Best Cannabis Stocks To Watch During December Declines
Are you looking for top marijuana stocks to invest in before 2022? In December most of the best cannabis stocks to buy have fallen to the lowest trading levels seen in 2021. This is mostly because of the delays in the Senate regarding federal marijuana legalization and banking reform. This month the SAFE Banking Act was removed by Senate leaders from the NDAA.
This seems to be the cannabis industry’s last chance to get some form of cannabis reform in 2021. Although the cannabis sector has not performed well in the market this year leading cannabis companies have continued to deliver strong earnings in 2021. As new states develop medical and recreational markets companies are expanding rapidly using M&As to develop a larger presence.
In 2021 the cannabis sector rallied around the possibility of legalization attracting many new investors to pot stocks. At the present time, the cannabis industry is forecast to almost double cannabis sales in the next five years. Making a watchlist of top marijuana stocks for 2022 could help you keep track of the best cannabis stocks. Let’s take a closer look at 3 US marijuana stocks for your list in 2022.
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Marijuana Stocks To Watch In Q1 2022
- Cresco Labs Inc. (OTC: CRLBF)
- Planet 13 Holdings Inc. (OTC: PLNHF)
- Columbia Care Inc. (OTC: CCHWF)
Cresco Labs Inc.
Cresco Labs Inc is a vertically integrated cannabis company based in the United States. The company is currently the largest wholesaler of branded cannabis goods in the United States. Cresco is the leading cannabis brand in Illinois and Pennsylvania, according to a recent BDSA report. Cresco now has 45 retail outlets in 11 states, as well as 20 manufacturing facilities and 47 retail licenses. As part of its expansion into new markets, the company recently established its fourth Sunnyside dispensary in Pennsylvania. In addition, the firm said that its Good News brand would be expanding its portfolio to include new consumables and vaping options. To boost profitability and eliminate third-party distribution, the company will switch to owned brand distribution in California in October. Blair Wellness Center, a Maryland dispensary, is also another acquisition by Cresco. In November the company announced it completed the acquisition of three high-performance Pennsylvania dispensaries.
The company reported revenue of $215.5 million in the third quarter of 2021, up 40.6 % year over year. As a result, Cresco earned $116.7 million in gross profit or 54.2 percent of revenue. In addition, Cresco’s Adjusted EBITDA increased by 24% quarter over quarter to $56.4 million. For the rest of 2021, the company reiterated its previous projection, predicting gross profit margins of more than 50% and Q4 revenue of $235-$245 million. Another significant element that contributes to Cresco’s loss is a $291 million impairment charge linked to changes in intangible assets connected to the company’s shift in strategy for its California operations.
CRLBF Stock Performance
CLRBF closed at $6.66 on December 17th, down 12.37 % in the previous five trading days. The stock is currently trading in a 52-week price range of $6.62-$17.49, representing a year-to-date loss of 32.49 %. CRLBF stock has a 12-month average price target of $19.11 per share, according to Tip Ranks analysts. This analysis reflects a 186.94 % increase over the previous trade price of $6.66.
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Planet 13 Holdings Inc.
Planet 13 announced the grand opening of its Orange County superstore, which is now California’s largest dispensary complex, earlier this year. The company is based in Nevada, and it has garnered awards for its cultivation, production, and dispensary operations on the Las Vegas strip. Planet 13 is well known for its 112,000 square foot Superstore dispensary on the Las Vegas strip, which is larger than life. At the moment, Planet 13’s two superstore dispensaries are said to be the world’s largest. Additionally, the Medezin shop, a smaller version of the company’s main store that merges the larger store format into a compact dispensary, has been established.
Planet 13 reported $33 million in revenue for the third quarter of 2021 in November, up 45 % year over year. In addition, the company recorded $3.5 million in Adjusted EBITDA for the third quarter of 2021. As a result, gross profit before adjustments of $17.6 million, or 53.5 percent of revenue, was generated. The corporation lost $10.2 million in the third quarter of 2021, compared to a profit of $0.2 million the previous quarter. Tinley’s goods will be launching as a line of cannabis-infused beverages, according to the business. Planet 13 also finished the process of obtaining a Florida Cannabis License.
PLNHF Stock Performance
The shares of PLNHF closed at $3.0526 on December 17th, down 8.05 % in the past five trading days. The stock is down 45.44 % year to date, with a 52-week price range of $2.894-$8.67. The stock of PLNHF has a consensus price target of $7.00 per share, according to Market Beat analysts. This would indicate a 129.3 percent increase over the last trading price of $3.05. As the cannabis sector remains around its all-time lows for this year, these could be the best cannabis penny stocks to keep an eye on this week.
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Columbia Care Inc.
Columbia Care Inc. is positioning for a massive expansion in New York. The company just acquired a 34-acre cultivation facility on Long Island, giving it one of the largest cannabis footprints on the East Coast. Columbia Care now has 130 locations across 18 US markets, including 99 dispensaries and 31 growing and production facilities. In October, the company established its first Missouri site, a Cannabis Dispensary. The company announced the opening of its third gLeaf dispensary in Virginia earlier this month. According to Columbia Care, heavyweight champion Mike Tyson’s highly anticipated Tyson 2.0 Cannabis brand will also be coming to Colorado. The company announced a rebranding in the Florida market and at its retail sites on December 8th. Cannabist’s new retail design and experience will be available soon.
Columbia Care announced a record quarterly revenue of $132 million in the third quarter of 2021, up 144 % year over year. The company reported a quarterly Adjusted gross profit of $64.5 million, a 205 percent increase over the previous quarter. In addition, the company set a new high with a 49 % Adjusted gross margin and $31 million Adjusted EBITDA, up 634 % year over year. Revenue forecasts for 2021 have been raised to $470-$485 million, with adjusted EBITDA forecasted at $85-$95 million. The company gained state authority in September to rebrand its retail footprint across all 14 of its Florida locations. Columbia Care, the UK’s first company to manufacture extract vaporization devices, unveiled the UK’s largest line of medical cannabis extract vape pens on December 14th.
CCHWF Stocks Performance
CCHWF stock was selling at $2.91 on December 17th, down 6.75 % in the past 5 trading days. The company is currently trading in a 52-week price range of $2.79-$7.89, with a year-to-date loss of 51.90 %. According to Tip Ranks analysts, CCHWF stock has a 12-month median price target of $10.86 per share. This represents a 273.26 % increase compared to the previous trading price of $2.91.
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