Cannabis Stocks For June Watchlist
Do you want to know which marijuana stocks to buy before June? This month, bipartisan United States House and Senate lawmakers revived the SAFE Banking Act, revitalizing the cannabis sector. Senator Chuck Schumer announced last week that a committee vote would occur immediately after a Thursday preliminary hearing. He also stated his intention to link judicial reform legislation to SAFE Banking.
The cannabis industry in the United States has garnered much attention recently. Investors are growing more interested in the intriguing possibilities of this developing sector as the legal environment surrounding cannabis improves. Despite the growing popularity of marijuana, financial institutions have struggled to provide banking services to cannabis-related businesses. This issue sparked the development of the SAFE Banking Act, ground-breaking legislation that tackles the challenges that cannabis entrepreneurs encounter and the banking sector.
Cannabis penny stocks are one area in which new investors can expect to see immediate profits. A penny stock has a share price of less than $5. Short-term investors could profit considerably despite the industry’s well-known high market volatility. Despite the high market volatility, these marijuana companies can potentially provide significant profits to short-term investors. In the next five years, the cannabis market will more than triple. Let’s look at three leading US marijuana stocks that had gains in May.
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Top Cannabis Stocks For June 2023
- Cresco Labs Inc. (OTC: CRLBF)
- Curaleaf Holdings, Inc. (OTC: CURLF)
- Trulieve Cannabis Corp. (OTC: TCNNF)
Cresco Labs Inc.
Cresco Laboratories is a cannabis company with a vertically integrated corporate structure established in the United States. The company is currently leading the way in the country’s development of branded cannabis products. Across 11 states, the corporation has 63 retail locations and 20 manufacturing plants. In March, the company established its 28th dispensary in Florida, with outlets in Palm Harbor and Lake Worth.
Cresco reported $194 million in revenue in the first quarter of 2023, a 3% decrease from the previous quarter. In addition, branded equalized unit volume of 17.6 million was up 32% year on year. The company earned an adjusted gross profit of $89 million, accounting for 46% of revenue. Cresco reported a net loss of $28 million in the first quarter. Sunnyside opened eight new locations in Florida and Pennsylvania, bringing the total number of locations to 63. Also, Cresco’s online retail sales through the Company’s e-commerce platform reached $1 billion.
CRLBF Stock Performance
CRLBF shares finished on May 30th at $1.81, up 18.06% in the last month of trading. The stock is presently trading in a 52-week price range of $1.30-$4.45, showing a 5.56 percent decrease year to date. According to analysts at CNN Business, CRLBF stock has a 12-month median price target of $2.39 per share. In this case, this represents an upside of 31.93% from its last trading price of $1.81.
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Curaleaf Holdings, Inc.
Curaleaf Holdings, Inc., a multi-state cannabis merchant with 148 retail locations around the country, makes packaged cannabis products. Adven GmbH, a wholly owned subsidiary of Curaleaf International, is lawfully promoting medical marijuana products in Germany. Curaleaf’s Select is one of the country’s most well-known brands. Curaleaf acquired Tryke Companies in November to grow into three additional states: Arizona, Nevada, and Utah. The Cannabis Sommelier Certification Program, Ganjier, and the Grassroots brand announced a groundbreaking collaboration in cannabis education on December 7.
First Quarter 2023 Financial Highlights
Curaleaf announced a first quarter 2023 net Revenue of $336.5 million, a 14% increase above Q1 2022 revenue of $296 million, excluding discontinued activities. In addition, the total profit was $160.8 million, with a gross margin of 48%. Also, the adjusted gross profit net of add-backs was $162 million, with an adjusted gross margin of 48%. The company’s net loss, including ceased operations, was $54.4 million, or $0.07 per share. Curaleaf Holdings, Inc. had a $46 million adjusted net loss from continuing operations or a $0.05 adjusted net loss per share.
CURLF Stock Performance
On May 30th, CURLF shares closed at $2.90, up 12.13% in the past month of trading. The stock is trading in a 52-week range of $2.19-$7.90, down 37.64% year to date. According to analysts at CNN Business, CURLF stock has a 12-month average price target of $5.10 per share. In this case, this would represent an upside of 75.80% from its last trading price of $2.90.
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Trulieve Cannabis Corp.
Trulieve Cannabis Inc., a company with operations in eleven states, controls the majority of the Florida industry. With 175 retail sites, the company dominates the cannabis business in America. The processing and expansion area at the facility totals 4 million square feet. The most recent Georgia manufacturing license has helped Trulieve’s position in the Southeast cannabis sector. In Massachusetts, the firm opened its first dispensary, laying the groundwork for future growth. The company purchased a 64,00 square foot growing facility in Phoenix in February to increase its capacity for manufacturing in the southwest. In April, the company acquired Greenhouse Wellness West Virginia Dispensaries LLC, expanding its geographic footprint into West Virginia.
The corporation earned $289 million in revenue in the first quarter of 2023, with retail sales accounting for 95% of total revenue. Furthermore, Trulieve had a 52% GAAP gross margin and a $150 million gross profit. The corporation suffered a financial loss of $64 million. The adjusted net loss of $21 million* excludes non-recurring charges, asset impairments, disposals, and discontinued activities. Trulieve presently has 186 retail outlets and over 4 million square feet of growing and processing capacity in the United States.
TCNNF Stock Performance
TCNNF stock closed on May 30th at $4.33, down 15.46% in the last month of trading. Currently, the stock has a 52-week price range of $4.35-$16.11 and is down 44.39% year to date. According to analysts at Tip Ranks, TCNNF stock has a 12-month average price target of $14.44 per share. In this case, this represents an upside of 233.49% from its last trading price of $4.33.
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Investing In Pot Stocks In 2023
Several developments in the next months are predicted to increase the value of these marijuana stocks in 2023. Examining their financial accounts and press releases may assist you in locating the best cannabis companies on the market. A number of seasoned traders are actively putting short-term wagers in the largest cannabis companies in order to capitalize on recent market volatility. Use technical indicators and chart patterns to find the best entry and exit criteria before starting a trade. By actively seeking out favorable market conditions, you can boost your chances of making lucrative trades. These are some of the best US marijuana stocks to watch this quarter.
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