Top Marijuana Stock Picks 2023?
Marijuana stocks could soon see another rise in trading. Over the last few weeks, much of the volatility has been fluctuating a bit more. This has made for a better trading environment for those who invest in cannabis. Recently legislators reintroduced the SAFE Banking Act and when news surfaced it created a break out for the sector. Since that time the anticipation and speculation of what will happen has been a factor in the consistent up and down trading.
So those who may feel they are late to invest in cannabis are wrong. The upside to a volatile market is being able to find the best marijuana stocks to buy on the pullback. So another reason why the cannabis sector could soon begin to rise is more companies are starting to report earnings. This is another aspect of speculative trading. For instance, when several companies report strong financials it leads people to think others will follow and they begin to buy shares.
Now this is not all the time and is circumstantial for each quarter. Nevertheless, the possibility of seeing another recovery in the sector this month is in good standing. But for now, it’s all a waiting game as anything can happen in a volatile sector like cannabis. The companies below are several marijuana stocks to watch for the rest of May.
Top Marijuana In 2023
- Greenlane Holdings, Inc. (NASDAQ:GNLN)
- TerrAscend Corp. (OTC:TRSSF)
Greenlane Holdings, Inc.
Greenlane Holdings, Inc. develops and distributes cannabis accessories, vape solutions, and lifestyle products in the United States, Canada, and Europe. It operates in two segments, Consumer Goods and Industrial Goods. On May 8th the company announced it will host a first-quarter conference call on May 15th.
The call will be a webcast with an accompanying slide deck, which will be accessible by visiting the Financial Results page of Greenlane’s investor relations website. The time of the call will begin on the 15th of May at 4:30 p.m. Eastern time.
[Read More] Are Marijuana Stocks A Buy As SAFE Banking Comes Into Focus?
TerrAscend Corp. cultivates, processes, and sells medical and adult-use cannabis in Canada and the United States. The company produces and distributes hemp-derived wellness products to retail locations; and manufactures cannabis-infused artisan edibles. Recently the company reported its Q1 2023 earing and it’s been a record quarter for TerrAscend Corp.
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First Quarter 2023 Financial Highlights
- Net Revenue was $69.4 million, an increase of 0.6% sequentially and 42.8% year-over-year.
- Gross Profit Margin was 48.8%, compared to 44.6% in Q4 2022 and 32.1% in Q1 2022.
- Adjusted Gross Profit Margin1 was 49.0%, compared to 45.3% in Q4 2022 and 40.3% in Q1 2022.
- GAAP Net loss from continuing operations was $19.2 million, compared to $2.0 million in Q4 2022 and $13.8 million in Q1 2022.
- EBITDA from continuing operations1 was $6.1 million, compared to $30.0 million in Q4 2022 and $1.1 million in Q1 2022.
- Adjusted EBITDA from continuing operations1 was $12.2 million, compared to $12.2 million in Q4 2022 and $4.9 million in Q1 2022.
- Adjusted EBITDA Margin from continuing operations1 was 17.6%, compared to 17.7% in Q4 2022 and 10.1% in Q1 2022.
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