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3 Top Pot Stocks To Watch After The SAFE Banking Act Update

Should Investors Be Watching These Pot Stocks In The Stock Market Today?

Pot, cannabis, marijuana, however, you know it by, things are heating up in this part of the stock market now. For the most part, this would see investors eyeing the top pot stocks around. The current focus on the industry is thanks to yet another win for pot on the legislative level. Namely, the U.S. House of Representatives voted for the Secure and Fair Enforcement (SAFE) Banking Act. Ideally, should things go as planned, it would be included in the National Defense Authorization Act. This, in turn, would provide legislative protection for banks servicing state-legal cannabis businesses. Accordingly, this would explain the current attention on pot stocks.

Now, the marijuana industry as a whole has been riding such tailwinds most of this year. From the change in administrative tone since the latest presidential election to a flurry of bills fighting for federal legalization. With these factors building a case for the best marijuana stocks in the stock market today, investor hype isn’t unwarranted. If anything, the industry is hard at work bolstering its operations in anticipation of nationwide legalization. Earlier this month, Green Thumb Industries (OTCMKTS: GTBIF) expanded its retail footprint in Massachusetts by acquiring GreenStar Herbals. Thanks to this move, Green Thumb now has additional retail locations and distribution facilities in the populated New England market.

Elsewhere, the likes of Innovative Industrial Properties (NYSE: IIPR) and High Tide (NASDAQ: HITI) are making similar moves as well. On one hand, IIPR added another property to its portfolio while entering into a long-term lease with CPC, an award-winning cannabis products provider in California. On the other hand, High Tide provided design concepts for its upcoming cannabis retail value outlets, “Cannabis Chop Clubs”. Given all this activity in the space now, will you be keeping an eye on these top pot stocks?

Top Pot Stocks To Watch Ahead Of October 2021Canopy Growth Corporation

To begin with, we will be looking at the Canopy Growth Corporation or CGC for short. In brief, CGC is a Canada-based cannabis cultivator and provider of cannabinoid-based consumer products. In detail, the company offers weed enthusiasts a wide array of offerings worldwide. This ranges from high-quality dried flowers, cannabis oils, infused beverages, edibles, and vaporizers among other things. Additionally, CGC also caters to the medical marijuana market via its medical brand, Spectrum Therapeutics. Notably, Spectrum Therapeutics is a market leader in the Canadian and German markets, by CGC’s estimates.

While all this is great, the real question is whether CGC stock is worth investing in or not now. Like most names in the marijuana industry, the company’s shares jumped by over 4% during intraday trading yesterday. This would serve to highlight its latest moves on the operational front. Yesterday, news broke of its collaboration with Oxford Cannabinoid Technologies (OCT), a U.K.-based developer of licensed prescription cannabinoid medicines. To elaborate, OCT is working towards obtaining regulatory approval by agencies worldwide while targeting the U.S. multi-billion-dollar pain market.

By and large, the current prospects of the deal could be worth noting for investors now. Through this exclusive licensing agreement, OCT will have access to CGC’s cannabinoid library for research purposes. In turn, OCT will pay CGC an annual license fee on top of additional milestone payments and royalties on future sales. After considering this, would CGC stock be a buy for you?

CGC stock chartSource: TD Ameritrade TOS

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Tilray Inc.

Next up, we have one of the leading names in the global cannabis market today, Tilray. Similar to our previous entry, the company is in the cannabis lifestyle and consumer packaged goods business. For a sense of scale, it currently boasts operations across Canada, the U.S., Europe, Australia, and Latin America. Through its extensive work in the fields of weed research, cultivation, and distribution, Tilray supports its extensive portfolio of brands. Given the scale and reach of Tilray’s operations, TLRY stock could be a go-to for investors looking at the industry now. More importantly, after gaining by over 140% in the past year, could the company’s shares still have room to grow?

Well, for one thing, Wall Street appears to believe so. Two notable investment firms that are bullish on TLRY stock now would be Jefferies (NYSE: JEF) and Bank of America (NYSE: BAC). Firstly, Jefferies analyst Owen Bennett currently has a price target of $27 on TLRY stock. This would suggest a possible upside of 132% from its closing price of $11.63 a share as of Wednesday’s closing bell. Secondly, BAC analyst Heather Balsky sees an upside of about 84% from that point. Balsky cites the company’s recent majority stake in MedMen as a key growth factor for Tilray in the emerging U.S. market.

Rosy analyst updates aside, Tilray continues to perform on the financial front as well. Back in July, the company saw green across the board in its fourth fiscal quarter earnings report. To highlight, Tilray reported massive year-over-year surges of 131% in net income and 117% in earnings per share. With this in mind, will you be investing in TLRY stock anytime soon?

TLRY stock chartSource: TD Ameritrade TOS

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Curaleaf Holdings

Curaleaf is a Massachusetts-based cannabis company. In essence, the company engages in the production and distribution of cannabis products. In terms of the U.S. market, Curaleaf primarily caters to the North American region. According to the company, its operational network currently consists of 109 dispensaries, 22 cultivation sites, and more than 30 processing sites across 23 U.S. states. Moreover, the company’s Curaleaf International division is a leading presence in Europe. In fact, it is among the largest vertically integrated cannabis companies in the region.

While Curaleaf may be no newcomer to the cannabis trade, would CURLF stock be a top watch? By and large, this seems to be the case. Since its pandemic era low, CURLF stock is currently sitting on gains of over 330%. Given Curaleaf’s experience in international markets, investors could be eager to see what it has in store moving forward. Accordingly, the company is not resting on its laurels just yet.

Yesterday, Curaleaf launched Cliq by Select, a new piece of vape hardware designed for cannabis oil consumption. Through Cliq, consumers are getting access to Curaleaf’s cutting-edge vape offerings. The likes of which integrate a premium stainless-steel design and convenient USB-C charging. CEO Joe Bayern said, “Cliq is perfect for consumers seeking a high-end hardware vape system that’s easy-to-use, is as comfortable as it is durable, and uses premium oil from a trusted brand known for its quality and safety standards.” With Curaleaf appealing to emerging consumption trends among consumers, could CURLF stock be worth investing in for you?

CURLF stock chartSource: TD Ameritrade TOS
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