Top Cannabis Stocks For Q1 2022
As top marijuana stocks begin the year setting new 52-week lows, is it time to make a watchlist? At the present time, the best cannabis stocks to invest in have seemingly priced in the possibility of not achieving federal marijuana legalization in 2022. Because of this, we could see pot stocks begin to trade on earnings and other fundamentals as the year progresses. One area of the market that continues to perform at a high level is the US MSOs and top-tier companies.
With many analysts predicting this year to be more volatile than last year cannabis stocks could be in for significant market volatility. In general, this makes it important to find a good entry point if you’re planning to invest. In the US the cannabis industry has been growing rapidly with companies using M&As to expand quickly. Additionally, these companies have continued to display strong revenue growth throughout the year.
Currently in the US states like Michigan delivered strong cannabis sales in December. In fact, adult-use cannabis sales increased 119% year over year to $135 million. This growth trend is forecast to continue as new states establish new medical and adult-use markets across the US. As marijuana stocks continue to trend at lower levels in the market making a watch list of the best marijuana stocks to buy could have future potential.
Finding The Best Pot Stocks To Trades For 2022
Before investing in top cannabis stocks, it’s important to do your own research and exam a company’s finances, press releases, and market movements. Looking into a company’s performance and studying how a stock behaves in the market can help you find the best positions for your investments. While US MSOs continue to expand in 2022 let’s look at 3 top marijuana stocks for your list next week.
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Best US Marijuana Stocks For 2022
- Trulieve Cannabis Corp. (OTC: TCNNF)
- Cresco Labs Inc. (OTC: CRLBF)
- Planet 13 Holdings Inc. (OTC: PLNHF)
Trulieve Cannabis Corp.
With a market share of roughly 46%, Trulieve Cannabis Corp. is a high-performing cannabis company with the greatest presence in Florida. The company inaugurated its 112th dispensary in the state on December 8th. Harvest Health & Recreation Inc. was purchased, and revenues are expected to exceed $1.2 billion in 2021. With 158 retail outlets, the company is currently the industry leader in the United States. In addition, the corporation has a cultivation and processing capacity of 3.5 million square feet. Trulieve has received a production license in Georgia, allowing it to expand its footprint in the Southeast cannabis market. In addition, the company opened its first dispensary in Massachusetts, paving the way for future growth. Trulieve made executive hires to close out 2021, including President Steve White, Vice President, and General Counsel Nicole Stanton, Director of Investor Relations Christine Hersey, and Senior Director of Corporate Communications Rob Kremer.
Trulieve released Live Diamonds, a hydrocarbon extraction product that is the only one of its kind in Florida, on January 10th. Trulieve’s third-quarter 2021 results were revealed in November, marking the company’s 15th straight profitable quarter. Over the previous year, the company’s net revenues climbed by 64% to $224.1 million. As a result, Trulieve earned $153.9 million in gross profit, with a gross margin of 68.7%. The company’s adjusted EBITDA was $98 million, or 43.7 percent of revenue. The corporation began its agricultural ventures and developed its first dispensaries in West Virginia.
TCNNF Stock Performance
TCNNF stock closed on January 14th at $25.40 up 5.61% in the last month. Currently, the stock has a 52-week price range of $23.10-$53.73 and is down 29.05% in the last six months. According to analysts at Tip Ranks TCNNF stock has a 12-month median price target of $67.51 per share. This forecast represents an upside of 165.79% from its last trading price of $25.40.
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Cresco Labs Inc.
Cresco Labs is a vertically integrated cannabis company based in the United States. The company is presently the top manufacturer of branded cannabis products in the United States. Cresco is the most popular marijuana brand in Illinois and Pennsylvania, according to a recent BDSA study. Cresco presently has 45 retail outlets, 20 production facilities, and 47 retail licenses throughout 11 states. Sunnyside has launched its fourth dispensary in Pennsylvania as part of its expansion plan. The Good News line of products will also be expanded to include new consumables and vaping options, according to the business. To boost profitability and remove third-party distribution, the business will switch to owned brand distribution in California in October. Cresco has purchased Blair Wellness Center, a dispensary in Maryland. The company announced in November that it had completed the acquisition of three high-performing Pennsylvania clinics.
In the third quarter of 2021, the company made $215.5 million in revenue, up 40.6 percent year over year. As a result, Cresco had a gross profit of $116.7 million, or 54.2 percent of revenue. In the most recent quarter, Cresco’s Adjusted EBITDA climbed by 24 percent to $56.4 million. The company forecasted gross profit margins of more than 50% and Q4 revenues of $235-$245 million for the remainder of 2021, confirming its earlier forecast. A $291 million impairment charge related to changes in intangible assets as a result of Cresco’s shift in strategy for its California operations was another substantial contribution to the company’s loss.
CRLBF Stock Performance
CLRBF is currently trading at $6.91, up 5.82 percent in the last five trading days. The stock is presently trading in a 52-week price range of $6.02-$17.49, showing a 36.02 percent decline in six months. According to CNN Business experts, CRLBF stock has a 12-month average price objective of $16.69 a share. This analysis reflects a 141.54% increase over the last trade price of $6.91.
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Planet 13 Holdings Inc.
Planet 13 celebrated the formal inauguration of its Orange County superstore in 2021, which is now California’s largest dispensary complex. The company is established in Nevada, and its cultivation, production, and dispensary activities on the Las Vegas strip have won honors. Planet 13 is noted for its massive Superstore dispensary on the Las Vegas strip, which is 112,000 square feet. Planet 13’s two superstore dispensaries are reported to be the world’s largest at the present. Additionally, the Medezin shop has opened, which is a smaller version of the company’s main store that combines the bigger retail structure into a tiny dispensary.
In November, Planet 13 reported $33 million in revenue for the third quarter of 2021, up 45 percent from the previous year. In addition, for the third quarter of 2021, the company generated $3.5 million in Adjusted EBITDA. As a result, $17.6 million in gross profit before adjustments, or 53.5 percent of revenue, was created. In the third quarter of 2021, the company lost $10.2 million, compared to a profit of $0.2 million the previous quarter. According to the company, Tinley’s products will be launching as a range of cannabis-infused drinks. Planet 13 also completed the requirements for a Florida Cannabis License. In December the company announced the acquisition of Next Green Wave Holdings expanding its presence in California with premium indoor cultivation.
PLNHF Stock Performance
The shares of PLNHF closed at $3.29 on January 14th, up 6.47 % in the past five trading days. The stock is down 46.50% in the past six months, with a 52-week price range of $2.874-$8.67. The stock of PLNHF has a consensus price target of $6.50 per share, according to CNN Business analysts. This would indicate a 97.56% rise over the last trading price of $3.29. As the cannabis sector remains around its all-time lows for this year, these could be the best cannabis stocks to add to your watchlist for January 2022.
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