Two Hot Cannabis Stocks to Buy Ahead of Florida’s Vote
Florida’s Amendment 3 is likely to win enough votes to legalize cannabis in the state, according to recent polls. Florida Politics, for example, found that an overwhelming number of people support the Amendment.
“At more than 64% support, the poll predicts the amendment could easily reach the 60% +1 threshold for passage,” they added.
We also have to consider that when and if cannabis is legalized, Florida, which already sees about $2 billion from medical cannabis sales, could see another $4.9 billion to $6.1 billion in sales during the first year of legalization, as noted by U.S. News.
As we near that Florida vote, investors may want to jump into cannabis stocks that should benefit. That includes:
Trulieve Cannabis (SYM: TCNNF)
Alliance Global Partners noted that TCNNF is best positioned for potential legalization in Florida. Analysts at Needham raised their price target on TCNNF to $14.50 with a buy rating.
Analysts at Canaccord also raised their price target to $38.
Plus, earnings have been solid so far. In its first-quarter EPS loss of five cents beat by six cents. Revenue of $298 million — up 4.6% year over year — beat by $12.27 million. It generated a free cash flow from operations of $139 million and a free cash flow of $124 million.
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.”
And while earnings haven’t been great, that should change if Florida votes for legalization.