Top Cannabis Stocks To Close October
Do you want to invest in the top marijuana stocks before November? Numerous experts predict that US MSOs will be the key cannabis businesses to keep an eye on in 2022. The future of the cannabis industry has been the subject of a lot of conjecture recently. Sen. Cory Booker and our president, for instance, spoke up to share powerful remarks and the evolution of federal legislation. Joe Biden has begun to pardon federal inmates who have committed minor cannabis-related offenses.
President Joe Biden declared in October that he would start the process of forgiving anyone who had previously received federal convictions for offenses involving tiny amounts of cannabis. Furthermore, Biden stated that he is asking other governors to take similar steps to drop marijuana possession charges at the state level.
Day traders and swing traders typically make the greatest money when trading in a market like this one. In addition to their sizeable long-term investments in the cannabis industry, some long-term investors also choose to adopt short-term trading strategies. As a result, they stand to benefit from daily changes in the stock’s price. The US cannabis business, which earns billions of dollars a year, has been harmed by delays in the implementation of federal cannabis regulations. Investors may be able to profit from the market’s present trajectory by using the sector’s slump. The following list includes the two marijuana stocks to watch for the end of October.
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- TPCO Holding Corp. (OTC: GRAMF)
- Glass House Brands Inc. (OTC: GLASF)
TPCO Holding Corp.
One of the largest cannabis companies in California is TPCO Holding Corp. Shawn Jay-Z Carter, a musician and businessman, Left Coast Ventures, a hemp farmer, and Caliva, a direct-to-consumer marketplace, are all part of the TPCO brand. Carter serves as the company’s Chief Visionary Officer and Chief Brand Strategist. In general, the business cultivates, moves distributes, and extracts marijuana all over California. Under 17 owned and permitted brands, the firm offers cannabis products valued at 250 stock-holding units. 11 retail outlets and delivery facilities were opened after Coastal Holdings Company, LLC was incorporated in October.
The company reported financial results for the second quarter of 2022 with net revenues of $27.4 million due to its focus on higher-quality revenue streams. For instance, the company’s omnichannel retail revenue, which accounted for 69% of net sales for the quarter, increased by 60% from the prior year to $19 million. For the second quarter of 2022, TPCO suffered a net loss and total loss of $30.5 million. The business reported an Adjusted EBITDA loss of $18.4 million for Q2 2022. In September, TPCO debuted the high-end cannabis brand RCVRY, created by Nordan Shat and FaZe Rain (aka FaZe Rain). At the end of September, TPCO finished the acquisition of Calma, a well-known retail space ideal for Monogram’s premium product launches.
GRAMF Stock Performance
GRAMF stock closed at $0.46 on October 24th up 19.48% in the last five days of trading. Currently, the stock has a 52-week price range of $0.315-$3.65 and is down 66.91% year to date.
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Glass House Brands Inc.
The vertically integrated cannabis and hemp company Glass House Brands Inc. competes in a sector with one of the fastest growth rates in the nation. The business concentrates on the California market, where it creates innovative, eco-friendly brands to satisfy the demands of customers in numerous industries. Some of the company’s well-known goods include Forbidden Flowers, Glass House Farms, and Mama Sue Wellness. The business bought a 5.5 million square foot greenhouse in Southern California in September 2021. Mark Vendetti is the new company’s chief financial officer. A well-known California edibles company named PLUS was acquired for $25.6 million in December.
The net sales of Glass House came to $16.5 million in the second quarter of 2022, up 18% from the first quarter’s $14.0 million but down 12% from the second quarter’s $18.7 million in 2021. The gross profit was $0.3 million in Q2 2021, $8.6 million in Q1 2022, and $2.3 million in Q2 2022. In contrast to 27% in the first quarter of 2022 and 46% in the second quarter of 2021, the company’s gross margin in the second quarter was only 2%. Additionally rising from $2.2 million to $(6.4) million in Q1 2022 to $9.8 million in Q2 2021, the company’s Adjusted EBITDA also increased.
In May, the company’s SoCal Farm harvested its first crop, and in July, Glass House produced almost as much as it did in all of Q2. In September, Glass House completed the purchase of the Morro Bay Natural Healing Center dispensary. Following the completion of the Morro Bay dispensary agreement, Glass House will end Q3 with 7 retail dispensaries.
GLASF Stock Performance
GLASF stock ended at $3.495 on October 24th up 47.47% in the last five trading days. Currently, the stock has been trading in a 52-week range of $1.95-$6.54. At the present time, analysts from Tip Ranks are offering an average price target for GLASF Stock of $5.00 per share. In this case, this would represent a 43.06% change from its last trading price of $3.495.
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Investing In Cannabis During The Current Market Climate
The most promising companies can be identified via press releases and financial data. Before selecting a position, you should do extensive research on the organization. As you get more skilled at using technical indicators and chart patterns, your investing outcomes can improve. Given the cannabis industry’s rapid local and global expansion, short-term traders may benefit from the current market conditions. During a downturn, you might find it helpful to familiarize yourself with a range of trading strategies. These cannabis stocks are the best ones to add to your watchlist for October 2022.
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