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12 Cannabis Stocks to Buy Now

Slowly and surely the cannabis industry is becoming mainstream. As more states legalize medical and recreational marijuana, the number of public companies operating in the cannabis industry is slowly expanding as well. It’s still early though. Many public cannabis companies either trade on the Canadian stock exchange where there are fewer regulations or on over the counter (OTC) markets in the United States. That said, there are more than [link]50 public companies[/link] in the cannabis industry that you can invest in with your brokerage account.

Most public cannabis stocks aren’t directly growing and selling marijuana themselves, but they do stand to benefit greatly as more states legalize the sale and possession of marijuana. Some of these firms are media companies. Others are privately studying the medical uses of cannabis. Yet others are providing tools and software for growers.

As the "green rush" enters public markets through IPOs and SPACs, it will become increasingly difficult for investors to identify which cannabis stocks are solid companies with long-term prospects and which are shell companies simply trying to benefit from the marijuana megatrend.

There’s very little professional coverage of cannabis companies on Wall Street, but that hasn’t stopped independent analysts and our subscribers from researching these firms.

This slideshow lists the the 12 cannabis stocks that have the most MarketBeat subscribers following them on their watchlists. More than 2,500 MarketBeat subscribers are now following our top-trending cannabis company.

#1 - Canopy Growth (TSE:WEED)

MarketBeat Followers
2,913
Market Cap
C$869.83 million
Consensus Rating
Reduce
Rating Score
1.5
Ratings Breakdown
0 Buy Ratings, 2 Hold Ratings, 2 Sell Ratings.
Consensus Price Target
C$3.20 (72.4% Downside)

About Canopy Growth

Canopy Growth logoCanopy Growth Corporation, together with its subsidiaries, engages in growing, possession, and sale of medical cannabis in Canada. Its products include dried flowers, oils and concentrates, softgel capsules, and hemps. The company offers its products under the Tweed, Black Label, Spectrum Cannabis, DNA Genetics, Leafs By Snoop, CraftGrow, and Foria brand names. Read More 
 

Recent Analyst Ratings

DateBrokerageActionRatingPrice TargetDetails
2/27/2024Jefferies Financial GroupLower Price TargetHoldC$7.28 ➝ C$4.90
2/14/2024Bank of AmericaLower Price TargetC$7.00 ➝ C$4.00
1/30/2024Sanford C. BernsteinBoost Price TargetC$1.49 ➝ C$6.70
11/21/2023Jefferies Financial GroupBoost Price TargetHoldC$0.59 ➝ C$0.73
11/1/2023CIBCBoost Price TargetUnderperformC$0.45 ➝ C$0.50
10/2/2023Alliance Global PartnersBoost Price TargetC$0.60 ➝ C$1.30
9/18/2023Sanford C. BernsteinLower Price TargetMarket PerformC$2.10 ➝ C$1.49
9/15/2023Bank of AmericaBoost Price TargetUnderperformC$0.56 ➝ C$0.65
9/15/2023TD SecuritiesBoost Price TargetC$0.70 ➝ C$1.80
8/16/2023Jefferies Financial GroupLower Price TargetC$0.61 ➝ C$0.59


#2 - Innovative Industrial Properties (NYSE:IIPR)

MarketBeat Followers
2,126
Market Cap
$3.00 billion
Consensus Rating
Hold
Rating Score
2.0
Ratings Breakdown
0 Buy Ratings, 2 Hold Ratings, 0 Sell Ratings.
Consensus Price Target
$99.00 (6.5% Downside)

About Innovative Industrial Properties

Innovative Industrial Properties logoInnovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized properties leased to experienced, state-licensed operators for their regulated cannabis facilities. Innovative Industrial Properties, Inc has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017.
 

Recent Analyst Ratings

DateBrokerageActionRatingPrice TargetDetails
2/29/2024Piper SandlerBoost Price TargetNeutral ➝ Neutral$85.00 ➝ $103.00
11/6/2023Piper SandlerBoost Price TargetNeutral ➝ Neutral$80.00 ➝ $85.00
9/5/2023Compass PointDowngradeBuy ➝ Neutral$95.00
6/29/2023Piper SandlerDowngradeOverweight ➝ Neutral$80.00
5/31/2023Piper SandlerLower Price Target$97.00 ➝ $80.00
5/17/2023Compass PointLower Price Target$100.00
5/10/2023Craig HallumDowngradeBuy ➝ Hold$125.00 ➝ $80.00
4/5/2023Piper SandlerLower Price TargetOverweight$120.00 ➝ $97.00
3/1/2023Craig HallumLower Price Target$140.00 ➝ $125.00
3/1/2023Piper SandlerLower Price TargetOverweight$140.00 ➝ $120.00


#3 - Unrivaled Brands (OTCMKTS:TRTC)

MarketBeat Followers
1,570
Market Cap
$145.01 million
Consensus Rating
N/A
Rating Score
NaN
Ratings Breakdown
0 Buy Ratings, 0 Hold Ratings, 0 Sell Ratings.
Consensus Price Target
N/A

About Unrivaled Brands

Unrivaled Brands logoTerra Tech Corp. cultivates, produces, and retails medical and adult use cannabis products. The company also operates medical marijuana retail and adult use dispensaries, cultivation, and production facilities in California and Nevada under the Blüm name in California and Nevada. Terra Tech Corp. was founded in 2010 and is based in Santa Ana, California.
 


#4 - 22nd Century Group (NASDAQ:XXII)

MarketBeat Followers
1,478
Market Cap
$10.53 million
Consensus Rating
Moderate Buy
Rating Score
2.5
Ratings Breakdown
2 Buy Ratings, 2 Hold Ratings, 0 Sell Ratings.
Consensus Price Target
$100.00 (7,964.5% Upside)

About 22nd Century Group

22nd Century Group logo22nd Century Group, Inc, a tobacco products company, engages in the sale and distribution of its own proprietary new reduced nicotine tobacco products. The company offers reduced nicotine content tobacco plants and very low nicotine combustible cigarette products. It also provides contract manufacturing services for conventional combustible tobacco products for third-party brands. Read More 
 

Recent Analyst Ratings

DateBrokerageActionRatingPrice TargetDetails
8/23/2023Roth MkmReiterated RatingBuy ➝ Buy$80.00
8/17/2023Alliance Global PartnersDowngradeBuy ➝ Neutral
8/15/2023Dawson JamesLower Price TargetBuy ➝ Buy$160.00 ➝ $120.00
8/15/2023TD CowenReiterated RatingOutperform ➝ Market Perform
7/25/2023Dawson JamesLower Price Target$240.00 ➝ $160.00
7/3/2023Dawson JamesLower Price Target$1,080.00 ➝ $240.00
3/10/2023Alliance Global PartnersLower Price Target$960.00 ➝ $720.00
11/9/2022Alliance Global PartnersLower Price TargetBuy$1,200.00 ➝ $960.00
7/21/2022Alliance Global PartnersInitiated CoverageBuy$1,200.00
6/15/2022Craig HallumInitiated CoverageBuy$1,200.00


#5 - Organigram (TSE:OGI)

MarketBeat Followers
1,202
Market Cap
C$245.14 million
Consensus Rating
Moderate Buy
Rating Score
2.8
Ratings Breakdown
3 Buy Ratings, 1 Hold Ratings, 0 Sell Ratings.
Consensus Price Target
C$3.76 (57.9% Upside)

About Organigram

Organigram logoOrganigram Holdings Inc, through its subsidiaries, engages in the production and sale of cannabis and cannabis-derived products in Canada. It offers medical cannabis products, including whole flower, milled flower, pre-rolls, infused pre-rolls, vapes, gummies, and concentrates for medical retailers; adult use recreational cannabis under the SHRED, Holy Mountain, Big Bag O' Buds, Monjour, Trailblazer, SHRED'ems, Edison Cannabis Co, Edison JOLTS, Tremblant, and Laurentian brands. Read More 
 

Recent Analyst Ratings

DateBrokerageActionRatingPrice TargetDetails
5/17/2024Jefferies Financial GroupLower Price TargetC$4.40 ➝ C$4.35
5/15/2024Canaccord Genuity GroupLower Price TargetSpeculative BuyC$3.75 ➝ C$3.25
4/3/2024ATB CapitalSet Price TargetOutperformC$5.25
2/27/2024Jefferies Financial GroupLower Price TargetBuyC$4.95 ➝ C$4.40
2/14/2024Alliance Global PartnersBoost Price TargetNeutralC$2.00 ➝ C$2.70
12/20/2023ATB CapitalBoost Price TargetOutperformC$5.50 ➝ C$6.50
12/20/2023Alliance Global PartnersLower Price TargetC$2.25 ➝ C$2.00
12/20/2023Canaccord Genuity GroupLower Price TargetC$4.00 ➝ C$3.75
7/18/2023Haywood SecuritiesLower Price TargetC$5.00 ➝ C$3.00
7/17/2023Stifel NicolausBoost Price TargetC$1.25 ➝ C$4.00


#6 - GrowGeneration (NASDAQ:GRWG)

MarketBeat Followers
1,126
Market Cap
$155.41 million
Consensus Rating
Hold
Rating Score
2.3
Ratings Breakdown
1 Buy Ratings, 2 Hold Ratings, 0 Sell Ratings.
Consensus Price Target
$3.88 (55.0% Upside)

About GrowGeneration

GrowGeneration logoGrowGeneration Corp., through its subsidiaries, owns and operates retail hydroponic and organic gardening stores in the United States. The company engages in the marketing and distribution of nutrients, additives, growing media, lighting, and environmental control systems, as well as other indoor and outdoor growing products. Read More 
 

Recent Analyst Ratings

DateBrokerageActionRatingPrice TargetDetails
5/9/2024Roth MkmBoost Price TargetNeutral ➝ Neutral$2.25 ➝ $2.75
3/20/2024OppenheimerDowngradeOutperform ➝ Market Perform
8/9/2023Lake Street CapitalLower Price TargetBuy ➝ Buy$6.00 ➝ $5.00
5/10/2023Craig HallumUpgradeHold ➝ Buy$4.25 ➝ $4.75
3/20/2023Stifel NicolausLower Price Target$5.25 ➝ $4.30
1/3/2023Wells Fargo & CompanyBoost Price TargetEqual Weight$3.50 ➝ $4.00
11/8/2022Alliance Global PartnersLower Price TargetNeutral ➝ NeutralC$4.50 ➝ C$4.00
8/5/2022Alliance Global PartnersDowngradeBuy ➝ Neutral$7.00 ➝ $4.50
5/12/2022OppenheimerLower Price Target$50.00 ➝ $15.00
5/11/2022Wells Fargo & CompanyLower Price Target$8.00 ➝ $4.00


#7 - Medical Marijuana (OTCMKTS:MJNA)

MarketBeat Followers
1,120
Consensus Rating
N/A
Rating Score
NaN
Ratings Breakdown
0 Buy Ratings, 0 Hold Ratings, 0 Sell Ratings.
Consensus Price Target
N/A

About Medical Marijuana

Medical Marijuana logoMedical Marijuana, Inc, an investment holding company, operates in the cannabinoid-based nutraceutical industry. It focuses on the development, sale, and distribution of hemp oil that contains naturally occurring cannabinoids, including cannabidiol (CBD) and other products containing CBD-rich hemp oil; treatment of pain and other medical disorders with the application of chewing gum-based cannabis/cannabinoid medical products; and nonpsychoactive cannabidiol products. Read More 
 


#8 - Marijuana Company of America (OTCMKTS:MCOA)

MarketBeat Followers
898
Consensus Rating
N/A
Rating Score
NaN
Ratings Breakdown
0 Buy Ratings, 0 Hold Ratings, 0 Sell Ratings.
Consensus Price Target
N/A

About Marijuana Company of America

Marijuana Company of America logoMarijuana Company of America, Inc, together with its subsidiaries, develops, produces, and distributes cannabis and cannabidiol (CBD) products under the hempSMART brand name in the United States. The company offers hempSMART products comprising hempSMART Brain, a patented and formulated personal care consumer product for brain wellness; hempSMART Pain capsules for temporary relief of minor discomfort with physical activity; hempSMART Pain Cream to reduce minor discomfort and promote muscle relaxation; hempSMART Drops, a hemp CBD oil tincture drops; hempSMART Pet Drops for cats and dogs; hempSMART Face, a facial moisturizer; and hempSMART drink mix, an industrial hemp based powderized CBD drink through its web site and affiliate marketing programs. Read More 
 


#9 - Cannabis Sativa (OTCMKTS:CBDS)

MarketBeat Followers
593
Consensus Rating
N/A
Rating Score
NaN
Ratings Breakdown
0 Buy Ratings, 0 Hold Ratings, 0 Sell Ratings.
Consensus Price Target
N/A

About Cannabis Sativa

Cannabis Sativa logoCannabis Sativa, Inc, through its subsidiaries, primarily provides telemedicine online referral services for customers desiring medical marijuana cards in the United States. The company offers PrestoDoctor, an online telemedicine platform, which provides access to physicians for getting a medical marijuana recommendation using video conferencing technology. Read More 
 


#10 - Trees (OTCMKTS:CANN)

MarketBeat Followers
456
Market Cap
$9.90 million
Consensus Rating
N/A
Rating Score
NaN
Ratings Breakdown
0 Buy Ratings, 0 Hold Ratings, 0 Sell Ratings.
Consensus Price Target
N/A

About Trees

Trees logoTrees Corporation provides products and services to the regulated cannabis industry in the United States. The company operates through Retail and Cultivation segments. It operates a licensed 17,000 square foot light deprivation greenhouse cultivation facility; and retail dispensary store in Englewood, Colorado, as well as retail stores in Portland, Oregon. Read More 
 


#11 - MassRoots (OTCMKTS:MSRT)

MarketBeat Followers
449
Market Cap
$39.29 million
Consensus Rating
N/A
Rating Score
NaN
Ratings Breakdown
0 Buy Ratings, 0 Hold Ratings, 0 Sell Ratings.
Consensus Price Target
N/A

About MassRoots

MassRoots logoMassRoots, Inc engages in the development and provision of social media network for the cannabis community. It offers WeedPass, a rewards program which enables consumers to earn tickets to movies, sporting events, and festivals by shopping at participating dispensaries. The company was founded by Isaac Dietrich, Stewart Fortier, Tyler Knight, and Hyler Fortier in April 2013 and is headquartered in Denver, CO.
 


#12 - American Cannabis (OTCMKTS:AMMJ)

MarketBeat Followers
376
Consensus Rating
N/A
Rating Score
NaN
Ratings Breakdown
0 Buy Ratings, 0 Hold Ratings, 0 Sell Ratings.
Consensus Price Target
N/A

About American Cannabis

American Cannabis logoAmerican Cannabis Company, Inc, together with its subsidiary, Hollister & Blacksmith, Inc, doing business as American Cannabis Consulting, provides solutions for businesses operating in the regulated cannabis industry in the United States and Canada. The company offers advisory and consulting services, including commercial cannabis business planning, cannabis business license application, cultivation build-out oversight, cannabis regulatory compliance, compliance audit, cannabis business growth strategy, and cannabis business monitoring services. Read More 
 


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