Best Cannabis Stocks For 2023 Right Now

3 Marijuana Stocks That Are Top Picks From Investors

Marijuana stock investors are trying to remain as patient as they can before the new year. Right now there is a lot of anticipation for this upcoming year. In 2024 we will witness even more growth from the cannabis industry. This year we will see various companies expand through M&A and strategic partnerships. Not just expansion but the initiation of different projects that aim to add more value to the sector.

The more progress that is made whether it’s increased sales or products it can the lead to seeing better trading. With how volatile the sector is the slightest negative or positive catalyst can make the difference. For instance, when there is bad news it leads to a decline versus good news which leads to a rise in trading. Yet this is not always the case but when there is a decline the upside is finding top marijuana stocks to buy at cheap entry levels.

Now if there is a rise in trading this is where most would take profits. There has been lots of money made but some still fear a federal shutdown. Even still there has been a large amount of money and progress made without federal reform so it is doubtful that a shutdown will occur. In fact, there is an ongoing battle to pass federal legislation for cannabis and establish comprehensive reform. These factors listed above are just a few reasons as to why there is strong optimism for marijuana stock investing in 2024.

Marijuana Stocks To Watch In Today’s Stock Market

  1. Ascend Wellness Holdings, Inc. (OTC:AAWH)
  2. TerrAscend Corp. (OTC:TSNDF)
  3. Planet 13 Holdings Inc. (OTC:PLNH)

Ascend Wellness Holdings, Inc.

Ascend Wellness Holdings, Inc. engages in the cultivation, manufacture, and distribution of cannabis consumer packaged goods. It owns, operates, and manages cannabis cultivation facilities and dispensaries in several states across the United States. AWH

On November 20th the company celebrated the opening of its 10th location. This milestone represents the company’s commitment to serving the growing cannabis community in Illinois. In addition to providing high-quality, affordable products to its valued customers.

Words From The Company

“We are incredibly excited to open our 10th dispensary in Illinois. This milestone is a testament to the hard work and dedication of our team, as well as the continued support of our loyal customers,” said Ascend’s Chief of Stores, Rick Wilkins. “Our goal has always been to provide safe and convenient access to the benefits of cannabis, and we look forward to serving the people of Illinois from this new location.”

TerrAscend Corp.

TerrAscend Corp. cultivates, processes, and sells medical and adult-use cannabis in Canada and the United States. TSNDF

The company produces and distributes hemp-derived wellness products to retail locations; and manufactures cannabis-infused artisan edibles. Recently the company has reported its Q3 2023 financial earnings.

Q3 2023 Results And Highlights

  • Net Revenue was $89.2 million, compared to $72.1 million in Q2 2023 and $66.2 million in Q3 2022, representing an increase of 23.7% sequentially and 34.7% year-over-year.
  • Gross Profit Margin was 53.6%, compared to 50.2% in Q2 2023 and 47.0% in Q3 2022.
  • GAAP Net loss from continuing operations was $8.4 million, compared to $12.9 million in Q2 2023 and $300.6 million in Q3 2022.
  • EBITDA from continuing operations1 was $20.7 million, compared to $6.5 million in Q2 2023 and ($317.9) million in Q3 2022.
  • Adjusted EBITDA from continuing operations1 was $24.2 million, compared to $12.8 million in Q2 2023 and $12.8 million in Q3 2022.
  • Adjusted EBITDA Margin from continuing operations1 was 27.1%, compared to 17.8% in Q2 2023 and 19.3% in Q3 2022.
  • Net cash provided by operating activities – continuing operations was $9.4 million compared to $1.8 million in Q2 2023 and $2.3 million in Q3 2022.
  • Free cash flow from continuing operations2 was $7.7 million compared to ($0.2) million in Q2 2023 and ($9.5) million in Q3 2022.

[Read More] Top 3 Marijuana Penny Stocks to Watch Post-Thanksgiving

Planet 13 Holdings Inc.

Planet 13 Holdings Inc. is an integrated cannabis company, that engages in the cultivation, production, distribution, and marketing of cannabis and cannabis-infused products for medical and retail cannabis markets in Nevada, the United States. In recent news, the company provided an update regarding access to certain cash accounts. planet13

One of the Company’s accounts managed by El Capitan was held at BridgeBank, a division of Western Alliance Bank. Pursuant to a dispute unrelated to the Company, Casa Verde Capital, L.P. and Casa Verde Capital EF, L.P. obtained a US$35.0 million default judgment against El Capitan. Casa Verde then levied that judgment against El Capitan causing approximately US$5.5 million of the Company’s funds held at WAB and managed by El Capitan to be directed to the Orange County Sheriff’s Office on September 21, 2023.

[Read More] 3 Canadian Marijuana Stocks Investors Continue To Watch

PLNH Company Update

At this time, the Company is not able to predict what, if any, action may be taken. Specifically by law enforcement or other regulatory authorities. The Company is vigorously pursuing its rights to reclaim all funds managed by El Capitan. It will pursue recovery of its funds through all legally available means. Including as appropriate, through cooperation with law enforcement.

MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 |
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