2 Marijuana Stocks To Buy Before Christmas?
Many marijuana stock investors have been preparing for 2023. But for those who may be new to the cannabis sector, there are a good amount of strategies to consider. So with a new year comes a heavy amount of speculation for most investors. The US cannabis industry has had its fair share of turmoil in the past but things have changed drastically. Inside the United States, more than half of the country has legalized cannabis in some form. Yes, cannabis is still federally illegal in the USA but states have been able to run and regulate their own cannabis markets. With 2023 on the way means more chances to see not just state-level reform but federal as well.
A lot of people who invest in marijuana stocks feel that federal reform will be the main catalyst to watch for, which means that with either cannabis banking or the end of prohibtion there is a strong possibility to see all around better trading. Not just reform companies themselves have been growing and progressing. Some companies have grown through M&A and by introducing better products for consumers.
With this above info, it has brought on some better momentum for those companies. Nevertheless, if you are interested in finding the best marijuana stocks to buy now may be the time. The cannabis sector is still showing a fair amount of inconsistent trading. So when a pullback occurs this could be a good preparation to take a position in marijuana stocks you feel are good investments.
Top Marijuana Stocks To Watch
Verano Holdings Corp.
Verano Holdings Corp. operates as a vertically integrated multi-state cannabis operator in the United States. It engages in the cultivation, processing, wholesale, and retail distribution of cannabis throughout the United States. In recent news, the company reported its Q3 2022 earnings.
Q3 2022 Highlights
- Q3 2022 revenue increased 2% versus the prior quarter and 10% year-over-year to $228 million. Revenue growth versus the year-ago period was driven by strength from adult-use sales in New Jersey.
- Q3 2022 gross profit was $123 million or 54% of revenue, compared to $98 million or 44% of revenue in the prior quarter, and $98 million or 48% of revenue in the third quarter of 2021.
- Gross profit growth versus the year-ago period was driven by top-line growth and a lower comparative impact related to the inventory step-up from acquisitions.
- Q3 2022 SG&A was $86 million or 38% of revenue, compared to $100 million or 45% of revenue in the prior quarter, and $76 million or 37% of revenue in the third quarter of 2021.
- SG&A growth versus the year-ago period was primarily driven by an increase in retail locations.
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TerrAscend Corp. cultivates, processes, and sells medical and adult-use cannabis in Canada and the United States. It produces and distributes hemp-derived wellness products to retail locations; and manufactures cannabis-infused artisan edibles.
The company also operates three retail dispensaries under the Apothecarium brand name in California and Pennsylvania. In the company’s most recent news TerrAscend announced the release of its Q2 2022 financial report.
Key Mentions And Q3 2022 Highlight
- Net Revenue increased 3.4% sequentially and 36.4% year over year to $67 million.
Gross Profit Margin was 36.3%, compared to 35.5% in Q2 2022 and 43.7% in Q3 2021.
- Adjusted Gross Profit Margin1 was 46.1%, compared to 47.1% in Q2 2022 and 46.1% in Q3 2021.
- Adjusted EBITDA1 was $11.3 million, an increase of 96% sequentially and 22.8% year over year.
- Adjusted EBITDA Margin1 was 16.9%, compared to 8.9% in Q2 2022 and 18.8% in Q3 of 2021.
- GAAP Net Loss was $311 million, compared to net income of $14.2 million in Q2 2022. A $331 non-cash impairment charge was recorded against goodwill and intangibles for the Company’s Michigan business.
- Cashflow from Operations was positive $1.5 million, compared to negative $16.1 million in Q2 2022.
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