Best Cannabis Stocks: Data-Driven Analysis Of Stocks For Potential Gains In A Cannabis Bull Market
- Adastra
- May 19, 2022
- 21 min read
Updated: Jan 30, 2024
When it comes to investing in the stock market, my view is that an analysis of the sector must precede an analysis of individual stocks or ETFs. Prior to (or soon after) reading this article, I recommend reading the series of articles in the INVESTING category to get an overview of the cannabis investing thesis.
The following analyses were done to rank the best stocks in the Cannabis sector:
1. PS Valuation Analysis: valuation analysis using PS Ratios for cannabis stocks in multiple Bull Market and Bear Market scenarios
2. Cannabis ETF Analysis: to identify stocks favored by the fund managers of the MSOS, MJ, YOLO, MJUS, CNBS & THCX ETFs, and specifically those that would benefit the most when funds flow back into the cannabis sector
3. Revenue Growth Analysis: to identify cannabis stocks with the highest sequential quarterly and Decade to date (DTD) revenue growth
4. AEBITDA Analysis: to highlight cannabis stocks that consistently report positive quarterly Adjusted EBITDA
The table below shows a data-driven analysis to identify the Best Cannabis Stocks based on the various factors mentioned, specifically for the next cannabis bull market:
In a cannabis bull market, there is a good probability that all 16 stocks listed will have impressive gains. The methodology used in the table above is simple by design, to better inform current and future investors in the very high risk and volatile cannabis sector. It is meant to be a starting point for further due diligence (DD) before individual investors decide which stocks to Buy/Hold/Sell. The rankings are expected to change based on performance of each company and stock. The chart and analysis will be updated on a regular basis and updates will be announced on X/Twitter and Stocktwits.
Based on this preliminary analysis and with some additional analysis (explained further on this page), my top 3 picks (and current investments) are High Tide, Green Thumb, and Curaleaf Holdings. An additional 10 stocks are recommended to be added to watchlists for further DD: Trulieve Cannabis, Jushi Holdings, Ayr Wellness, Cresco Labs, Cannabist, Ascend Wellness, TerrAscend, SNDL, Verano Holdings and WM Technology. All these stocks ranked well on multiple criteria and are worth including in a Cannabis Portfolio. The 5 with links have a dedicated page with detailed analysis in the STOCKS category.
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To determine the ranking, a point system was used. Using the 80/20 rule (Pareto Principle), 80 points out of 100 were awarded on fundamentals driven metrics: PS Ratio, % of Revenue Growth (Quarter over quarter) for the decade starting Q1 2020, and % of quarters with positive AEBITDA for the decade starting Q1 2020. The remaining 20 points were awarded to an external factor, the ETF ownership by 6 large cannabis ETFs MSOS, MJ, YOLO, MJUS, CNBS and THCX.
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The most important criteria (awarded 40 points) was the valuation rank, measured in terms of PS Ratio. PS Ratio was the metric chosen because the sector is in a growth phase and a revenue based metric is, IMO, more relevant in this phase than an earnings based metric, like the price-to-earnings (P/E) ratio.
The points are calculated to show higher points for undervalued companies (low PS ratio) and lower points for higher current valuations. The formula used in Valuation points = (20-PS)*2. The points keep decreasing as the PS ratios rise with stock performance, investor sentiment and potential Cannabis bull market. The points go to zero if the PS hits or exceeds 20.
The detailed analysis based on PS valuations with potential gains for multiple Bull Market scenarios is in the Cannabis Bull Market Scenario Analysis with PS Ratio Valuation page. The relevant table is presented below.
Also presented on this blog is a detailed analysis based on PS valuations for multiple Bear Market scenarios on the Cannabis Bear Market Scenario Analysis with PS Ratio Valuation page.
Given the prolonged stagnation of cannabis stocks, a first look at the share price targets (at PS of 5, 10, 15 & 20) will look ridiculous and far fetched. But they are based on the main analysis this blog's analysis is built off, the Historic Bull Market Valuations analysis:
This leads to my investment thesis for cannabis stocks that can be summarized in the following points:
1. The cannabis stocks trade more on hype than on fundamentals
2. In the two previous cannabis bull runs (2018 for Canadian cannabis legalization and 2021 for promised, but undelivered US cannabis reforms), stocks traded at logic and fundamentals defying high valuations of double and even triple digit PS ratios. The Historic Bull Market Valuations analysis shows visually the extent of this insanity. A point to note is that the Nasdaq listed stocks traded at much higher valuations than OTC listed stocks
3. The next bull run in cannabis stocks will need meaningful US cannabis reforms. This will likely be from either the DEA rescheduling cannabis to schedule 3 or the passing of banking reforms (SAFER Banking Act). There is a good probability that meaningful reforms will pass in the weeks/months to follow, well before the US Presidential elections. The Democrats have stalled on promised cannabis reforms and will use it to improve Biden's chances for re-election
4. The best gains in cannabis stocks will only happen when there is confirmation that stocks stagnating on the OTC exchange will get to uplist to Nasdaq/NYSE and there is confirmation that institutional investors can easily invest in the sector
5. Although nothing can be predicted with certainty, cannabis reforms will be a once in a century event, not seen since the end of alcohol prohibition (1933). The entry of institutional investors, along with hype/FOMO from retail investors, will likely lead to similar valuations (PS 5+, 10+ or maybe even 20+) for the Nasdaq listed stocks, as seen in the 2018 & 2021 bull runs. The color coding stays Green (darker to lighter shades) from PS ratios from 0 to 10, and switches to Yellow at 10. This is designed to give visual data points for investors to decide (for themselves based on their individual risk profile) when to reduce risks or take profits during the bull run
6. There is a good probability that Nasdaq listed stocks will outperform OTC listed stocks, prior to the OTC listed stocks getting uplisted. This is based on the historical analysis of previous bull markets and because many institutional investors can invest in Nasdaq listed stocks but not on OTC listed stocks. In addition, established retail investors, many of whom I have discussed OTC listed MSO stocks with in real life, refuse to invest in stocks listed on illiquid and easy to manipulate OTC exchange.
The second analysis done was to rank stocks favored by the fund managers of the MSOS, MJ, YOLO, MJUS, CNBS and THCX Exchange Traded Funds (ETFs), and specifically those that would benefit the most when funds flow back into the cannabis sector.
ETF Ownership points were awarded 1 point for every % of company's market cap owned by these six ETFs. The maximum of 20 points are awarded when the ETFs own 20% or more of a company’s market cap. The detailed analysis is provided in the Cannabis ETF Analysis page, which I would recommend for additional analysis. But I will summarize the insights below.
ETFs are a popular investment option that has gained in popularity over the years. They offer diversification for investors who prefer to invest in a sector without picking individual stocks. In the case of cannabis ETFs like MSOS and MJUS, they offer a way for investors to invest who don't want to (or cannot) invest in stocks listed on the OTC. During a bull market, funds flow into a sector (i.e. sector rotation) not just into individual stocks but also into ETFs. The stocks that are included in an ETF will benefit when the ETF gets inflows because the fund managers will invest in stocks they hold to keep holdings % consistent, or changed based on their discretion. The percentage of the ETF’s holdings in each stock is important because the stocks with higher holding % will tend to get more investment from the ETF’s new funds. But the more important metric is the % of the company’s market cap held by the ETF. The ones with higher ownership % by the ETFs will benefit disproportionately.
A point to note is that the stocks not held by the ETF will miss out when funds flow into the ETF. Hence an analysis of ETF holdings is a good way to filter out stocks not in favor with fund managers who are more qualified and experienced at stock picking than most retail investors.
The MSOS ETF invests in companies that make 50%+ revenue from the US. It includes several MSOs from my analysis: Curaleaf, Green Thumb, Trulieve, Cresco Labs, Verano Holdings, Columbia Care, Ayr Wellness, Jushi Holdings and TerrAscend. Interestingly, the ETF excludes Ascend Wellness, a vertically integrated (aprium) US MSO. I decided to include them as a top pick, based on their high revenues and low PS Ratio. In spite of getting zero points out of 20 for the ETF Ownership category, Ascend Wellness did rank strongly. High Tide is also excluded from the MSOS ETF, contributing to its relatively lower ranking in the ETF ownership analysis. This is because majority of the revenues currently are from Canada. As explained in my High Tide page, there is a good probability scenario post Nasdaq approval, when the company will get to sell THC products to 3 million plus existing US customers who currently purchase cannabis accessories and Cannabinoid (CBD, CBN, CBC, CBG) products from their 5 owned ecommerce platforms. Should 50%+ revenue at some future date come from the US, or with some flexibility from the fund managers, High Tide could be included in the MSOS ETF.
A point to note is that there are other ETFs that invest in the cannabis sector. But the MSOS, MJ, YOLO, MJUS, CNBS and THCX ETFs cover in excess of 80% of the assets under management (AUM) in the Cannabis sector.
Another point to note is that while the % of a company’s market cap held by ETFs is beneficial when funds are flowing into the sector, the opposite is also true. When funds are flowing out of ETFs, companies with high ownership in ETFs get disproportionately worse selloffs because the ETFs are selling shares into a deteriorating market.
The third analysis done was an analysis of the Revenue Growth for the quarters in the decade starting Q1 2020. The Best Cannabis Stocks table (in this page) shows the average Quarter over Quarter (QoQ) growth for the decade. Revenue Growth points were awarded as 1 point for every % of average QoQ growth, to a maximum of 20 points. The detailed analysis is provided in the Revenue Growth Analysis: Cannabis stocks with the highest Decade to date (DTD) revenue growth page, which has the quarterly revenues data and additional analysis. The relevant table is presented below.
It is fascinating to see that many of the vertically integrated apriums including most of the US MSOs, SNDL and High Tide have experienced an average quarterly revenue growth in excess of 10%.
This is an incredible growth rate. Growth will continue with progress in legalization at the state and/or country level, consumption trends and the increase in the legal cannabis market vs the illicit market. The corresponding PS valuations visible in the same table, highlight the disconnect between price and value in the market, as many are trading at low single digit PS in spite of the consistent high revenue growth.
One point to note is that the revenue is total company revenue, not just cannabis derived revenue. The impressive revenue growth of SNDL is mostly from the 2022 acquisition of alcohol retailer, Alcanna. 60%+ SNDL revenue is non-cannabis related, derived from the Liquor Retail segment. Even Tilray has high revenue derived from alcohol. This is a factor that should be considered while picking individual stocks to invest in.
The fourth analysis done was an analysis of the Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (AEIBITA) for the quarters in the decade starting Q1 2020. The Best Cannabis Stocks table (in this page) shows the percentage of quarters that posted positive AEBITDA. AEIBITDA points were awarded at 0.2 point for every % of Positive Quarters %. The maximum 20 points were awarded for companies with positive AEBITDA in 100% of the quarters. The detailed analysis is provided in the AEBITDA Analysis: Cannabis stocks with positive quarterly Adjusted EBITDA page. The relevant table is presented below.
The main contribution of this analysis is to identify companies with consistently negative AEBITDA quarters, with zero points awarded to those who have never (in this decade) posted a quarter with positive AEBITDA. The analysis does also highlight the superior fundamentals of the vertically integrated apriums.
The analyses listed above rank the companies in terms of the fundamentals used in this methodology. As with every methodology, there are limitations. I have done the best I could with my limited resources (time and money) and tried to keep it balanced and unbiased. Metrics such as PS Ratio and AEBITDA are industry recognized, and metrics I have used for the balance of relevance and simplicity. I am well aware of their limitations and recommend additional analysis before investors invest in individual stocks. For those who want to do a more detailed analysis, this analysis can be used in addition to the analysis of any other metrics (such as net income, free cash flow, debt, enterprise value, etc) that seem relevant.
Before we proceed, please review the table in this page once again specifically for the highest ranked stocks with cells highlighted in green. Look at the PS valuations in the low single digits, consistent quarterly revenue growth in the 10%+ range for this decade, and high percentage of quarters with positive AEBITDA. It is fundamentals and logic defying to see valuations lower, revenue growth higher and strong AEBITDA performance, compared to other sectors, including Technology and Electric Vehicles (EV). And this is without confirmed cannabis reforms in the US, Germany and other countries. The strong combination of valuation, revenue growth and AEBITDA, make cannabis a sector well worth due diligence and potential investing. Post reforms, the investment thesis gets strengthened.
Bonus Points for Additional Factors to Consider
The analysis presented above is meant to be a starting point. It is highly recommended that investors do further analysis before picking stocks, especially considering the risks in this volatile sector. I will share some thoughts on some of the additional factors to consider, for which you can assign bonus points.
The markets are not driven purely on fundamentals. In today’s meme crazy world, the share price is often impacted not just by fundamentals but also hype. In the cannabis sector, as seen in the Historic Bull Market Valuations analysis, hype matters a lot more than fundamentals. This will continue till the stocks currently stagnating on the OTC exchange get to uplist to Nasdaq/NYSE and institutional investors get to invest easily in the sector.
It is difficult to quantify hype but one of the most important factors that contribute is the exchange where the stock trades (Nasdaq/NYSE vs OTC). My article Gladiators, Senators, the Colosseum and the Senate, shows my analysis of Nasdaq/NYSE vs OTC stocks and uses the analogy of the OTC as the dog-eat-dog Colosseum and the Nasdaq/NYSE as the Roman Senate. There is a clear premium awarded to stocks that are listed on the Nasdaq/NYSE, primarily because many institutional investors can’t invest in OTC stocks and hence don’t have any incentive to promote them to their clients or in the mainstream media. The other major factor is that Nasdaq/NYSE listed stocks tend to get higher volumes of shares traded, making them more appealing to traders and influencers who use Technical Analysis for picking and recommending stocks to their followers. A company may be a great operator with strong and improving fundamentals. But if it is unknown, relative to peers with name recognition, it will continue to be undervalued in the sector.
The table below shows the main exchange where the stocks covered in this blog are listed:
Although I have granted no points in the main table of this page, I have given (in my mind) an additional 10 bonus points to Nasdaq/NYSE listed stocks and zero to OTC listed stocks. This is not me being biased against OTC stocks and the US MSOs, but an attempt to quantify the impact of the exchange and to highlight the need for the US MSOs to get uplisted to get the recognition and valuations they deserve. It is impressive to see that even with zero points in this category, the US MSOs are highly ranked in this methodology. Their ranking will automatically be boosted upon confirmed uplisting. The additional 10 bonus points would make High Tide a top pick, worth further due diligence and inclusion in any cannabis portfolio. The other company that I would recommend you add to your watch list is WM Technology, which is a Nasdaq listed Tech play in the cannabis sector. For these reasons I have given it a dedicated page with detailed analysis in the STOCKS category.
Of the Licensed Producers in the stocks analyzed, SNDL and Tilray Brands have the highest potential to gain when you factor in the Nasdaq listing, high name recognition and disproportionately large volumes of shares traded. SNDL is well worth due diligence because of the franchise retail stores and indirect retail store presence via Inner Spirit and Nova Cannabis. I see it being a winner in Canada, along with High Tide, primarily because of the success of the discount model operations of High Tide's Canna Cabana retail stores and SNDL's (via Nova) ValueBud stores. Canopy Growth and Aurora Cannabis also have good potential for gains in a bull run for the same reasons. But the lack of retail stores, poor fundamentals, as shown in this blog's Revenue Growth and AEBITDA analyses make me rate them: Proceed With Extreme Caution. But cannabis has proven to be a fundamentals and logic defying sector. So, no investor should be surprised or frustrated if the 4 Licensed Producers covered in this analysis do end up outperforming the MSO stocks stagnating on the OTC, in spite of the MSOs being fundamentally stronger companies and also having more to gain from US reforms. This will be a factor until uplisting to Nasdaq/NYSE makes it a level playing field.
Recently, some MSOs have taken the proactive step of uplisting to the TSX. Although not as large as the Nasdaq or NYSE, the TSX is a reputed and large exchange. TerrAscend has led the charge and already uplisted to the TSX, while Curaleaf Holdings is in the process of doing so. I would award either 5 or 10 bonus points for being listed on the TSX, depending on how big of an impact you may think it is.
The next important factor to consider is which companies are able to operate while being Free Cash Flow (FCF) Positive. The macro scene is terrible right now and capital markets have dried up, making it very challenging for companies to find funding. The highest risk in the cannabis sector, as with any growth sector, is the risk of share dilution. Dilution of shares though Private Placements, Bought Deals (especially with warrants attached), ATM etc can destroy shareholder value. The companies that are FCF Positive have limited risk of dilution and hence need to be awarded 10 bonus points. I track this for my 3 top picks High Tide, Green Thumb and Curaleaf Holdings, which are all FCF Positive based on the last published quarterly reports. I came across a table on X/Twitter that showed the following as also FCF Positive: Trulieve Cannabis, SNDL, Jushi Holdings, Ayr Wellness, TerrAscend and Verano Holdings. But that's from data I don't have access to, so would recommend further analysis and confirmation.
Another important factor is insider ownership. Management (CEO, Chairman, Executive Chairman, etc) that owns a large number of shares are more shareholder friendly, while those who don't will treat shareholders as piggy banks with excessive dilution. I know for a fact that Raj Grover (@RajGrover_HITI) of High Tide owns more than 8% of the common shares outstanding and has never sold a share. Also impressive are Management teams who buy shares with their own money in the open market. Most impressive of these for me has been Jason Wild (@JasonGWild) of TerrAscend, who is well worth following on X/Twitter for his Cannabis Advocacy work. Kim Rivers (@rivers_kim) of Trulieve and her Management team have also impressed by buying company shares in the open market on several occasions.
One more important factor I consider is size, in terms of revenue, market capital, number of retain dispensaries/stores, etc. The larger the size, the greater the competitive advantage from factors like economies of scale, negotiation power, etc. The smaller the size, the higher the risks. The Revenue Growth Analysis: Cannabis stocks with the highest Decade to date (DTD) revenue growth page has a table sorting the high revenue cannabis stocks from highest to lowest revenue. Curaleaf, Trulieve and Green Thumb, have annualized revenue in excess of US$ 1 Billion. Regarding dispensary/store count, MJ Stock Trader (@stock_mj), who is well worth a follow on X/Twitter, has a page on his website for U.S. Cannabis Dispensary Count. There are only 4 cannabis companies with more than 100 dispensaries/stores. These are (largest count to lower): Trulieve, High Tide, Curaleaf and Verano Holdings. For market capital, the Cannabis Bull Market Scenario Analysis with PS Ratio Valuation page has a table sorting market cap by largest to smallest. The risks are high for the companies with smaller market capital, especially for those on the OTC exchange. It is for this reason that I have not invested in or mentioned as top pick some of the smaller MSOs, in spite of high points and rankings in my methodology.
Another important factor is what percentage of a company's revenue is actually derived from cannabis. All the companies that have a dedicated page with detailed analysis in the STOCKS category, Green Thumb, Curaleaf, Trulieve, High Tide and WM Technology are what I consider pure play cannabis companies. In contrast, some of the Licensed Producers make large percentages of their revenue from non-cannabis segments. SNDL makes 60%+ revenue from its Liquor Retail segment. Tilray makes around 40% of its revenue from its Cannabis business segment, while the rest is from the Distribution business, Beverage alcohol segment and Wellness business segment. Retail investors typically don't do a deeper analysis on this factor. But when institutional investors get to easily invest in the sector post reforms, this would be a factor used to identify pure play vs. partial play cannabis companies.
The last factor I deem important is the Leadership of the companies I invest in. Much can be learned by following them on X/Twitter and seeing their videos. I like to see how they engage with shareholders and what they do to make their companies better known. A lesser known company will not just trade at lower multiples, but will also have lower volumes traded. This makes them less attractive to both investors and traders. To offset this, it becomes necessary to create hype and engagement with retail shareholders. Some Founders/CEOs have shown the initiative by engaging with shareholders on X/Twitter and interviews in the news and other platforms. These include Ben Kovler (@bkov9) of Green Thumb, Kim Rivers (@rivers_kim) of Trulieve, Jason Wild (@JasonGWild) of TerrAscend, and Boris Jordan (@Boris_Jordan) of Curaleaf, who are active on the platform and have several thousands in followers. Raj Grover (@RajGrover_HITI) of High Tide is active on X/Twitter and has also conducted multiple Ask Me Anything (AMA) sessions on Reddit where he takes and answers shareholder questions. His next Reddit AMA is on Thursday November 16th at 4pm EST. Link:
Shareholder enthusiasm, which results in “buzz” or hype, contributes to the volumes and share price performance. If there is no demand for a company’s shares, the price will likely stagnate. The hype has the potential to get the stock trending on Reddit’s WallStreetBets (WSB), the group of retail investors responsible for the GameStop and AMC meme stock phenomenon.
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No list of factors to consider in stock market investing and ever be a comprehensive list. Through the preliminary and additional analysis on this page I have analyzed and shared my thoughts on the factors that I take into consideration when I invest. As mentioned in my Investment Methodology page, it would be best if you could use the numbers and narratives presented here and then follow Principle 1: Do Your Own Data-Driven Due Diligence (DYODDDD).
Some additional clarity on the selection of the 16 stocks in this analysis:
Each stock in the sample size of 16 used for this analysis has a quarterly revenue of around US$50 million or higher from cannabis. The sample size includes US and Canadian companies, stocks listed on Nasdaq (senators) and OTC (gladiators), and those I have categorized as apriums (vertically integrated retail and production), plums (licensed producers) and apples (cannabis technology). Irrespective of market capital, companies making less than around US$50 MM in cannabis quarterly revenue have been excluded in this analysis for now.
The criteria used is cannabis related revenues. Tilray was included because it makes US$50 MM+ quarterly revenue from its cannabis segment. Others with high overall revenue, but low cannabis revenue were excluded. For example Village Farms, which makes approximately 40% of its quarterly revenue (less than the US$ 50MM criteria) from cannabis, was excluded. The various cannabis ETFs often include stocks in the ancillary, real estate, tobacco and other sectors, like Innovative Industrial Properties (IIPR), GrowGeneration, Philip Morris, Altria, etc. These have been excluded, with the focus of the analysis on companies with primarily cannabis production, distribution, retail, ecommerce, technology and/or pharmaceutical segments contributing to revenue.
The ANALYSIS category also has the Historic Bull Market Valuations page, which shows an analysis of historical bull market valuations of prominent cannabis stocks using PS Ratios from 2017 to 2022. One observation based on the historical valuations and various analyses presented is that there is a disconnect between fundamentals and valuations not just for the overall sector but also subsectors. The Licensed Producers (categorized as plums) tend to be valued at higher PS than vertically integrated companies (categorized as apriums) with retail and production components. Similarly the Nasdaq/NYSE listed stocks (categorized as Senators) tend to have higher PS valuations than the OTC listed stocks (categorized as Gladiators).
But several plums are excluded from my sample of 16 companies because they make relatively low quarterly revenues. And some of those that are included have low overall rankings because of unimpressive or stagnating growth and multiple quarters with negative AEBITDA. Cannabis is a commodity business and producers are at a disadvantage compared to companies vertically integrated with a retail presence. This factor seems to be lost to the market which continues to discriminate (with low valuations) the companies with a retail component. Main contributing factors would be the OTC listing of US MSOs and the limited participation of institutional investors. When legislation is eventually passed to change this, it is likely that the disconnect between fundamentals and valuation will be corrected, and vertically integrated apriums will trade at higher PS valuations than producers (plums).
If you haven't come to the conclusion by this point, I would like to point out that this is a contrarian analysis, favoring companies that are the underdogs of the underdog Cannabis sector. I am not usually a contrarian when it comes to investing, as my favorite stocks will always be high quality dividend paying stocks. But when it comes to Cannabis investing, I have a contrarian mindset and place value on companies that have retail (B&M and/or ecommerce) strength, as opposed to the well recognized producers. I do not suffer from the delusion of grandeur thinking that this blog will change the market's perspective of Cannabis stocks. But fundamentals eventually tend to matter in the stock market and I believe that a day will come when the thinking considered contrarian (like in this blog) will be considered the norm. Only time will tell how this plays out.
This data-driven analysis to identify and rank the best cannabis stocks to invest in was prepared for informational purposes, to provoke further thinking and analysis with the readers. The analysis is an attempt to bring balance to a misunderstood and underappreciated sector. This page and the pages with detailed analysis in the ANALYSIS category will be updated on a regular basis based on material changes. It will be interesting to see the rankings change based on the changes in the variety of factors included in this analysis.
I request that those reading this blog not use this analysis to bash other stocks. It is incredibly immature to bash stocks owned by other investors. The cannabis sector stagnates together and will rise together when the bull run finally arrived. There is enough hate & conflict in this world. I request that my analysis not be used to spread negativity and toxicity.
The cannabis industry is still in its early stages and impacted by misconceptions rooted in stigma and ignorance. Many people still associate cannabis with tetrahydrocannabinol (THC), the main psychoactive compound in the miracle plant. But this original medicinal plant, used for thousands of years, provides more than a hundred compounds, called cannabinoids. Research on the health benefits of cannabinoids is on the rise, as is consumption of non-psychoactive cannabinoids including cannabidiol (CBD), cannabinol (CBN), cannabichromene (CBC) and cannabigerol (CBG).
This blog has several affiliate links to non-psychoactive cannabinoids, with the goal of spreading awareness and monetizing this blog’s content. Feel free to check them out as part of your research. You might find something that helps improve your physical, mental and/or spiritual wellness; and you would be supporting my analysis and efforts in the process.
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Disclosure: I (username Adastra) am an investor not a trader. I am bullish on the Cannabis sector as a long-term investment (2026 and beyond), provided stocks/ETFs are carefully picked based on data-driven due diligence. Of the 16 stocks covered in the Best Cannabis Stocks analysis, I have invested only in my top 3 picks: High Tide, Green Thumb and Curaleaf. But my analysis indicates (without any guarantees) that there is a potential for impressive gains in investing in the stocks best ranked in the analysis, including WM Technology, and Trulieve, which have a dedicated page with detailed analysis in the STOCKS category. I reserve the right to buy or sell at any time any of the stocks mentioned in this blog. I do not short stocks and never will short any stock in a company that makes the world a better place. I do not have insider knowledge of any company covered in this blog. All data used for analysis is from public sources. I have received (as of last update date of this page) ZERO funding for this blog from any of the companies featured in this blog.
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