3 Top Marijuana Stocks For Better Cannabis Investing
Marijuana stocks are still working through a volatile time. Yet in the days coming investors could soon see increased trading even if it’s for a short momentum. To begin there is the continued effort to establish federal reform for the cannabis industry inside of the United States. Recently a cannabis banking bill was reintroduced into Congress creating a rise in the sector.
Historically anytime there is a piece of positive news on federal reform most of the cannabis sector sees better trading. However, without any federal reform in place, many of these recoveries and jumps in trading do not last long. But even when there is a drop in the sector it’s a chance to prepare for future trading by investing in the top marijuana stocks to buy. Next, we have many companies begging to report their earnings and with strong results could set off a rise in trading.
These above catalysts could be a means to buy and trade marijuana stocks right now as a means to make money. In addition to investing in a growing and evolving market. Just make sure you do your research before investing and build a trading plan that allows you to see the most upside. The companies below are several marijuana stocks to watch for better momentum in the market.
Marijuana Stocks To Watch 2023
- Trulieve Cannabis Corp. (OTC:TCNNF)
- Cresco Labs Inc. (OTC:CRLBF)
- Green Thumb Industries Inc. (OTC:GTBIF)
Trulieve Cannabis Corp.
Trulieve Cannabis Corp. together with its subsidiaries, operates as a medical cannabis company. The company cultivates and produces products in-house and distributes its products to Trulieve branded stores (dispensaries) in Florida, as well as through home delivery. Recently the company released its first quarter 2023 results. Which has made progress on cash objectives.
Q1 2023 Financial and Operational Highlights
- Revenue of $289 million, with 95% of revenue from retail sales.
- Achieved GAAP gross margin of 52%, with gross profit of $150 million.
- SG&A expenses lowered by $24 million sequentially to $102 million.
- Reported net loss of $64 million. Adjusted net loss of $21 million* excludes non-recurring charges, asset impairments, disposals and discontinued operations.
- Generated adjusted EBITDA of $78 million*, or 27% of revenue.
- Cash at quarter end of $195 million.
- Opened three new dispensaries in Palatka and Winter Haven, Florida and Beckley, West Virginia.
- Launched adult-use sales in Bristol, Connecticut.
- First U.S. cannabis company to launch advertising campaigns on Twitter.
- Exited the quarter with operations in 11 states, with 32% of retail locations outside of the state of Florida.
- First to launch medical sales in Georgia with two new dispensaries in Macon and Marietta.
- Achieved record traffic, customers served, and units sold on 4/20 holiday, up 10%, 11%, and 9%, respectively, year over year.
- Currently operate 186 retail dispensaries and over 4 million square feet of cultivation and processing capacity in the United States.
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Cresco Labs Inc.
Cresco Labs Inc. together with its subsidiaries, cultivates, manufactures, and sells retail and medical cannabis products in the United States. In recent news, the company announced it will report its first quarter financial results on May 24th. The Company will host a conference call and webcast to discuss its financial results and provide investors with key business highlights.
Green Thumb Industries Inc.
Green Thumb Industries Inc. engages in the manufacture, distribution, and sale of various cannabis products for medical and adult use in the United States. On May 3rd the company reported its first quarter 2023 earnings.
Highlights for the first quarter ended March 31, 2023:
- Revenue increased 2% year-over-year to $249 million.
- GAAP net income of $9 million or $0.04 per basic and diluted share.
- Adjusted EBITDA was $76 million or 31% of revenue.
- Cash flow from operations of $75 million in the first quarter.
- Cash at quarter end totaled $185 million.
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Words From The Company
“Green Thumb’s momentum continues to build in 2023, and I am incredibly proud of our team for their unwavering commitment to creating high-quality products and delivering positive experiences for our patients and consumers. In the first quarter, our revenue increased 2% year-over-year to $249 million, despite continued price compression. Net income was $9 million, or $0.04 per diluted share. Adjusted EBITDA increased 14% to $76 million in the quarter, a greater than 300 basis point margin improvement to 30.7% year-over-year,” said Green Thumb Founder, Chairman and Chief Executive Officer Ben Kovler.
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