Undervalued cannabis stocks may be some of the most controversial trades on the market.
But they’ve also proven themselves to be some of the most profitable.
This all comes thanks to rescheduling efforts, a greater number of Americans wanting to see approval and the potential for even more positive news ahead of the elections. We also have to consider that Florida could soon legalize its use. All of which could easily send cannabis stocks to higher highs.
Look at Innovative Industrial Properties (NYSE:IIPR), for example.
The cannabis real estate investment trust (REIT)—which carries a yield of about 6.73% — saw its stock rocket from a February low of about $90 to a recent high of $115.75. Even now, it still offers a substantial amount of opportunity.
Better, with the story heating up, here are three of the most undervalued cannabis stocks you may want to buy and hold in your portfolio today.
Trulieve Cannabis (TCNNF) Source: Leigh Trail / Shutterstock.com
At just $9.21, Trulieve Cannabis (OTCMKTS:TCNNF) could see higher highs as we near potential legalization in Florida. Alliance Global Partners even noted TCNNF is best positioned for that. Analysts at Needham also raised their price target on TCNNF to $14.50 with a “buy”
