Best Cannabis Stocks To Watch In Q2 2022
As the market rallied for several days many leading top marijuana stocks also experienced an upside. In March we have seen top cannabis stocks see significant market volatility. After the cannabis sector started the month reaching new lows new attempts to achieve US federal cannabis reform have caused an uptrend. Also, in March many leading US cannabis companies are delivering their 2021 earnings that show significant revenue growth for the year.
In general, there are some potential catalysts for top pot stocks going into April. At the present time, the House is scheduled to vote again on the MORE Act one of the cannabis reform bills. Additionally, in April Chuck Schumer is expected to introduce his federal marijuana legalization bill formally. In 2021 the cannabis sector experienced significant declines mostly due to the delays with the US passing federal cannabis reform. Although cannabis stocks declined in the market US cannabis companies are now the largest revenue-producing cannabis companies in the world.
In 2021 US cannabis companies surpassed Canadian LPs as the largest revenue producers in the cannabis market. Right now, top-tier US cannabis companies are in the best position to experience growth in the American market. As more states legalize medical and recreational use of cannabis they continue to expand into new markets. But US MSOs have not seen the gains experienced by the Canadian cannabis stocks. This is because they trade on the OTC Markets, unlike Canadian pot stocks which trade on the big boards.
Investing In Top Pot Stocks Using Different Strategies
Before investing in cannabis stocks, it’s important to know they are among the most volatile stocks in the market. Therefore, many investors choose to trade them using short-term trading methods like day trading and swing trading. Other investors use both long-term and short-term positions when trading top marijuana stocks. This involves establishing a long-term core position then taking advantage of the stock’s volatility by using short-term methods to make day trades or swing trades.
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Doing your due diligence on a company and looking into its finances and press releases can help you find the best companies to invest in. In addition, learning to use indicators to find the best setups can help you establish better entry points for your trades. In the next five years, many analysts are forecasting the cannabis industry will more than double in size. For investors, this could be a good opportunity to find top pot stocks at lower entry levels. As we continue to see top marijuana companies report earnings let’s look at 2 top cannabis stocks for your watchlist in April.
Top US Marijuana Stocks For April 2022
- Ayr Wellness Inc. (OTC: AYRWF)
- Verano Holdings Corp. (OTC: VRNOF)
Ayr Wellness Inc.
Ayr Wellness Inc. is a large-scale cannabis company based in Florida. The company now has 45 dispensaries in Florida, with a total of 62 sites around the country. The company also acquired Herbal Remedies Dispensaries, LLC, which gave them access to the Illinois market. On an interim basis, Ayr has been granted permission to sell adult-use cannabis in Massachusetts dispensaries. The Kynd premium flower made its debut in Arizona in October. In Pennsylvania, the company has launched its sixth associated functioning dispensary. Ayr received permission to open its 86,000 square foot growing and processing plant in Arizona in December. The company finalized the acquisition of Levia Cannabis-Infused Seltzer on February 15th, marking a significant stride forward in the industry.
On March 17th the company reported its fourth-quarter and full-year 2021 results. In general, AYR delivered Q4 revenue of $111.8 million up 16% sequentially with Q4 Adjusted EBITDA of $26.1 million. In addition, the company is reporting full-year 2021 revenue of $357.6 million and Adjusted EBITDA of $98 million. Also, important AYR sustained a US GAAP operating loss of $13.8 million for Q4 and $56 million for full-year 2021. On March 25th AYR announced the launch of Entourage Vape Offerings in Florida.
AYRWF stock closed on March 11th at $12.87 up 6.23% for the trading day. Currently, the stock has a 52-week price range of $11.06-$31.88 and is down 15.22% year to date. According to analysts at Tip Ranks AYRWF stock has a 12-month average price target of $30.60 per share. In this case, this would represent an upside of 137.77% from the last price of $12.87.
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Verano Holdings Corp.
Verano Holdings is a multi-state cannabis company that sells legal cannabis products to customers. The company sells high-quality cannabis products under several brand names. Verano today operates in 15 states and has 95 dispensaries, as well as 12 manufacturing and processing facilities. In Florida, the corporation operates 43 dispensaries, giving it a significant presence in the state. Zen LeafTM and MÜVTM, the company’s retail brands, operate dispensaries that serve both medicinal and adult-use consumers. In October, the company established a drive-through dispensary on Las Vegas’ Flamingo Road. Verano purchased two Connecticut-based dispensaries, Carin Nature, LLC and Pharmaceutical Solutions, Inc, in December.
TerraVida and The Healing Center were recently acquired by Verano. Verano presently owns six dispensaries in Pennsylvania and has gotten approval to open three more because of the agreement. The company established a flagship dispensary with a four-lane drive-through in Pittsburgh earlier this year. According to the company, revenue for the third quarter of 2021 was $207 million, increasing 106 percent over the previous year. In addition, on an unadjusted basis, gross profit climbed by 33% sequentially to $133 million, or 64% of revenue. Verano increased its footprint in Q3 by launching seven new dispensaries throughout its primary areas. The company announced the opening of two additional dispensaries in Florida on March 18th.
VRNOF shares closed at $9.79 on March 30th, down 4.11% in the last five trading days. Currently, the stock has a 52-week price range of $8.81-$21.10 and is down 22.81% year to date. According to analysts at Tip Ranks AYRWF stock has a 12-month average price target of $30.11 per share. In general, this would represent an upside of 207.56% from its last trading price of $9.79.
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