Top Marijuana Stocks For Your 2023 Cannabis Watchlist
Most marijuana stock investors are waiting to see better trading. Plain and simple the cannabis sector is still incredibly volatile which has led to a decline. It seems that the only catalyst to move the market is when strong news on a company or industry politics is released. For instance, the biggest catalyst that has been a market mover is new federal cannabis reform.
Right now this is one of the last hurdles for the cannabis industry to get over. Once federal reform is passed many feel this will open up new opportunities and allow existing ventures to flourish even further. Some feel the lack of better legislation has led to more caution and fear among investors. It seems that the current strategy is to buy and hold and take profits as you can. Some days there are random spikes in trading where if you can catch the uptrend will help to see some type of return.
Most cannabis investors who are still in good spirits see the market as means of preparing for the future. Most companies have fallen to the level where it’s worth finding the best marijuana stocks to buy. Eventually, things will change but there is no way to tell when and if it will be for the better. For now, it’s a waiting game for those who want to invest in cannabis stocks. Below are several marijuana stocks to watch as we are more than halfway through the month.
Top Marijuana Stocks To Watch 2023
- Greenlane Holdings, Inc. (NASDAQ:GNLN)
- High Tide Inc. (NASDAQ:HITI)
- Charlotte’s Web Holdings, Inc. (OTC:CWBHF)
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.
In recent news, the company announced the launch of DaVinci ARTIQ the newest in a line of premium portable vaporizers. The ARTIQ offers DaVinci’s clean technology in the convenience of a 510 oil-compatible vaporizer.
Words From The Company
“The launch of the DaVinci ARTIQ is another example of the innovative technology and products that are at the forefront of Greenlane,” said Craig Snyder, CEO of Greeenlane. “Using DaVinci’s clean technology, this vaporizer adds an added dimension of an even smoother, cooler vapor to our product line. We look forward to continuing to develop and offer both new and improved products that consumers desire.”
[Read More] 3 Marijuana Stocks To Buy And Hold In 2023?
High Tide Inc.
High Tide Inc. engages in the cannabis retail business in Canada, Europe, the United States, and internationally. The company manufactures and distributes smoking accessories and cannabis lifestyle products. Recently the company reported its second fiscal quarter of 2023. During this time the company hit its 3rd consecutive quarter of record revenue.
Quarterly Highlights 2023
- Revenue increased to $118.1 million in the second fiscal quarter of 2023 compared to $81.0 million during the same period in 2022, representing an increase of 46% year-over-year.
- Gross profit increased to $31.6 million in the second fiscal quarter of 2023 compared to $22.7 million during the same period in 2022.
- Gross profit margin in the three months ended April 30, 2023, was 27%, consistent with the previous three quarters.
- Adjusted EBITDA increased to $6.6 million in the second fiscal quarter of 2023
Charlotte’s Web Holdings, Inc.
Charlotte’s Web Holdings, Inc. is involved in the farming, manufacture, marketing, and sale of hemp-derived cannabidiol (CBD) wellness products. The company has recently commented on a letter from Joel and Jesse Stanley. Late afternoon on Friday, June 9, 2023, Joel and Jesse delivered a letter to the Board. The letter was demanding that the Board take immediate steps to facilitate the replacement of a majority of Board members.
This includes all but one of the independent Board members with four individuals selected by Joel and Jesse. Two of the four individuals proffered were Joel and Jesse themselves and one of the individuals is their long-standing business associate. The Letter provided that the Board acquiesce to their demands within 48 hours of receipt of the Letter.
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