In this piece, we will take a look at the top five marijuana stocks to buy in 2022. For more details about the marijuana industry and additional stocks, head over to Top 10 Marijuana Stocks to Buy in 2022.
5. Cresco Labs Inc. (OTCMKTS:CRLBF)
Number of Hedge Fund Holders: 1
Stock Price as of Feb. 24, 2022: $6.7
Analyst Upside In %: 139%
Cresco Labs Inc. (OTCMKTS:CRLBF) is a cannabis product provider that serves customers in the United States. It offers its customers a wide variety of products derived from the cannabis plant. This list includes edibles, popcorns, shakes, oils, transdermal patches, and more. The company sells both retail and medical products and is headquartered in Chicago, Illinois.
Cresco Labs Inc. (OTCMKTS:CRLBF)’s shares closed at $6.7 on February 24, 2022. At the same time, the consensus price target estimate for the company’s shares was $16, which translates into a 139% upside.
For its fiscal Q3, Cresco Labs Inc. (OTCMKTS:CRLBF) reported $215 million in revenue and $56.45 in earnings before interest taxes and depreciation (EBITDA). While the revenue missed analyst estimates, it and the EBITDA grew by 40% and 26% annually, and the company reaffirmed its annual guidance at the event. Jefferies raised the company’s price target to CAD$36 in November 2021, outlining that the earnings results revealed impressive margins and that sales will pick up in the future. As of the fourth quarter of last year, out of the 924 hedge funds surveyed by Insider Monkey, one had owned the company’s shares.
A large Cresco Labs Inc. (OTCMKTS:CRLBF) investor is Frederick Disanto’s Ancora Advisors who owns 244,634 shares worth $1.6 million.
4. Curaleaf Holdings, Inc. (OTCMKTS:CURLF)
Number of Hedge Fund Holders: N/A
Stock Price as of Feb. 24, 2022: $7.5
Analyst Upside In %: 152%
Curaleaf Holdings, Inc. (OTCMKTS:CURLF) is an American cannabis company that sells marijuana products and also helps other firms develop their offerings. The company sells cannabis through its Operations segment. Additionally, it also provides consultancy services to growers, advising them on areas such as how to operate retail channels and cultivate their products.
Curaleaf Holdings, Inc. (OTCMKTS:CURLF) had a closing share price of $7.5 on February 24, 2022, making for a 152% upside over the consensus price estimate of $18.93.
For its fiscal third quarter, Curaleaf Holdings, Inc. (OTCMKTS:CURLF) reported $317 million in revenue and -$0.08 in GAAP EPS, which marked for a strong 73.8% annual revenue growth but disappointed Wall Street by missing estimates for both.
3. Trulieve Cannabis Corp. (OTCF:TCNNF)
Number of Hedge Fund Holders: 1
Stock Price as of Feb. 24, 2022: $21.48
Analyst Upside In %: 195%
Trulieve Cannabis Corp. (OTCF:TCNNF) is an American company that solely targets the medicinal cannabis market. The company is headquartered in Quincy, Florida and it operates dispensaries in several American states such as California and Massachusetts. It also has a wide variety of products such as edibles, flowers, vaporizers, and cartridges.
As trading closed on February 24, 2022, Trulieve Cannabis Corp. (OTCF:TCNNF) shares were trading at $21.48, marking a 195% upside over the analyst consensus estimate of $63.4. Of the 924 hedge funds part of Insider Monkey’s fourth quarter 2021 survey, one had holdings in the company.
Trulieve Cannabis Corp. (OTCF:TCNNF) reported $224 million in revenue and $18.6 million in net income for its third fiscal quarter, which enabled it to beat analyst revenue estimates and post a strong 64% annual growth in the metric. Wolfe Research initiated coverage on the company in January this year and set an Outperform rating on the stock outlining that the company had strong pricing power due to efficient store management and market share retention strategies.
Justin John Ferayorni’s Tamarack Capital Management is an important Trulieve Cannabis Corp. (OTCF:TCNNF) investor according to Insider Monkey’s research. It owns 85,000 shares that are worth $2.2 million.
2. Village Farms International, Inc. (NASDAQ:VFF)
Number of Hedge Fund Holders: 9
Stock Price as of Feb. 24, 2022: $5.26
Analyst Upside In %: 209%
Village Farms International, Inc. (NASDAQ:VFF) is a greenhouse-grown vegetable company that has also expanded its presence to include the cannabis market. The company targets this market via its Cannabis and Hemp Business, and the company has planted millions of seedlings over hundreds of acres.
Village Farms International, Inc. (NASDAQ:VFF)’s consensus price target marks for a 209% premium over its closing share price of $5.26 on February 24, 2022. Cantor Fitzgerald set a $12.75 price target for the company in November 2021, stating that the company’s strong grower advantages will serve it well in an expanding market.
For its fiscal third-quarter, Village Farms International, Inc. (NASDAQ:VFF) brought in $72.4 million in revenue and $0.01 in GAAP EPS, beating analyst estimates for both metrics. Nine out of 924 hedge funds surveyed by Insider Monkey in Q4 2021 owned the company’s shares.
Village Farms International, Inc. (NASDAQ:VFF)’s largest investor according to Insider Monkey’s research is Jim Simons’ Renaissance Technologies who owns 192,300 shares worth $1.2 million.
1. Ayr Wellness Inc. (CNSX:AYR-A)
Number of Hedge Fund Holders: 1
Stock Price as of Feb. 24, 2022: $17.89
Analyst Upside In %: 287%
Ayr Wellness Inc. (CNSX:AYR-A) is a multi-stage cannabis product provider. The company is capable of cultivating, extracting, manufacturing, retailing, and distributing cannabis products. It is headquartered in New York, New York, United States.
Ayr Wellness Inc. (CNSX:AYR-A)’s shares closed at $17.89 on February 24, 2022. Compared to the consensus analyst price of $69.29, this translates into a 287% upside. Insider Monkey’s survey of 924 hedge funds in the fourth quarter of last year revealed that one had a stake in the firm.
For its fiscal third quarter, Ayr Wellness Inc. (CNSX:AYR-A) brought in $96 million in revenue and $0.03 in GAAP EPS, in a mixed bag of results that saw it beat analyst EPS estimates but miss them for revenue.
A major Ayr Wellness Inc. (CNSX:AYR-A) investor is Frederick Disanto’s Ancora Advisors who owns 9,300 shares worth $141,000.
Disclosure: None. You can also take a peek at Billionaire Steve Cohen’s Top 10 Stock Picks and Billionaire Masayoshi Son’s Top 10 Stock Picks for 2021.
