The best marijuana stocks to buy in October? 3 ancillary cannabis stocks on the rise according to analysts

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Investing in the Cannabis Industry in 2021

Looking for the best marijuana stocks to buy in 2021? For over nine months, investors have seen the best cannabis stocks drop in the market. Today, most of the best potted stocks are trading near the lowest prices seen so far this year. In October, increased volatility in the best marijuana stocks to invest in renewed investor interest in cannabis. Auxiliary stocks of marijuana are an area well positioned to grow alongside the cannabis industry.

Marijuanastocks.com – MarijuanaStocks

Ancillary cannabis companies are companies that support the cannabis industry without touching the plant itself. Since the first quarter of 2021, these ancillary cannabis stocks have seen a significant drop in value and are now trading at levels close to analysts’ expectations that could generate a significant rise. In 2021, the federal legalization of marijuana was the main catalyst for the largest cannabis stocks. In the first quarter, investors rallied behind the belief that the government would legalize marijuana federally earlier in the year.

Because it has not yet been issued by lawmakers, it has had a major effect on cannabis stocks in the market. While the major cannabis companies have continued to deliver strong profits and experience substantial growth, this has not translated into market gains. One area that continues to grow alongside the cannabis market is hydroponics and lighting supply companies.

Finding the best deals in the cannabis industry in 2021

In general, these ancillary companies have shown more stability than vertically integrated marijuana inventories in 2021. As the demand for cannabis increases in the United States, these companies are well positioned to supply industry with equipment and tools. nutrients necessary for plant production. Due to the growth potential of these top cannabis ancillary companies, it might be time to start a watchlist for the best marijuana stocks right now.

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Before investing, it is important to do your due diligence and investigate a company’s earnings, press releases, and market performance. Examining these elements and finding the best entry for your position can help you get the best returns on your investment. Let’s take a look at the top 3 ancillary cannabis stocks for your list in Q4 2021.

The best marijuana stocks to watch in October

  1. The Scotts Miracle-Gro Company (NYSE: SMG)
  2. Hydrofarm Holdings Group, Inc. (NASDAQ: HYFM)
  3. GrowGeneration Corp. (NASDAQ: GRWG)

The Scotts Miracle-Gro Company

Scotts Miracle-Gro, one of the world’s largest distributors of branded lawn and garden products, has a presence in the cannabis market. To clarify, the company’s wholly owned subsidiary, Hawthorne Gardening, is a leading supplier of nutrients, lighting and hydroponic equipment used in the cannabis cultivation process. In August, the company announced its 3rd financial statements for the quarter and reaffirmed sales and earnings guidance for fiscal 2021. In September, Scott’s appointed Cory Miller as Executive Vice President and Chief Financial Officer.

Scott’s company-wide sales in the third quarter increased 8% to $ 1.61 billion, driven by Hawthorne’s 48% growth. Mainly, Hawthorne’s sales increased to $ 421.9 million from $ 285.7 million. Scott’s US consumer sales fell 4% in the third quarter, but remained 19% higher year-to-date. As a result, Scott’s saw its company-wide sales increase to $ 4.19 billion, up 29% for the first 9 months of fiscal 2021. In the third quarter, Scott’s acquired the accessories and supplier of water filtration and purification products to California Hydrologic Purification Systems in the cannabis market. Company Expected to Release Fourth Quarter 2021 Results on November 3rd before the market opens.smg stock

Closing of the SMG title on October 22sd to $ 147.34, down 26.01% year-to-date. Currently, the stock has a 52-week price range of $ 139.20 to $ 254.34. According to analysts at Tip Ranks, SMG stock has a 12-month average price target of $ 209.20 per share. Based on this analysis, this would represent an increase of 41.98% from its last trading price.

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Hydrofarm Holdings Group, Inc.

Hydrofarm Holdings Group, Inc. is a leading distributor and manufacturer of hydroponic equipment and supplies for controlled environment agriculture. In general, the company offers a variety of equipment that facilitates the process of growing cannabis. Primarily, the company offers high intensity grow lights, climate control solutions and growing media, as well as a large portfolio of innovative and exclusive branded products. Hydrofarms has been in business for over 40 years helping growers in the United States and Canada obtain top quality agricultural products.

Hydrofarm released its second quarter 2021 results with net sales of $ 133.8 million, up 46.7% year-over-year. To point out, gross profits rose 65% to $ 29.6 million or 22.1% of net sales. In addition, corporate adjusted EBITDA increased 127.5% to $ 16.2 million. In addition, the company announced that it has completed the acquisition of Aurora Innovations and its organic nutrients and growing media businesses. In August, the company announced the acquisition of Greenstar Plant Products, Inc., a leading Canadian nutrient company. Specifically, this acquisition continues Hydrofarms’ efforts to acquire manufacturers of branded products in key CEA categories.

HYFM Stock closed on October 22sd to $ 34.85, down 16.45% last month. The stock has a 52-week price range of $ 34.02 to $ 95.48 and is down 33.64% year-to-date. HYFM stock has a 12-month median price target of $ 65.00 per share, according to CNN Business analysts. In this case, it would be an 86.51% increase from its last trading level of $ 34.85.

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GrowGeneration Corp

Currently, GrowGeneration Corp. is a leading owner and operator of retail hydroponic and organic gardening stores in the United States. In general, the company markets and distributes organic, lighting and hydroponic equipment primarily used by cannabis growers. Currently, GrowGen has 63 organic garden centers in 13 states.e and 12e Southern California stores. Additionally, the company has also been working on its online presence with the launch of GrowGeneration.com. The site is a one-stop e-commerce destination with over 10,000 products ranging from nutrients to lighting technology. Over the next five years, the company expects to have more than 100 operational sites in the United States. During the third quarter, the company announced the opening of the largest hydroponic garden center in Los Angeles County, California.GRWG

GrowGen released second quarter 2021 financial results with record revenue of $ 125.9 million, up 190% year-over-year. As a result, the company generated net income of $ 6.7 million and adjusted EBITDA of $ 14.5 million. October 13e the company has announced in advance a revenue forecast for the third quarter of 2021 of $ 114 million to $ 116 million, bringing revenue to date to $ 330 million to $ 332 million. Additionally, GrowGen gave a revenue forecast for the fourth quarter of 2021 of $ 110-120 million. And revised the revenue forecast for the year 2021 to $ 440-452 million.

GRWG title closes on October 22sd to $ 22.03, down 17.18% last month. Specifically, GRWG stock has a 52-week price range of $ 15.84 to $ 67.75 and is down 45.23% year-to-date. According to Market Beat analysts, GRWG stock has a consensus price target of $ 45 per share. Essentially, that would be a 104.3% rise from its last stock price of $ 22.03.


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