Cannabis Stocks For April List
Do you intend to invest in the best US marijuana stocks in 2023? The American cannabis industry is expected to grow further in 2023. As more states legalize cannabis for both medical and recreational uses, there will likely be more cannabis businesses operating in the US. Established companies will likely aim to grow their market share as competition heats up, and new startups will likely emerge to meet the escalating demand for cannabis products.
The industry may undergo additional consolidation as larger corporations acquire smaller ones to gain access to their technology, patents, and knowledge. Additionally, the market may become more regulated, which might provide cannabis companies with both benefits and challenges. Yet, it is projected that the US cannabis industry will grow over the coming years, driven by a change in public opinion, increased legalization, and the possibility of large profits.
It is essential to keep in mind that the industry’s future could alter as a result of a number of factors, including modifications to governmental policies and regulations, shifts in customer preferences, and changing market dynamics. According to Grand View Research, the US cannabis market will be valued at $ 10.8 billion in 2021 and will grow at a CAGR of 14.9% from 2022 to 2030. Investors may benefit from the recent market downturn by taking advantage of the sector’s widespread recovery. In 2023, these three US marijuana stocks could find their way into your list.
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Top Marijuana Stocks To Watch For April 2023
- Curaleaf Holdings, Inc. (OTC: CURLF)
- Planet 13 Holdings Inc. (OTC: PLNHF)
- Verano Holdings Corp. (OTC: VRNOF)
Curaleaf Holdings, Inc.
Curaleaf Holdings, Inc., a multi-state cannabis merchant with 148 retail locations in the United States, makes packaged cannabis products. Adven GmbH, a wholly owned subsidiary of Curaleaf International, now promotes medical marijuana products in Germany. One of the most well-known brands in the country is Curaleaf’s Select. In November, Curaleaf acquired Tryke Companies to grow into three additional states. Now, the company owns Arizona, Nevada, and Utah. On December 7, the Cannabis Sommelier Certification Program, Ganjier, and the Grassroots brand unveiled a ground-breaking partnership in cannabis education.
Revenue for the third quarter of $340 million, up 7% yearly and 1% sequentially, was reported by Curaleaf in November. Also, in the third quarter of 2022, Adjusted EBITDA improved by 18% YoY to $84 million. The corporation generated operating cash flows of $60 million in the third quarter and $7 million in the first nine months of 2022. In comparison to the third quarter of 2021, the third quarter of 2022 witnessed a net loss attributable to Curaleaf of $51 million as opposed to $55 million. The firm announced the launch of the 148th location overall and the 58th in Florida on February 17. The company will announce its Q4 and full-year 2022 results in April.
CURLF Stock Performance
On March 31st, CURLF shares closed at $2.81, down 22.16% in the past month of trading. The stock is currently trading in a 52-week range of $2.683-$7.90 and is down 34.61% year to date. According to analysts at CNN Business, CURLF stock has a 12-month average price target of $7.75 per share. In this case, this would represent an upside of 175.96% from its last trading price of $2.81.
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Planet 13 Holdings Inc.
Planet 13’s Superstore, a 112,000-square-foot dispensary on the Las Vegas Strip, is well-known. The company also constructed a supertore in Orange County in 2021. On planet 13, there are two of the biggest cosmic superstore dispensaries. The Medezin facility provides a retail dispensary in addition to a condensed version of the business’s main model. 
In comparison to Q3 2022’s $25.6 million, Q4 2022 revenue for Planet 13 was $24.8 million, the company reported in March. The company experienced an impairment charge of $32.8 million, contributing to its $38.6 million Q4 2022 net loss. The Q4 2022 Adjusted EBITDA[1] loss for Planet 13 was $0.8 million. Moreover, the total revenue for 2022 was $104.6 million as opposed to $119.5 million for 2021. A proposal for the SuperStore extension in Vegas that incorporates a consumption lounge is also being developed by Planet 13. Nevada swiftly grew, so the first harvest for the enterprise happened in September.
With considerable anticipation, Planet 13 revealed in December that a consumption lounge would soon be a part of the storied Las Vegas SuperStore experience. Port Orange on Florida’s “Fun Coast,” which is the fourth location in their planned network of marijuana shops, was introduced by the firm in January. Port Orange is a popular vacation destination with over 600,000, including Deltona, Daytona Beach, and Ormond Beach.
Words From The CEO
“Across our organization we are focused on three things: increasing profitability, preserving capital, and setting ourselves up for future growth. At the end of 2022, we are in a solid position. We have no debt, positive operating cash flow, and over $50 million in cash. This is a strong foundation that alongside our numerous growth projects sets us up for future operating cash flow expansion.”
Bob Groesbeck, Co-CEO of Planet 13
PLNHF Stock Performance
PLNHF stock closed on March 31st at $0.78, down 10.86% in the last month of trading. Currently, the stock has a 52-week price range of $0.603-$2.69 and is up 27.87% year to date. According to analysts at CNN Business, PLNHF stock has a 12-month forecast median target of $1.02 per share. In this case, this would represent an increase of 30.44% from its last trading price of $0.78.
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Verano Holdings Corp.
Verano Holdings Corp. is a multistate, vertically integrated cannabis company in the US. Under a number of brand names, the company offers high-end cannabis products for sale. Verano continues to have sway over 12 manufacturing and processing facilities, 126 dispensaries, and 13 states. Despite this, the company is well-known in Florida and has 63 locations. Zen LeafTM and MÜVTM, two of the company’s retail brands, operate dispensaries that serve both medicinal and adult-use customers. The company opened a drive-through dispensary on Flamingo Drive in Las Vegas.
The company released its fourth quarter and full-year 2022 results on March 30. With regard to Q4, the company generated sales of $226 million, up 7% from the previous year and down 1% from the previous quarter. The gross profit, or 46% of revenue, was $103 million. The business suffered a net loss of $(216) million, which includes an impairment charge of $229 million. Adjusted EBITDA1 for the business is $79 million, or 35% of revenue. Moreover, total revenue for 2022 was $879 million, up 19% from the previous year. The company increased its gross profit from $331 million or 45% of revenue for the full year 2021 to $423 million or 48% of revenue for the full year 2022.
Net loss for the entire year 2022 was $269 million, compared to $(58) million for the entire year 2021. A $229 million impairment charge, consisting of intangible assets tied to the Arizona cultivation license and Pennsylvania and Arizona retail reporting units, was the primary cause of the rise in net loss for 2022 compared to 2021.
VRNOF Stock Performance
VRNOF shares closed at $2.92 on March 31st, down 1.35%% in the past month of trading. Currently, the stock has a 52-week price range of $2.58-$10.12 and is down 6.41% year to date. According to analysts at Tip Ranks, VRNOF stock has a 12-month average price target of $12.40 per share. This would represent an increase of 324.66% from its last trading price of $2.92.
Short-Term Investing In Penny Pot Stocks For 2023
The value of these marijuana stocks in 2023 may rise as a result of a number of events that are anticipated to occur in the coming months. Finding the top cannabis businesses on the market might be made simpler by looking at their financials and press releases. Several seasoned traders are actively placing short-term wagers in the top cannabis companies in an effort to profit from the recent market turbulence. Using technical indicators and chart patterns, decide on the optimal entry and exit criteria before starting a trade. You can increase your chances of generating good trades by actively looking for beneficial setups in the market.
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