These Marijuana Stocks Could Soon See Stronger Momentum
Marijuana stock investors have much to look forward to as the sector continues to evolve. In recent cannabis industry news, there has been another push to establish a few different bills. For starters, more states are looking to pass bills to legalize cannabis. Ultimately creating new cannibal markets and more possible investment opportunities. Not just that there is the revamp of the SAFE Banking Act that may officially become law at end of the September.
The cannabis industry is still a cash-only business which is a high risk for many of these types of industries. Having cannabis banking reform in place will help a legal business get access to proper banking. Not just that it will help people who have marijuana startups who need loans from banks. The news that key senate members are in favor of the bill led to a rise in trading these last few weeks.
Hopefully, as time goes on we see this bill pass and future legislation that will push the cannabis industry in a better direction. In times like this, looking for top marijuana stocks can be an asset. Even in the volatile like cannabis where trading can go from up to down without warning. But with an industry so young investing in the future is the way most have gone about cannabis stocks. Just make sure you create a game plan and do your homework on the companies you like. Below are some marijuana stocks to watch as investors watch for any market changes to take profits.
Marijuana Stocks To Watch In Today’s Market
- GrowGeneration Corp. (NASDAQ:GRWG)
- The Scotts Miracle-Gro Company (NYSE:SMG)
- Hydrofarm Holdings Group, Inc. (NASDAQ:HYFM)
Q2 2023 Highlights
- Net sales increased 12% quarter-over-quarter to $63.9 million
- Comparable store sales decreased 15.1% to the prior year
- Gross profit margin of 26.8%, decrease of 1.7% to the prior year
- Net loss of $5.7 million and Adjusted EBITDA(1) gain of $0.9 million
- Year-to-date cash flow provided by operations of $7.4 million
- Cash, cash equivalents, and marketable securities of $70.6 million
- Changing full-year 2023 guidance for revenue to be $220 million to $225 million and Adjusted EBITDA(1) to be a loss of $4 million to $6 million
The Scotts Miracle-Gro Company
The Scotts Miracle-Gro Company is involved in the manufacture, marketing, and sale of products for lawn, and garden care. As well as indoor and hydroponic gardening in the United States and internationally.
It operates through three segments: U.S. Consumer, Hawthorne, and Other. In the company’s most recent news, Nate Baxter has been promoted to COO. Mike Lukemire will remain President until his retirement in fiscal 2024.
Words From CEO Jim Hagedorn
“Mike is a trusted member of the executive team whose commitment to our Company, shareholders and associates is beyond reproach,” Hagedorn said. “His pragmatic, inspirational and results-focused leadership will help facilitate a smooth transition for Nate among all our stakeholders. I appreciate his long-standing partnership in which we together have navigated the Company through times of prosperity, challenging periods and an unprecedented pandemic.
[Read More] Top Marijuana Stocks For Your 2023 Watchlist
Hydrofarm Holdings Group, Inc.
Hydrofarm Holdings Group, Inc. together with its subsidiaries, engages in the manufacture and distribution of controlled environment agriculture (CEA) equipment and supplies in the United States and Canada. In recent news, the company announced its second quarter 2023 results.
Second Quarter 2023 Highlights
- Net sales decreased to $63.1 million compared to $97.5 million.
- Gross Profit increased to $14.5 million compared to $7.3 million. Gross Profit
- Margin increased to 23.0% of net sales compared to 7.5%.
- Adjusted Gross Profit(1) increased to $17.0 million compared to $9.1 million.
- Adjusted Gross Profit Margin(1) increased to 27.0% of net sales compared to 9.3%.
- Net loss was $12.9 million compared to net loss of $203.3 million.
- Adjusted EBITDA(1) increased to $2.5 million compared to $(6.8) million.
- Cash from operating activities of $9.9 million and Free Cash Flow(1) of $8.3 million.