Best Cannabis Stocks For January Watchlist
Do you want to invest in the top marijuana stocks for 2023? Long-term investing becomes difficult when market gains seem to be followed by worse 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 profiting from the current dip in the industry. For the sake of clarity, any stock that is traded for less than $5 is referred to as a penny stock. These cannabis stocks, noted for their extreme market volatility, could bring in big returns for short-term investors.
One part of the industry that will grow significantly is the international cannabis market. Ultimately, this might present a chance for marijuana investors to purchase quality companies at lower market prices. Let’s examine two of the top marijuana stocks that grew in 2023.
Top Cannabis Stocks For 2023 Watchlist
- IM Cannabis Corp. (NASDAQ: IMCC)
- Clever Leaves Holdings Inc. (NASDAQ: CLVR)
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 market has reportedly reached a significant milestone thanks to the IMC brand, claims the business. IMC’s selection of medical marijuana products is growing. In general, 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.
IMC reported third-quarter sales of $14.2 million in November, up 78% from the $8.0 million reported in the prior quarter and representing 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%. In comparison to Q3 2021, the gross margin for Q3 2022 was 20% greater. The write-off of outdated local non-premium inventory is the leading cause of the reduction. The business recorded a net loss from continuing operations of $4.5 million in Q3 2022 as opposed to a net profit of $0.8 million in Q3 2021.
IMCC Stock Performance
IMCC stock closed at $1.41 on January 18th, up 8.46% in the past five days of trading. The stock has a 52-week price range of $0.821-$27.30 and is up 44.65% year to date. 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 396.45% from its last trading price of $1.41.
[Read More] 3 Marijuana Stocks To Buy This Tuesday?
Clever Leaves Holdings Inc.
Clever Leaves Holdings Inc. grows, extracts, manufactures and sells cannabis. The business is currently active in a number of countries, including Colombia, Portugal, Germany, the US, and Canada. Along with health and detoxifying goods, the company develops, produces, markets sells, and distributes a variety of homeopathic treatments. By adopting industrial-scale, inexpensive, ESG-friendly, cost-effective production techniques, Clever Leaves seeks to disrupt the cannabis manufacturing industry as it presently stands fundamentally. The strictest medical-grade certifications now accessible worldwide are combined in these methods.
The company’s third-quarter revenue in 2022 was $3.3 million as opposed to $4.0 million. Contrary to a 12% decline in non-cannabinoid-related sales, which decreased from $3.2 million to $2.3 million, cannabinoid-related revenue climbed by 12% to $1.0 million from $0.9 million. The overall profit decreased from $1.9 million to $0.3 million as a result of an inventory provision of $0.7 million. This was due to an inventory reserve of $1.7 million. Compared to a net income of $1.0 million, the net loss was $20.2 million. This was caused by a $19.0 million charge incurred during the quarter for the impairment of intangible assets.
CLVR Stock Performance
CLVR stock is trading at $0.3975 on January 18th, up 1.51% in the past five days of trading. Currently, the stock has a 52-week price range of $0.29-$3.98 and is up 29.48 year to date. According to 2 analysts at CNN Business, CLVR stock has a consensus price target of $2.28 per share. This forecast represents an increase of 468.75% from its last trading price of $0.3975.
[Read More]Short-Term Trading Top Pot Stocks In 2023
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. A handful of seasoned traders are actively putting short-term bets in the biggest cannabis companies in an effort to profit from the present market volatility. Use technical indicators and chart patterns to determine the appropriate parameters before opening a position. In addition, you can increase your ability to complete successful transactions by actively looking for favorable opportunities. These might be some of the top stocks to watch, given how volatile the top cannabis stocks were last year.
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