2 Marijuana Stocks To Watch 2023
If you are marijuana stock investors you have been on the downside and the upside of the market. The cannabis sector for some time now has had an increase in volatility. What this means is there is a consistent up-and-down trading pattern that changes without warnings. This is part of the reason some are not in favor of marijuana stocks due to their unpredictable trading. Nonetheless, there are many who feel that cannabis stocks present a chance to make money. Without any federal reform in place, we will continue to see this volatile pattern in the sector.
So the best advice would be the adjust accordingly and be ready to buy and sell. For example, if you see that companies are showing some pullback this is a time to find marijuana stocks to buy. On the other hand, if you see that the sector is moving up then taking profits before the next pullback is key. For some time now when there is a rise or recovery of some kind it is short-lived.
This has created issues for some investors as they are not quick enough to take profits every time. Still with a new year soon to begin investing in marijuana stocks could be a good way to enter the legal cannabis market. Especially with the growth and active success of the cannabis industry. The companies below are a few marijuana stocks to watch in mid-November.
Marijuana Stocks To Watch In The Stock Market Today
Trulieve Cannabis Corp.
Trulieve Cannabis Corp. together with its subsidiaries operates as a medical cannabis company. It cultivates and produces products in-house and distributes its products to Trulieve branded stores (dispensaries) in Florida, as well as through home delivery. In recent news, the company has reported its Q3 2022 financial results.
Highlights And Key Mentions
- Grew revenue by 34% year over year to $301 million, with 94% of revenue from retail sales.
- Achieved GAAP gross margin of 56%, with a gross profit of $168 million.
- Reported net loss of $115 million. Adjusted net income of $4 million* excludes $26 million of transaction, acquisition, integration, and other non-recurring charges; $93 million in asset impairments, disposals, and discontinued operations, primarily associated with the strategic repositioning away from margin dilutive and cash flow negative assets through the closure of dispensaries in California, redundant cultivation in Florida and the exit of wholesale operations in Nevada.
- Generated adjusted EBITDA of $99 million*, or 33% margin.
- Ended the third quarter with $114 million in cash.
[Read More] Top Cannabis Stocks To Watch Under $2 Now
Green Thumb Industries Inc.
Green Thumb Industries Inc. engages in the manufacture, distribution, and sale of various cannabis products for medical and adult use in the United States. During the first week of November, Green Thumb released its Q3 2022 earnings.
Q3 2022 Highlights
- Revenue increased 3% sequentially and 12% year-over-year to $261 million.
- Year-to-date 2022 revenue increased 17% to $758 million compared to the first nine months of 2021.
- A ninth consecutive quarter of positive GAAP net income, delivering $10 million or $0.04 per basic and diluted share.
- Adjusted Operating EBITDA grew 7% sequentially to $84 million or 32% of revenue.
- Cash flow from operations of $48 million net of income tax payments of $31 million for the quarter.
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