2 Cannabis Stocks To Watch Before Earnings
Marijuana stock investors are looking forward to seeing what will unfold this week. The start of 2023 began with a rise in trading from increased momentum. Much of this recent rise was triggered by speculation. When a new year begins for the cannabis industry it is another chance to get more things done. For example this year we will see more states vote to legalize cannabis.
Whether full rec or medical it’s a step forward and more progress Especially with cannabis still federally illegal in the United States. Nevertheless, more companies are starting to release and develop new products. The overall cannabis market in the USA is showing strong growth and large amounts of revenue. Also, companies are soon to report Q4 earnings which can be a means for marijuana stocks to better trading.
When there is positive news about how a company is performing mainly on financials it can be a strong catalyst for the sector. At times when one company is doing well it can set off a chain reaction and cause other marijuana stocks to trade up. So if you are looking for marijuana stocks to buy in 2023 there may be a chance to do so. The companies below are several cannabis stocks to watch in today’s stock market.
Top Marijuana Stocks To Watch
- Organigram Holdings Inc. (NASDAQ:OGI)
- HEXO Corp. (NASDAQ:HEXO)
Organigram Holdings Inc.
Organigram Holdings Inc. through its subsidiaries engages in the production and sale of cannabis and cannabis-derived products in Canada. In recent news, the company announced it will be reporting its Q1 fiscal 2023 results.
The Company will host a conference call to discuss its results in detail. This call will be conducted on Thursday, January 12th at 8 am.
[Read More] Best Marijuana Stocks To Buy? 3 Delivering Gains To Start 2023
HEXO Corp.
HEXO Corp. together with its subsidiaries, produces, markets, and sells cannabis in Canada. The company offers its adult-use and medical products under the HEXO brand name. Back in December, the company reported its Q1 2023 financial results. 
Highlight And Key Mentions
- The Company recorded an Adjusted EBITDA loss of $(0.6) million during the three months ended October 31, 2022 (“Q1’23”), an improvement of $6.9 million from the fourth quarter of FY22 (“Q4’22”), and an improvement of $11 million from the first quarter of FY22 (“Q1’22”).
- The Company recorded a total net loss before tax of $(57.1) million in Q1’23, an improvement as compared to net losses before tax of $(106.2) million in Q4’22 and $(117.4) million in Q1’22, respectively.
- Q1’23 net revenues were $35.8 million, a decrease of 29% comparatively to $50.2 million in Q1’22 and a decrease of 16% compared to $42.5 million net revenue in Q4’22.
[Read More] Marijuana Stocks To Watch In the Stock Market 2023
- Total operating expenses were significantly reduced by 69% or $50.7 million quarter over quarter and 81% or $100 million as compared to Q1’22.
Operating cash outflows were reduced by $27.7 million or 49% when compared to Q1’22.
