Cannabis stocks could see higher highs. All thanks to recent legalization in Germany, the addition of a cannabis vote in Florida, growing approval ratings in polls, and speculation it could be favorably mentioned in the election.

According to the Pew Research Center, about nine in 10 Americans (88%) said that cannabis should be legal for medical or recreational use. About 57% said cannabis should be legal for both medical and recreational use. About 32% said it should just be legal for medical use, while about 11% said cannabis should not be legal at all.

Two, there’s speculation we could hear more about legalization as we near the U.S. elections. After all, with millions of Americans hoping for legalization, it could provide candidates with further support if they simply mention the possibility of legalization.

Three, Germany just legalized the possession of small amounts of cannabis. In addition, as noted by Marijuana Moment, “Colorado’s governor says that while federal marijuana legalization is the ultimate goal, incremental rescheduling and cannabis banking reform are important ‘dominoes’ that could help pave the way. And he said his state continues to have ‘very strong conversations with the White House’ about the need for policy change.”

With that, cannabis stocks have been soaring, including:

Curaleaf (CURLF)

Since bottoming out in late October, Curaleaf (OTCMKTS:CURLF) ran from about $2.50 to a recent high of $5.60. From here, if it can break above triple-top resistance dating back to September, it could see $8 a share. 

Helping, the recent legalization in Germany could have a domino effect across Europe, where CURLF has been expanding its footprint. It’s also considering a secondary listing in Europe to hep “bolster shareholder value,” as noted by Seeking Alpha.. 

Even better, Craig-Hallum analysts just raised their price target on CURLF to $3.50 from $2.75. Roth MKM also raised its price target to $7, with a buy rating. Plus, earnings haven’t been too shabby either. In its fourth quarter, revenue was up about 4% quarter over quarter to $345 million. Full-year 2023 revenue jumped 6% year over year to $1.35 billion. It also saw notable improvements in its gross margins and operating cash flow.

Curaleaf expects for 2024 to be even better, as noted by TipRanks.com.

Trulieve Cannabis (TCNNF)

Trulieve Cannabis (OTCMKTS:TCNNF) has been just as explosive.

Since bottoming out in late October, TCNNF ran from about $4 to a recent high of $12.60. From here, with all of the emerging catalysts, it could easily see higher highs. Helping, Craig-Hallum has a buy rating on the stock. Analysts at Haywood also have a buy rating on the stock, with a price target of $18.25. Plus, earnings have been solid here, too.

In its fourth quarter, an EPS loss of 12 cents beat by a penny. Revenue of $287 million – down 3.7% year over year – beat by $19.03 million. It also achieved gross margins of 54% with a gross profit of $154 million. For the full-year, it saw revenue of $1.6 billion. It achieved gross margins of 52% with a gross profit of $589 million. 

“Fourth quarter momentum was underpinned by improved consumer trends. We entered 2024 in a position of significant strength just as the outlook for industry growth and reform brightened. With strong cash generation and a clearly defined strategy, Trulieve is best positioned for the coming wave of meaningful growth catalysts,” added CEO Kim Rivers.

Green Thumb Industries (GTBIF)

Another one of the strongest cannabis stocks to consider is Green Thumb Industries (OTCMKTS:GTBIF).

Since bottoming out in late August around $6.70, it’s now to $14 a share. From here, it could also see higher highs with all of the emerging catalysts. While its EPS of a penny missed by four cents, revenues were up 7.3% year over year to $278.23 million and beat by $9.86 million. 

For the full-year, its revenue jumped 4% year over year to $1.1 billion. Cash flow from operations jumped 42% year over year to $225 million. And its adjusted EBITDA of $326 million was up about 5% year over year. In addition, the company authorized a $50 million buyback program, which now brings its total repurchase plan to about $60 million. 

“We ended the year with a strong balance sheet including $162 million in cash, net of $65 million returned to shareholders via share buybacks and debt repurchases,” said Green Thumb Founder, Chairman and Chief Executive Officer Ben Kovler.

On the date of publication, Ian Cooper did not hold (either directly or indirectly) any positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.