Top Marijuana Stocks For Your Watchlist This Month
Marijuana stocks could soon see a rise in trading. So far the trading that has occurred this year has been incredibly volatile. Now this volatility has not been all bad even in a decline. What this means is for those who are actively looking to invest any downtrend is a means to find the best marijuana stocks to buy. Especially with the more of a long-term strategy dealing with the cannabis sector Right now there is a push to enact federal reform once more.
Historically when federal reform bills have made it out of the House it creates positive speculation. From this speculation there is often a bounce for most marijuana stocks. However, every federal reform bill has been shot down in the Senate. Nevertheless, hopes are high that some type of federal reform will ultimately become law. When this happens we may see an influx in trading due to more people feeling safe from federal regulators.
In recent sector news and updates cannabis companies are reporting earnings this month and it may bring in some much-needed momentum. Just make sure if you do want to invest to create a game plan and do your research on the companies you want to add to your portfolio. Below are several marijuana stocks to watch that could soon see a recovery in trading.
Marijuana Stocks To Watch 2023
- GrowGeneration Corp. (NASDAQ:GRWG)
- Agrify Corporation (NASDAQ:AGFY)
- The Scotts Miracle-Gro Company (NYSE:SMG)
In recent news, the company has scheduled its second quarter 2023 earnings conference. This earnings conference is set for the 8th of August after the market is closed around 4:30.
Agrify Corporation develops precision hardware and software cultivation and extraction solutions for the cannabis and hemp industry in the United States. In the company’s most recent news, it announced a 1-for-20 reverse stock split. The 1-for-20 reverse stock split will automatically convert 20 current shares of Agrify’s common stock into one new share of common stock. No fractional shares will be issued in connection with the reverse stock split.
Stockholders who would otherwise hold a fractional share of Agrify’s common stock will receive a whole share in lieu thereof. The reverse stock split will reduce the number of shares of outstanding common stock from approximately 32,458,929 shares to approximately 1,622,947 shares.
The reverse stock split is intended to increase the per-share trading price of the Company’s common stock. Which is to enable the Company to satisfy the minimum bid price requirement for continued listing on the Nasdaq Capital Market.
The Scotts Miracle-Gro Company
It operates through three segments: U.S. Consumer, Hawthorne, and Other. Back on August 2nd, the company announced its Q3 financial results. In addition to updates on its full-year sales and earnings outlook.
Highlights And Key Updates
- Company-wide third quarter net sales decreased 6% due to Hawthorne’s decline of 40%; U.S. Consumer net sales increased 1% over the prior year
- Consumer POS dollars were up 8% in the third quarter and over 5% year to date
- Year-to-date cash flow improved by over $700 million
- Total Project Springboard savings to exceed $300 million
- Full-year sales and Adjusted EBITDA expected to decline
- Amended credit agreement updates leverage glidepath providing operational flexibility