Best high-growth marijuana stocks to buy now
- The cannabis industry relatively slowed last year.
- However, some cannabis stocks experienced significant top-line growth.
- Verano Holdings and Jushi Holdings are some of the top picks for high-growth cannabis stocks.
Although 2021may not have been the best year for several cannabis stocks, some reported a significant growth in sales, making them ideal candidates for growth stocks to watch in 2022.
Verano Holdings
Copy link to sectionVerano Holdings Corp (CNQ:VRNO) is a vertically-integrated producer of adult-use marijuana products. It also engages in medical cannabis production in several states. The stock fell more than 50% last year, despite registering top-line growth of more than 200%.
Therefore, 2022 could be a crucial period, with investors eyeing a potential rebound amid last year’s sales growth.
Technically, Verano Holdings shares seem to be trading within a gently ascending channel formation in the intraday chart.
Although the stock has recovered to trade closer to the overbought conditions, investors could target more gains at about C$17.28, or higher at C$18.81, while C$14.28 and C$12.62 are support levels.
Jushi Holdings
Copy link to sectionJushi Holdings Inc. (CNQ:JUSH) operates as a holding company for branded cannabis products and hemp. In addition to cultivation, Jushi also offers retail, processing and distribution of marijuana.
Its top line grew by about 105% last year, making it an ideal growth target for 2022. The stock has plummeted nearly 60% since February last year.
Technically, Jushi seems to have recently spiked to complete a bullish breakout from a descending channel formation.
Therefore, investors could target extended gains at about C$5.03, or higher at C$5.43. On the other hand, C$4.27 and C$3.83 are support levels.
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