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Marijuana stocks to watch in 2024

Marijuana stocks to watch in 2024

The last decade saw a trend for destigmatization of the use of psychoactive substances accompanied by a wave of legislation either legalizing or decriminalizing mostly marijuana-based products – both for medical and recreational use.

These developments brought the creation of numerous firms focusing on cannabis products, and many of them have become popular publicly traded companies and exciting investment opportunities.

Now, a new Food and Drug Administration (FDA) report stating that Marijuana is eligible for removal from its Schedule I classification – a classification that also covers cocaine, LSD, and heroin – is poised to give cannabis based stocks a new boost.

Indeed, should Marijuana be reclassified under the significantly less harsh Schedule III, the appeal and reach of cannabis companies might surge. With this in mind, Finbold decided to take a look at the most promising marijuana stocks to look out for in 2024.

Green Thumb Industries (CNSX: GTII)

Green Thumb Industries (CNSX: GTII) is a company that has consistently been winning awards for the quality and safety of its cannabis products. It is involved in growing and distributing products based on the plant throughout the U.S.  and is a believer in its ability to improve human well-being – physical and mental.

The company is also one of the most notable publicly traded cannabis companies and an established performer when it comes to growth on the stock market.

In the last 52 weeks, the company is up a significant 49.38% and is also in the green since the start of 2024 having risen 16.56% by the time of publication – up to 16.82 CAD ($12.52).

GTII 1-year price chart. Source: TradingView

The outlook for the company, at least according to the 19 analysts considered by TradingView, is also very positive. The company is considered a “strong buy” with all but one expert – who marks it as a “buy” – agreeing on the matter.

GTII analyst rating. Source: TradingView

Analysts are likewise optimistic when setting the 12-month price target for the company. Their average forecast stands at 19.72 CAD and represents a 17.38% upside. The most optimistic among them believe the stock will reach 30.62 CAD in one year’s time, while the most pessimistic see it falling 12.31% to 14.75 CAD.

Organigram Holdings (TSX: OGI)

Organigram Holdings (TSX: OGI) is a promising cannabis penny stock. The quality of its products gives it a strong position in the market for marijuana products, as does its presence in both the recreational and medical sectors. Its focus on sustainability also marks Organigram as a penny stock with significant room for growth.

While the company has struggled throughout 2023 – and declined as much as 57.58% in the last 52 weeks – it started the new year strong. In fact, since January 1, 2024, the company’s stock rose to 2.24 CAD ($1.67) by press time – meaning it is 28% in the green year-to-date.

OGI 3-month price chart. Source: TradingView

Analysts are also optimistic about Organigram’s prospects and generally consider the stock a “buy.” Out of the 8 experts analyzed by TradingView, 4 believe that the cannabis company is a “strong buy” while 4 recommend investors “hold”. None recommend selling Organigram.

OGI analyst rating. Source: TradingView

On average, analysts see an upside of nearly 50% – up to 3.35 CAD – as the most likely 1-year price target for the cannabis penny stock. At the time of publication, the most optimistic among them foresee growth of 145.54% – up to 5.50 CAD – in 2024, while some warn it might fall by 10.75% to 2 CAD.

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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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