Top Cannabis Stocks And Recent Momentum
Are you looking for top marijuana stocks to invest in for 2022? The cannabis industry has had an increase since July, which has continued into the first week of August. The potential for achieving deals in the Senate for federal cannabis policy is one factor contributing to this trend. Many various pieces of legislation have currently passed the House, but the Senate continues to oppose them. The Cannabis Administration and Opportunity Act was formally presented by Senator Chuck Schumer last month in the Senate, while the CLIMB Act was introduced in the House in May.
Sen. Cory Booker has recently said he would be open to a SAFE Banking measure that contains a provision for marijuana business banking and criminal justice reform. Top cannabis companies might see significant gains if any of these legislations get traction. Utilizing swing and short-term trading strategies is one method that many cannabis investors are profiting from during the present market conditions.
Many active traders are currently opening positions in some of the top marijuana stocks by taking advantage of the cheaper price points. Let’s examine more closely 3 of the top marijuana stocks for your list next week as the overall markets continue to hold current levels.
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Best Marijuana Stocks To Watch Right Now
- GrowGeneration Corp. (NASDAQ: GRWG)
- Planet 13 Holdings Inc. (OTC: PLNHF)
- Tilray Brands, Inc. (NASDAQ: TLRY)
GrowGeneration Corporation
The US-based company GrowGeneration Corp. is well-known for managing and supplying hydroponic and organic growing facilities. For cannabis cultivators, the company offers a range of organic, lighting, and hydroponic solutions. GrowGen now owns and runs 62 organic garden businesses throughout the US. Since GrowGeneration.com’s launch, the business has concentrated on expanding its online presence. The website has evolved into a one-stop e-commerce destination with over 10,000 goods, spanning from nutrition to lighting technology. Over the next five years, the business intends to build more than 100 sites around the US. During the third quarter of 2021, the company constructed the largest hydroponic garden facility in Los Angeles County.
GrowGen reported its second quarter 2022 results on August 4. Due to weaker industry demand, net revenues fell 44 percent to $71.1 million during this period. Similarly, comparable store sales for the quarter fell by 56.9%. In contrast to last year’s net gain of $6.7 million, the company had a net loss of $136.4 million, including a $127.8 million impairment charge for goodwill and other intangibles. Importantly, the business revised its revenue forecast for 2022 from a range of $340 million to $400 million to $250 to $275 million. In May, GrowGeneration unveiled Drip Hydro, a range of liquid fertilizer blends created for industrial planters.
GRWG Stock Performance
On August 4th, the shares of GRWG finished at $4.85, up 13.32% in the last month. GRWG stock is down 62.84% year to date, with a 52-week price range of $3.42-$44.00. According to CNN Business analysts, GRWG stock has a 12-month median price target of $5.00 per share. This would forecast a 3.52 percent increase over the last transaction price of $4.85.
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Planet 13 Holdings Inc.
Planet 13 is well-known for its 112,000-square-foot Superstore dispensary on the Las Vegas Strip. The company is well recognized for its manufacturing, dispensary, and cultivation operations close to the Las Vegas Strip. It is situated in Nevada. The largest cannabis dispensary complex in California, the Planet 13 megastore, made its debut in Orange County in 2021. Two of the world’s biggest superstore dispensaries belong to Planet 13. The Medezin store is a scaled-down version of the company’s main site and includes a more condensed dispensary retail section. The company completed the vertically integrated purchase of Next Green Wave in California in March.
According to corporate data released in May, sales for the first quarter of 2022 were $25.7 million, an increase of 8% over the preceding quarter. Additionally, the company’s Adjusted EBITDA for the first quarter of 2022 was $2.6 million. Consequently, the business lost $2.1 million in the first quarter of 2022 rather than $6.0 million at the same time the previous year. The gross profit decreased from the previous year’s gross profit of $13.0 million, or 54.7 percent, by $12.9 million, or 50.2 percent.
PLNHF Stock Performance
The company has reportedly signed a lease for its second and third dispensaries, which will open in Florida in May and June. On July 5th, the business finished acquiring a 23-acre Florida property with a 10,500-square-foot building. In addition, Planet 13 is preparing a request to expand its SuperStore in Vegas with a consumption lounge. The company will release its second quarter 2022 results on August 15th aftermarket. PLNHF stock closed on August 5th at $1.95 up 4.84% in the last five trading days. Currently, the stock has a 52- week price range of $1.08-$5.69 and is down 34.12% year to date.
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Tilray, Inc.
Tilray, Inc. is a global cannabis consumer packaged goods (CPG) business with operations in Canada, the US, Europe, Australia, and Latin America. The corporation has built a reputation as a market leader in Canada and one of the world’s largest cannabis companies. Tilray is preparing to enter the US market in order to increase its global reach. The first company to cultivate and sell medical marijuana in Germany was Tilray. The business believes that the markets in Canada and the US have significant opportunities for CBD-infused goods and drinks. Tilray and Great North Distributors decided to collaborate in 2021 to support the expansion of Canada’s legal cannabis industry.
Tilray announced a record fiscal year 2022 performance to end July. In specific, net revenue for the entire year, 2022 increased by 22% to $628 million, while revenue for the fourth quarter increased by 8% to $153 million. The organization now projects that its operating business units will produce $70-$80 million in Adjusted EBITDA and have positive free cash flow in FY2023. Importantly, Tilray saw a net loss of $457.8 million in the fourth quarter as opposed to a net profit of $33.6 million in the same period the previous year. The business started selling medical marijuana products in Malta in February. Tilray has increased its involvement in the US cannabis market by acquiring the bulk of the convertible notes issued by MedMen. On August 3rd the company announced a U.S. distribution agreement with Southern Glazer’s Wine & Spirits for CBD beverages.
TLRY Stock Performance
On August 5th the shares of TLRY closed at $3.90, up 6.85% in the past five trading days. The 52-week price range for the stock is $3.00-$15.21 and is down 44.52% year to date. According to CNN Business experts, TLRY stock has a 12-month consensus price objective of $4.00 per share. This represents a 2.70 percent increase over the previous trading price of $3.90.
Making the Best Investments In Top Cannabis Stocks In 2022
You should always conduct your own research before making an investment in a company. The most efficient technique to choose which companies are the best to invest in may be to review their financial statements and press releases. These could be the top cannabis stocks to buy right now in August as the cannabis market develops.
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