This marks an increase of 16% over the prior twelve months’ dividends, with the last twelve months’ dividends declared being $7.15 per common share. The dividend payable on April 14, 2023, to shareholders of record on March 31, 2023.

Year-to-date, shares of IIPR stock have dropped by 22.54% so far. Though, on Wednesday morning, IIPR stock opened higher by 1.33% at $76.00 a share.

IIPR stock
Source: TD Ameritrade TOS

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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