Best Marijuana Stocks Before August 2022
Are you looking for the best marijuana stocks to buy as the market gains momentum? Leading cannabis stock prices started July at new 2022 lows. Long-term investing becomes difficult in a market situation like this one when rallies appear to be followed by further losses. Trading short-term is one way to profit from the present market volatility. Frequently, marijuana penny stocks are the most volatile cannabis stocks to invest in.
By making both long- and short-term investments with market values below current levels, you might be able to increase the size of your portfolio. Day traders and swing traders often make the greatest money when trading in a market like this one. Some long-term cannabis investors choose to trade outside of their primary long-term assets by using short-term trading strategies. They can thus profit from daily changes in the stock’s price.
In May, several of the largest marijuana companies revealed their first-quarter earnings, which showed a considerable rise in year-to-date revenues. A few of these businesses have, however, lowered their 2022 forecast, attributing the lower expectations to rising costs and the potential for a recession. Let’s take a closer look at three of the best cannabis stocks that traders should watch in July 2022.
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Best Marijuana Stocks For Your August Watchlist
- Ayr Wellness Inc. (OTC: AYRWF)
- Columbia Care Inc. (OTC: CCHWF)
- Ascend Wellness Holdings, Inc. (OTC: AAWH)
Ayr Wellness Inc.
Ayr Wellness Inc., a leading cannabis company, has its headquarters in Florida. The company now has 65 locations, including 48 dispensaries in Florida. In order to grow in Illinois, the company also purchased Herbal Remedies Dispensaries, LLC. Ayr has been granted authorization for the broad sale of marijuana for adult use in Massachusetts dispensaries. The company has opened its sixth operational, affiliated dispensary in Pennsylvania. Arizona authorities approved the start-up of the 86,000-square-foot processing and growing facility owned by Ayr in December. On February 15th, the company acquired Levia Cannabis Infused Seltzer, a significant development in the beverage industry.
In the first quarter of 2022, the company’s revenue climbed by 90% year over year to $111.2 million. Additionally, compared to the same period in 2021, adjusted EBITDA rose by 6% to $19.5 million in the first quarter of 2022. According to US GAAP, the corporation had an operating loss of $21.1 million in the first quarter of 2022. According to Ayr, revenues will be $800 million, operating income will be $100 million, and adjusted EBITDA will be $250 million in the fourth quarter of 2022. At the conclusion of the quarter, the company had $78.7 million in cash on hand.
In March, AYR offered Entourage Vape Offerings in Florida. Ayr Wellness made the formal announcement that marijuana for adult use would be sold at its three New Jersey dispensaries on June 13. At the end of June, Ayr launched its first adult-use dispensary in the greater Boston region, in the Back Bay district of Boston. The company will release its second quarter 2022 results on August 18th before the bell.
AYWRF Stock Performance
AYRWF stock closed on July 21st at $5.67 up 15.39% in the last week of trading. Currently, the stock has a 52-week price range of $4.61-$31.60 and is down 62.78% year to date. According to analysts at Tip Ranks AYRWF stock has a 12-month average price target of $18.90 per share. In this case, this would represent an upside of 234.51% from the last price of $5.67.
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Columbia Care Inc.
The New York region will see a significant rise in Columbia Care Inc.’s presence. The company just bought a 34-acre Long Island growing facility, making it one of the East Coast’s largest cannabis producers. Currently, Columbia Care has 131 locations in 18 American cities, including 99 dispensaries and 32 growing and processing facilities. The business opened a cannabis dispensary at its first location in Missouri in October 2021. In addition, the business declared the launch of Virginia’s third gLeaf dispensary. The acquisition of Columbia Care by Cresco Labs Inc. (OTC: CRLBF) on March 23 made it the largest MSO in the US with a $2 billion total enterprise value.
Sales for the corporation increased by 43% year over year to $123 million in the first quarter of 2022. Additionally, the gross profit was $57 million, up 68% from the first quarter of 2021, and the gross margin was 46%, up 676 basis points year over year. Adjusted EBITDA for the business was $17 million, a 355 percent increase over the previous year. It’s significant that the business revised its forecast for 2022, which calls for sales of $625–675 million and adjusted EBITDA of $135–135 million. In July Columbia care obtained the final order of the Supreme Court of British Columbia Approving its business combination with Cresco Labs.
CCHWF Stock Performance
CCHWF stock closed on July 21st at $1.81 up 16.77% in the last five days of trading. Currently, the stock has a 52-week range of $1.23-$5.34 down 36.72% year to date. According to analysts at Tip Ranks CCHWF stock has a 12-month average price target of $4.07 per share. In this case, this is an upside of 124.86% from its last trading price of $1.81.
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Ascend Wellness Holdings, Inc.
AWH is a vertically integrated cannabis corporation with operations in Massachusetts, New Jersey, Ohio, Illinois, Michigan, and Michigan. Owning and operating facilities that produce award-winning strains and a carefully curated product line is the core business of AWH. Typically, the company creates and markets goods under the Ozone brand. The company’s cannabis product categories include flowers, pre-rolls, concentrates, vapes, edibles, and other cannabis-related goods. AWH sells to authorized cannabis businesses and has 17 retail locations. On May 11, an agreement was reached between Ascend Wellness and MedMen Enterprises Inc. (OTC: MMNFF) to increase the acquisition price of MedMen NY Inc., a division of that company, from $73 million to $88 million, contingent upon the beginning of adult-use sales at a MedMen NY facility.
The company’s overall gross sales for the first quarter of 2022 were $101.2 million, down 0.8 percent from the prior quarter but up 33.4 percent from the year before. Net revenue also decreased by 3.8 percent quarter over quarter but climbed by 28.7 percent year over year to $85.1 million when intercompany wholesale goods sales are excluded. In the first quarter of 2022, the company lost $27.8 million as opposed to $16.5 million in the previous quarter. Ascend’s adjusted EBITDA was $16.4 million, or a 19.2 percent margin. The company has $89.9 million in net debt as of March 31, 2022, and $143.8 million in cash and cash equivalents. The company began distributing in Massachusetts and Michigan earlier this year after reaching an exclusive agreement with Lowell Smokes. AWH is scheduled to release its second quarter 2022 earnings on August 15th after the close.
AAWH Stock Performance
AAWH stock closed on July 21st at $2.68 up 5.09% in the past five trading days. Currently, the stock has a price range of $1.86-$15.81 down 59.18% year to date. According to analysts at CNN Business AAWH stock has a 12-month median price forecast of $8.50 per share. In this case, this would represent an upside of 217.16% from its last trading price of $2.68.
Investing In Pot Stocks Before August 2022
It is believed that marijuana stocks have a higher risk-to-reward ratio. Before making an investment, it is important to perform your own due diligence on the company. A company’s financial reports and press releases may offer information about the top performers in the industry. By applying technical indicators and developing your understanding of chart patterns, you may increase your chances of making better trades. These marijuana stocks could be the best ones to watch as investors experience a cannabis sector rally before August 2022.
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