Top Cannabis Stocks First Week Of January 2023
Do you want to invest in the top marijuana stocks in 2023? Long-term investing becomes difficult when market gains seem to be followed by more significant losses. One approach to benefit from the current market volatility is through short-term trading. Cannabis penny stocks have the highest risk-to-reward ratios of any cannabis stock.
Trading cannabis penny stocks is one-way cannabis investors are leveraging the current cannabis industry decline. For clarity, any stock that trades for less than $5 is considered a penny stock. These marijuana-related enterprises, infamous for their extreme market volatility, may offer significant returns to short-term investors. In the following five years, it is expected that the cannabis industry will more than triple.
One industry that will grow significantly is the international cannabis market. The other area that is expected to see substantial growth is the US cannabis industry. Ultimately, this may present an opportunity for marijuana investors to purchase expensive businesses at lower trading prices. Let’s examine three of the top marijuana stocks that started 2023 with upward momentum.
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Top Marijuana Penny Stocks Starting 2023 With Upside
- Planet 13 Holdings Inc. (OTC: PLNHF)
- Neptune Wellness Solutions Inc. (NASDAQ: NEPT)
- IM Cannabis Corp. (NASDAQ: IMCC)
Planet 13 Holdings Inc.
On the Las Vegas Strip, Planet 13’s 112,000-square-foot Superstore dispensary is well-known. Planet 13 will establish the largest marijuana dispensary in the state in 2021 when it opens a massive location in Orange County. Planet 13 has two superstore dispensaries that are among the biggest in the world. A retail dispensary and a smaller version of the business’s main website are available at the Medezin location. 
Revenue for Planet 13 fell by 22.2%, from $33.0 million to $25.6 million, in the third quarter of 2022. Additionally, the gross profit decreased by 41.2% and 53.8%, respectively, from $10.6 million to $10.7 million. Instead of a loss of $2.7 million, the corporation experienced a net loss of $6.3 million. Additionally, adjusted EBITDA was $0.4 million as opposed to $2.6 million. The business successfully purchased a 23,500-square-foot facility in Florida on July 5. A proposal for the SuperStore extension in Vegas that incorporates a consumption lounge is also being developed by Planet 13. Due to Nevada’s quick expansion, the company’s first harvest happened in September. In December, Planet 13 was granted a license to make the eagerly awaited addition of a consumption lounge to the legendary Las Vegas SuperStore experience.
Words From The Co-CEOs
“2022 was a difficult year for cannabis investors, and as CEOs and holders of over 78 million shares of Planet 13 combined, we certainly empathize with shareholders. 2022 was the worst year for the markets since 2008, and our industry was not spared. Prices were down across the board for cannabis stocks, with the biggest driver, as we saw in December, the failure of reform at the federal level. At Planet 13 we can only control what we can control and so that is what we focus on. We’ve maintained an 8-10% market share in Nevada while cutting costs to maintain margins. We are growing revenue in California. We’ve made progress on our growth initiatives in Florida and Illinois, setting the stage for us having operations in four states by the end of 2023 and we continue to have one of the strongest balance sheets and cleanest capital structures in the cannabis industry.”
Bob Groesbeck and Larry Scheffler
PLNHF Stock Performance
PLNHF stock closed on January 6th at $0.8959, up 46.87% in the last five days of trading. Currently, the stock has a 52- week price range of $0.603-$3.505 and is down 69.84% in the last year of trading. According to analysts at CNN Business, PLNHF stock has a 12-month forecast median target of $1.57 per share. In this case, this would represent an increase of 75.67% from its last trading price of $0.8959.
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Neptune Wellness Solutions Inc.
Last year, Neptune Wellness Solutions Inc. underwent a complete merger with a business that produces consumer goods. The company will offer many drinks with CBD added in the US, including flavored teas and lemonades. The transformation of Neptune from a big consumer goods company to a B2B hemp and cannabis extraction company is underway. Cannabis, nutraceuticals, cosmetics, personal care items, organic food, and beverages are just a few of the products the company sells to consumers. The business promoted Jessica Adkins to Senior Vice President of Corporate Communications in October. In Ontario and Alberta, pre-rolls were introduced to Neptune’s December Mood Ring product line.
Neptune reported fiscal Q2 2023 revenue reaching $12 million in December, which is a decrease from $12.5 million for the same period the previous year. Additionally, the gross profit for the second quarter of the fiscal year was $1.1 million as opposed to the same quarter previous year’s gross loss of $(1.2) million. In the second quarter, the company’s net loss increased to $37.3 million from the prior year in fiscal 2022, when it was $12.1 million. Important Sprout revenue also increased by 19% year over year to $8.4 million.
NEPT Stock Performance
NEPT stock closed at $0.6462 on January 6th, up 105.08% in the last five days of trading. The stock has a 52-week price range of $0.23-$19.60 and is down 95.22% in the last year of trading.
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IM Cannabis Corp.
IMC is a global leader in the medical and adult-use recreational cannabis industries and operates in Israel, Germany, and Canada. The Israeli medical cannabis industry has reportedly reached a significant milestone thanks to the IMC brand, claims the business. IMC’s selection of medical marijuana products is growing. The company is represented throughout Europe by Adjupharm, a subsidiary with a German headquarters and an EU-GMP-certified medicinal cannabis distributor. The corporation has made significant announcements regarding the debut of a state-of-the-art logistics facility in Germany. Adjupharm will be able to optimize its supply chain, moving ahead with the help of this facility by repackaging cannabis in a substantial volume.
Revenues for IMC’s third quarter of 2022 were $14.2 million in November, an increase of 78% over the $8.0 million recorded in the previous quarter and a 12% organic growth rate. Additionally, between the third quarters of 2021 and 2022 ($2.8 million vs. $2.0 million), the gross profit rose by 39%. Q3 2022’s gross margin was 20% greater than Q3 2021’s. The drop is mostly caused by a write-off of expired local non-premium inventory. The business reported a net loss from continuing operations of $4.5 million in Q3 2022 compared to a net profit of $0.8 million in Q3 2021.
IMCC Stock Performance
IMCC stock closed at $1.36 on January 6th, up 39.52% in the past five days of trading. The stock has a 52-week price range of $0.821-$30.30 and is down 95.44% in the last year. According to analysts at CNN Business, IMCC stock has a median price target of $7 per share. In this case, this would represent an upside of 418.52% from its last trading price of $1.36.
Short-Term Trading With Penny Pot Stocks
Some of the best cannabis stocks are rising as 2023 gets underway. Finding the top cannabis companies on the market might be made simpler by looking at their financials and press releases. Many seasoned traders actively make short-term trades in the biggest cannabis companies to profit from the current market volatility. Use technical indicators and chart patterns to determine the ideal entries and take profits before opening a position. Looking for opportunities to take profits can boost your ability to perform profitable transactions. These might be some of the finest stocks to monitor because the top marijuana stocks were so volatile last year.
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