Best Cannabis Stocks To Watch This Week
As the week began, the best marijuana stocks in December began to gain momentum. But the sector has recently declined due to SAFE Banking Plus’s exclusion from the NDAA. Congress just approved the National Defense Authorization Act (NDAA) without including cannabis-related legislation. Although it is still conceivable for SAFE to be added as an amendment to the NDAA, its absence has had some negative effects on cannabis stocks.
Day traders and swing traders frequently make the most money when trading in a market like this. In addition to their significant long-term investments in the cannabis business, some long-term investors opt to use short-term trading strategies. Thus, they stand to benefit from daily changes in the stock’s price. Delays in the federal cannabis law’s implementation have harmed the US cannabis market, which generates billions of dollars annually. Investors may be able to profit from the market’s present trend by taking advantage of the sector’s decline. The three cannabis stocks to watch in December.
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Top US Marijuana Stocks To Watch Right Now
- Curaleaf Holdings, Inc. (OTC: CURLF)
- Trulieve Cannabis Corp. (OTC: TCNNF)
Curaleaf Holdings, Inc.
Curaleaf Holdings, Inc., a multi-state cannabis merchant with 142 retail locations in the United States, makes packaged cannabis products. A wholly owned subsidiary of Curaleaf International, Adven GmbH, is now marketing medical marijuana products in Germany. One of the most well-known brands in the country is Curaleaf’s Select. In November, Curaleaf acquired Tryke Companies in order to grow into three additional states. Currently, the company owns Utah, Nevada, and Arizona. On December 7th, Ganjier, the Cannabis Sommelier Certification Program, and the Grassroots brand jointly announced a groundbreaking cooperation in cannabis education for the Grassroots brand.
Curaleaf reported third-quarter 2022 revenue of $340 million in November, an increase of 7% year over year and 1% from the prior quarter. Additionally, Adjusted EBITDA for the third quarter of 2022 rose by 18% YoY to $84 million. The corporation generated operating cash flows of $60 million in the third quarter and $7 million in the first nine months of 2022, respectively. Compared to the third quarter of 2021, the third quarter of 2022 witnessed a net loss attributable to Curaleaf of $51 million instead of $55 million.
CURLF Stock Performance
On December 7th, CURLF shares closed at $5.28, down 4.35% in the past month of trading. The stock is currently trading in a 52-week range of $4.48-$9.72 and is down 41.33% year to date. According to analysts at CNN Business CURLF stock has a 12-month average price target of $8.50 per share. In this case, this would represent an upside of 41.33% from its last trading price of $5.28.
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Trulieve Cannabis Corp.
Trulieve Cannabis Corp., which has operations in eleven states, has the largest market share in Florida. With 175 retail sites, the company dominates the US cannabis market. The company’s processing and expansion space total 4 million square feet. Trulieve’s standing in the Southeast cannabis market has increased due to a Georgia production license. The firm opened its first dispensary in Massachusetts, laying the groundwork for future growth. In February, the business increased its capacity for production in the southwest by purchasing a 64,00 square foot growing facility near Phoenix. In April, the company acquired Greenhouse Wellness West Virginia Dispensaries LLC, expanding its geographic footprint in West Virginia.
Trulieve announced sales growth of 34% year over year to $301 million in its third-quarter results for 2022 and a GAAP gross margin of 56%. The company also runs a 176-dispensary U.S. retail network with a growing processing capacity of over 4 million square feet. According to GAAP, Trulieve generated a gross profit of $168 million with a gross margin of 56%. The company has declared a net loss of $115 million. Additionally, the company had a 33% profit on adjusted EBITDA of $99 million*.
TCNNF Stock Performance
TCNNF stock closed on December 7th at $11.20, up 2.75% in the last trading month. Currently, the stock has a 52-week price range of $8.29-$27.43 and is down 56.94% year to date. According to analysts at Tip Ranks TCNNF stock has a 12-month average price target of $25.12 per share. In this case, this represents an upside of 124.26% from its last trading price of $11.20.
[Read More] Will Federal Reform Help Marijuana Stocks In 2023?
Investing In The US Cannabis Industry Before 2023
Considering a company’s financials and press releases can be quite helpful in determining which businesses have the most potential. A company should be thoroughly studied before investing. If you become proficient with technical indicators and chart patterns, your investing results will improve. Short-term traders may benefit from the current market conditions due to the cannabis industry’s quick local and international growth. You could find it helpful to become familiar with various trading methods during a downturn. These top marijuana stocks should be kept an eye on in December.
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