3 Top Marijuana Stocks For Your 2023 Watchlist
Marijuana stock investors are watching for any sudden changes in the sector. The reason for the sudden change has to do with the increase in volatility. Most marijuana stocks trade with a high amount of volatility. What this means is the way a company trades can change without warning. So let us say a marijuana stock was recovering and in a blink of an eye the company can decline. This puts most shareholders in a cautious position. It seems that to make a profit takes close observation and being able to take advantage of any quick recoveries.
Even though the cannabis sector has inconsistent patterns with patience and a game plan taking profits can happen. At the moment there is a good amount of speculation with 2023 approaching. With a new year comes the possibility of seeing new ventures and projects from cannabis companies. Some of these ventures began in 2022 and will be up and ready to go during the new year.
For some when a cannabis company is showing that its business is doing well, it can resonate well in the market. So if you are looking for marijuana stocks to buy now could be a good time to do so. Especially before the new year begins. Just make sure you do your research before making any trades. The more you know about a company the better insight you will have on knowing if it’s worth being in your portfolio. The companies below are several marijuana stocks to watch in 2023.
Top Marijuana Stocks For Your 2023 Watchlist
- Innovative Industrial Properties, Inc. (NYSE:IIPR)
- AFC Gamma, Inc. (NASDAQ:AFCG)
- NewLake Capital Partners, Inc. (OTC:NLCP)
Innovative Industrial Properties, Inc.
Innovative Industrial Properties, Inc. is a self-advised Maryland corporation focused on the acquisition, ownership, and management of specialized properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. In recent news, the company has released its Q3 2022 earnings.
2022 Q3 Highlights And Key Mentions
- Generated total revenues of approximately $70.9 million in the quarter, representing a 32% increase from the prior year’s quarter.
- Recorded net income attributable to common stockholders of approximately $37.3 million for the quarter, or $1.32 per diluted share. AFFO of approximately $60.1 million, or $2.13 per diluted share.
- Paid a quarterly dividend of $1.80 per common share on October 14, 2022, to stockholders of record as of September 30, 2022, equal to an annualized dividend of $7.20 per share. The common stock dividends declared for the twelve months ended September 30, 2022, of $6.80 per common share represent an increase of $1.34, or 25%, over dividends declared for the twelve months ended September 30, 2021.
- Acquired a Massachusetts industrial property, fully built out and operational as a regulated cannabis cultivation and processing facility, in a sale-leaseback transaction with a subsidiary of Curaleaf Holdings, Inc. for $21.5 million (approximately $207 per square foot).
- Subsequent to quarter-end, sold a Pennsylvania industrial property leased to a subsidiary of Maitri Holdings, LLC for $23.5 million (approximately $461 per square foot).
[Read More] 3 Marijuana Stocks To Buy In The Stock Market?
AFC Gamma, Inc.
AFC Gamma, Inc. originates, structures, underwrites, and invests in senior secured loans. Plus other types of loans and debt securities for established companies operating in the cannabis industry in states that have legalized medicinal and/or adult-use cannabis. On November 8th the company released its financial results for the third quarter of 2022.
Key Mentions And Highlights
- Net income of $11.5 million in Q3 2022, or $0.57 per basic weighted average share of common stock, representing a 45% increase to net income from Q3 2021
Distributable earnings1 of $11.8 million in Q3 2022, or $0.59 per basic weighted average share of common stock, representing a 64% increase to distributable earnings from Q3 2021
- Paid a dividend of $0.56 per common share on October 14, 2022, for Q3 2022, representing a 30% increase from Q3 2021
Distributable earnings exceeded the declared dividend for the seventh consecutive quarter since going public
- Book value of $17.06 per share as of September 30, 2022, an increase of $0.45, or 2.7%, compared to December 31, 2021
- Egan Jones reaffirmed its BBB+ investment grade rating of AFC Gamma
NewLake Capital Partners, Inc.
NewLake Capital Partners, Inc. is a leading provider of real estate capital to state-licensed cannabis operators. Founded in 2019, it is a triple-net lease REIT that acquires industrial and retail properties through sale-leaseback transactions. As well as third-party purchases, and build-to-suit projects.
Its tenants are some of the leading operators in the U.S. state-licensed cannabis industry and it is a trusted partner for their real estate needs. Recently the company announced it will participate in the upcoming December 2022 investors conference. Anthony Coniglio, President, and Chief Executive Officer will participate in the following December 2022 virtual investor conferences.
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