One of the biggest near-term catalysts for cannabis stocks is Florida.
This November, the state will vote to legalize recreational cannabis.
More than likely, they’ll see legalization pointing to favorability. One poll from Florida Politics shows third-thirds of investors are in favor of it. A Fox News poll shows 66% approval.
We also have to consider that if Florida legalizes its use, it could unlock a potential tripling of the total cannabis market in Florida to $6 billion in sales, as noted by Benzinga.com.
So, where should we invest with a higher likelihood of approval?
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Company: Curaleaf Holdings (SYM: CURLF) According to CEO Matt Darin, “Our unique exposure to the most significant catalysts on the horizon – continued expansion of the NY market, expansion of Pillar 1 in Germany, and adult use in Ohio, Florida and Pennsylvania sets us up for robust growth in 2025 and beyond.” The company has also expanded its presence in New York, with two new medical dispensaries in Rochester and Syracuse. Plus, we’ll get a better idea of what’s been happening at CURLF when the company posts earnings after the closing bell on Aug. 7. |
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Company: Trulieve Cannabis (SYM: TCNNF) Another strong beneficiary of potential legalization in Florida is Trulieve Cannabis. Alliance Global Partners noted that TCNNF is best positioned for potential legalization in Florida. In addition, analysts at Needham also raised their price target on TCNNF to $14.50 with a buy rating. Analysts at Canaccord also raised their price target to $38, with a buy rating. |
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Company: Verano Holdings (SYM: VRNOF) VRNOF has 77 dispensaries in the state, and just authorized a $50 million share buyback plan. In addition, three analysts have a buy rating on the stock, with an average price target of $8.35 at the moment. The highest price target at the moment is $10. We’ll get a better idea of what’s been happening at VRNOF when the company posts earnings on Aug. 7 before market open. |
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