Treasure Hunt: 3 Cannabis Stocks Wall Street Hasn’t Discovered Yet

InvestorPlace06-26

Upcoming regulations and legislature adjustments could see cannabis stocks experience a boom in the market this year, similar to tech stocks last year. Trulieve Cannabis (TCNNF): A medical cannabis ...

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It is based in Florida, a state gearing up for legalization.Cronos Group : A cannabis producer and distributor set to benefit from cannabis regulation. It boasts impressive financials that could drive organic growth.Scotts Miracle-Gro : This company manufactures products for garden care of cannabis and other plants. Its products include lighting, nutrients and fertilizers.That means there is no better time to buy cannabis stocks than now. With legislation just around the corner, cannabis stocks could experience a boom similar to tech stocks in the market. Here are three of the top undiscovered cannabis stocks you can buy while the hype is still low.","collect":0,"end_time":0,"defaultTopTitle":"investorplace.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"CRON":"Cronos Group Inc.","BK4557":"大麻股","BK4007":"制药","BK4093":"化肥与农用药剂","SMG":"Scotts Miracle-Gro Company","TCNNF":"Trulieve Cannabis Corporation"},"translate_title":"寻宝：华尔街尚未发现的3只大麻股票","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CRON":1,"SMG":1,"TCNNF":1},"content_text":"Upcoming regulations and legislature adjustments could see cannabis stocks experience a boom in the market this year, similar to tech stocks last year. \nTrulieve Cannabis (TCNNF): A medical cannabis company with a market capitalization of $1.8 billion. It is based in Florida, a state gearing up for legalization.\nCronos Group (CRON): A cannabis producer and distributor set to benefit from cannabis regulation. It boasts impressive financials that could drive organic growth.\nScotts Miracle-Gro (SMG): This company manufactures products for garden care of cannabis and other plants. Its products include lighting, nutrients and fertilizers.\n\n\n\n\n\n \n\nSource: Bigc Studio / Shutterstock.com\n\n\n\nCannabis stocks are emerging as fantastic investment options in 2024 for several reasons. One reason is the increased pressure on the American legislature to legalize it. Several states, such as Florida, are already preparing to vote on legalizing it. If this happens, other states could quickly follow suit. \nWith the amount of speculation and anticipation surrounding cannabis, it is no wonder cannabis stocks are becoming increasingly attractive investment options. The Biden administration has already teased the idea of legalization, announcing plans to reclassify cannabis from Schedule I to Schedule III. The general feeling is that it is only a matter of time before this happens. \nThat means there is no better time to buy cannabis stocks than now. With legislation just around the corner, cannabis stocks could experience a boom similar to tech stocks in the market. Here are three of the top undiscovered cannabis stocks you can buy while the hype is still low. \nTrulieve Cannabis (TCNNF)\nSource: Leigh Trail / Shutterstock.comTrulieve Cannabis (OTCMKTS:TCNNF) is an American medical cannabis company that specializes in producing and distributing medical and recreational cannabis and CBD products. The company operates out of Florida and has over 180 dispensaries in the state. Its products can be obtained at the dispensaries or via online purchases.\nRegarding bullish cannabis stocks, there are not many better options than Trulieve Cannabis. The main reason the stock is so bullish this year is that the state of Florida is only a few months away from voting on whether to legalize marijuana. If the legislation passes, the market could experience a ripple effect that positively affects cannabis stock prices. \nSpeculation aside, Trulieve Cannabis has performed impressively on the financial front. According to its latest quarterly report, the company generated revenue of $298 million, an increase of 4% year-over-year. Furthermore, it generated a cash flow from operations of $139 million and a free cash flow of $124 million. \nCronos Group (CRON)\nSource: ShutterstockCronos Group (NASDAQ:CRON) is a Canadian cannabis company specializing in producing and distributing medical marijuana and cannabis oil. Although it caters primarily to the Canadian audience, Cronos Group will likely benefit from the wave of positive cannabis regulation washing the globe. Not only has Germany recently legalized cannabis, but America is also on the verge of reclassifying it from a Schedule I to a Schedule III drug. \nRegulation aside, Cronos Group is undergoing developments that will likely bode well in the market. Over the last few quarters, the company has expanded into new markets: Germany, Australia and the United Kingdom. These expansions will further improve its revenue generation. From the looks of it, there might be more to come. \nOn the financial front, the company isn’t doing too bad either. According to its latest quarterly report, it has not incurred any significant losses, and its balance sheet looks particularly strong, which is a positive. It has an impressive cash buffer of $855 million. When it comes to low-cap cannabis stocks, Cronos Group makes a strong case that cannot be overlooked. \nScotts Miracle-Gro (SMG)\nSource: Casimiro PT / Shutterstock.comScotts Miracle-Gro (NYSE:SMG) is an American multinational corporation that manufactures products for lawn and garden care and the care of plants like cannabis. These include lighting systems, nutrients, pest control, irrigation systems, ventilation systems and gardening equipment.\nOver the last few years, Scotts Miracle-Gro has become a significant player in the U.S. cannabis industry. It is the largest supplier of hydroponics solutions to cannabis producers in the United States and could extend its business not just within the U.S. but also outside it, should specific regulations pass. \nFinancially, the company is doing fairly well too. According to its recent quarterly report, its GAAP gross margin and non-GAAP adjusted gross margin indicate a 350-basis-point improvement and a 60-basis-point improvement, respectively. Furthermore, its U.S. consumer second-quarter net sales equaled a record high of $1.38 billion. After a strong first-half showing, the company is on pace to hit its full-year targets.\nOn the date of publication, Joel Lim did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.\nJoel Lim is a contributor at InvestorPlace.com and a finance content contractor who creates content for several companies like LTSE and Realtor, along with financial publications, including Business Insider, Yahoo Finance, Mises Institution and Foundation for Economic Education.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSubmit\n\n\n\n\n\n\n\nArticle printed from InvestorPlace Media, https://investorplace.com/2024/06/treasure-hunt-3-cannabis-stocks-wall-street-hasnt-discovered-yet/.\n©2024 InvestorPlace Media, LLC","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.2","shortVersion":"4.24.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2446365086"}