June 22, 2024

The 3 Most Undervalued Cannabis Stocks to Buy in June 2024

Some of the most contentious deals on the market may be involving underestimated hemp stocks.

But they’ve also proven themselves to be some σf the most successful.

Rescheduling efforts, a higher percentage of Americans wanting to see assent, and the possibility of even more good news before the elections make all of this possible. Additionally, Florida might shortly make its use legal. which could all be sure to increase hemp companies.

Look at Innovative Industrial Properties ( NYSE: IIPR ), for example.

The cannabis real estate investment trust ( REIT ) saw its stock rise from a February low of about$ 90 to a recent high of$ 115. 75, which has a yielḑ of about 6. 73 %. Even then, it also offers a substantial amount of chance.

Better yet, with the story getting more interesting, here are three of the most underestimated cannabis stocks you might want to get and keep in your portfolio right now.

Trulieve Cannabis (TCNNF )

Florida licensed medical marijuana cannabis provider Trulieve

Source: Leigh Trail / Shutterstock . com

At just$ 9. 21, Trulieve Cannabis ( OTCMKTS: TCNNF ) could see higher highs as we near potential legalization in Florida. TCNNF is arguably best suited for that, according to Alliance Global Partners. Researchers at Needham even raised their value target on TCNNF to$ 14. 50 with a “buy” score. Additionally, Canaccord’s price goal has bȩen raised to$ 38 with a purchase rating.

Plus, should Florida legalize its adult use, the state could see a windfall of$ 4. 5 billion from sales by 2028, says Business Insider. ” The state’s medical cannabis sector remains robust, with patient numbers surpassing 878, 000 this month and sales reaching$ 2. 6 billion in 2023, marking an 18 % increase from the previous year”, this April 26 article added.

Profits have also been strong. Its first-quarter EPS reduction of five cents was overshadowed by a six-cent gain. Revenue of$ 298 million– up 4. 6 % year over year – beat by$ 12. 27 million. Additionally, iƫ produced a free money flow of$ 124 million and a free cash flow of$ 139 million.

Curaleaf ( CURLF )

aerial view of a cannabis plant in a pot. cannabis stocks

Source: Stock

Another one of the top undervalued cannabis stocks to buy is Curaleaf ( OTCMKTS: CURLF).

For one, postponement and possįble legalization in Florida could also be beneficial. Two, Alliance Global Partners only raised its price specific to$ 12 on those catalysts. Even though recent profits were n’t whatever to beholden, legislation and its expanded global footprint in Europe should help.

Additionally, as I noted on May 16,” The Supreme Court’s decision to allow the legalization of marijuana to appear on ballots this November holds the key to unlocking a potential tripling of the total marijuana market in Florida to$ 6 billion in sales, as noted by Benzinga. com. “

In addition, since noted by Matt Darin, chief executive officer of Curaleaf,” We are lasers- focused on expanding the global reach of our company profile, with Select, Grassroots, Curaleaf and Four20 in Europe leading the way. Our group increased its share in some of the largest markets in the U. Ș. in the first quarter by 33 basis points of complete market share across all BDSA state. S”.

Advisor Shares Pure US Cannabis ETF ( MSOS )

Young green medicinal marijuana plant in a pot after a rain fall shallow depth of field with focus on leaf; cannabis stocks

Source: gvictoria / Shutterstock . com

With an expense ratio of 0. 60 %, the Advisor Shares Pure US Cannabis ETF ( NYSEARCA: MSOS ) is the first actively managed U. Ș. listed ETF with dedicated cannabis stocks to buy focusing exclusively on U. Ș. companies, including multi- state operators, as noted on the ETF’s site.

Some of its top holdings include Green Thumb Industries ( OTCMKTS: GTBIF), Curaleaf, Trulieve Cannabis and Cresco Labs ( OTCMKTS: CRLBF ).

As I frequently note, ETFs are a great investment. Not only do they allow you to expand with lots of companies, but they’re also cheaper. You can buy MSOS ETF, for example, for less than$ 8, while gaining exposure to its 25 holdings.

Technically, after pulling back from about$ 10. 50 to$ 7. 87, the MSOS ETF appears to have caught strong support dating back to March. I’d like to see it first retest$ 10. 50 as we approach rescheduling, possible legalization in Florida, and more potentially positive mentions before the presidential election.

On the date of publication, Ian Cooper did not hold (either directly or indirectly ) any jobs in the stocks mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace . com Publishing Guidelines.

Ian Cooper, a contribution to InvestorPlace . com, has been analyzing stocks and options for net- based recommendations since 1999.


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