2 Top Marijuana Stocks To Buy In Todays Stock Market?
Marijuana stocks are starting to see better all-around trading. However, as of mid-day January 18th, the cannabis sector started to see more volatile trading. From this volatile trading, there was some slight pullback. This pullback was another chance to find marijuana stocks to buy. Right now if you have the chance to add more shares to your portfolio some would advise you to do so.
You want to be prepared in the event a run or a big recovery takes place. Which is done by buying the dips and holding till the right time. So if you are going to invest in marijuana stocks there are some things to follow first. Initially, you want to build a watch list of potential marijuana stocks you feel hold value.
Then once you do your research on each company this will allow you to see which ones are more successful than the next. Also, you want to watch how the companies perform in the market. Once you have enough info and gain an understanding of how the companies trade you will have more confidence in your investment decision. The companies below are a few cannabis stocks to watch for the rest of the month.
Marijuana Stocks For Your 2023 Watchlist
Leafly Holdings, Inc.
Leafly Holdings, Inc. owns and operates a platform to provide consumers with cannabis information and connects consumers to cannabis brands and licensed retailers. Back in November, the company reported its Q3 2022 financial earnings.
Third Quarter 2022 Financial Results
- Total revenue was $11.8 million, up 8.1% over Q3 2021
- Gross margin was 87.1%, compared to 88.4% in Q3 2021
- Total operating expense was $16.3 million, up 21.0% over $13.5 million in Q3 2021, and down 16.3% from Q2 2022
- Net income was $15.5 million, and included $22.3 million of gains on derivative liabilities, due to fair value accounting, compared to a net loss of $4.5 million in Q3 2021
- Adjusted EBITDA loss was $5.2 million, compared to Adjusted EBITDA loss of $3.6 million in Q3 2021
- Ended the quarter with $27.8 million of cash, after repurchasing over 3 million shares of our common stock using $31.3 million of restricted cash
Greenlane Holdings, Inc.
Greenlane Holdings, Inc. develops and distributes cannabis accessories, child-resistant packaging, vape solutions, and lifestyle products in the United States, Canada, and Europe. In recent news, the company announced changes to its board of directors.
Nick Kovacevich, Adam Schoenfeld, and Richard Taney will step down from the company’s Board of Directors. So Craig Snyder, incoming CEO, will join the company’s Board of Directors effective January 6, 2023. The reduction of the Board to five members reaffirms the board’s commitment to improving economics.
Words From The Chairman Of The Board
“To become more efficient and decisive, we are making changes to the makeup of the Board of Directors to support our transition to a higher margin, leaner, and more focused consumer business. Reducing the board to five directors will give Greenlane more flexibility and speed as we undertake significant, positive changes to the business in 2023, while also reducing cash expenses associated with a larger board,” stated Donald Hunter, Chairman of the Board.
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