Best Marijuana Stocks For Investors In 2023
In 2023, do you plan to invest in marijuana stocks? Last year the top cannabis stocks dropped to new lows in December. In general, to begin 2023, they experienced some upside as the overall market moved higher. Trading cannabis penny stocks is one way cannabis investors are taking advantage of the present slowdown in the cannabis industry. For the sake of clarity, any stock that is traded for less than $5 is referred to as a penny stock. Short-term investors might still anticipate seeing significant gains despite the marijuana industry’s well-known high level of market volatility.
Congress is now delaying the federal cannabis reform and SAFE Banking laws, which has had a detrimental impact on the cannabis business. Even if this is the case, there have been and are still being made numerous advancements in the cannabis sector. Considering these hurdles, the US cannabis sector has seen substantial growth in recent years, with some estimates predicting that the market could be worth billions of dollars in the coming years. As a result, many companies are making investments in the sector in an effort to profit from this expansion, and some of them may end up dominating the market in the years to come.
Additionally, one sector that will grow significantly is the US cannabis market. Congress is now delaying the federal cannabis reform and SAFE Banking regulations, which has had a highly negative impact on the cannabis market. Top cannabis companies may see increased volatility as federal cannabis legalization continues on Capitol Hill. By taking advantage of the sector’s recovery, investors can profit from the market’s current momentum. The 2 best marijuana stocks under $5 to watch before March are listed below.
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Best Cannabis Stocks To Watch Before March
- Curaleaf Holdings, Inc. (OTC: CURLF)
- Verano Holdings Corp. (OTC: VRNOF)
Curaleaf Holdings, Inc.
Curaleaf Holdings, Inc., a multi-state cannabis merchant with 148 retail locations in the United States, manufactures packaged cannabis products. Medical marijuana products are currently being marketed in Germany by Adven GmbH, a fully-owned subsidiary of Curaleaf International. Curaleaf’s Select is one of the most well-known brands in the nation. Curaleaf purchased Tryke Companies in November in order to expand into three more states. The business currently owns Arizona, Nevada, and Utah. On December 7th, the Grassroots brand, the Cannabis Sommelier Certification Program, and Ganjier together launched a ground-breaking partnership in cannabis education.
In November, Curaleaf announced third quarter 2022 revenue of $340 million, up 7% annually and 1% sequentially. Moreover, Adjusted EBITDA increased by 18% YoY to $84 million in the third quarter of 2022. In the third quarter and the first nine months of 2022, the company produced operating cash flows of $60 million and $7 million, respectively. The third quarter of 2022 saw a net loss attributable to Curaleaf of $51 million as opposed to $55 million from the third quarter of 2021. On February 17th, the company announced the opening of its 58th location in Florida and 148th nationwide.
CURLF Stock Performance
On February 17th, CURLF shares closed at $3.90, down 4.67% in the past month of trading. The stock is currently trading in a 52-week range of $3.31-$8.269 and is down 9.25% year to date. According to analysts at CNN Business, CURLF stock has a 12-month average price target of $7.49 per share. In this case, this would represent an upside of 91.93% from its last trading price of $3.90.
[Read More] Best Marijuana Penny Stocks To Watch Before March 2023
Verano Holdings Corp.
Verano Holdings Corp. is a multistate, vertically integrated cannabis operator in the US. High-end cannabis products are offered for sale by the company under a variety of brand names. Verano presently retains control over 12 production and processing facilities, 123 dispensaries, and 13 states. In spite of this, the company has 63 sites and is well-known in Florida. Zen LeafTM and MÜVTM, two of the company’s retail brands, operate dispensaries that serve both medicinal and adult-use customers. The company opened a drive-through dispensary on Flamingo Road in Las Vegas.
Verona announced $228 million in third-quarter sales for 2022 in November. This is an increase of 10% from the previous quarter and 2% from the second quarter. Moreover, the gross profit climbed to $123 million, or 54% of revenue, from $98 million in the third quarter of 2021 to $98 million in the third quarter of 2022. Top-line increase and a relatively minor impact from the inventory step-up from acquisitions were the main drivers of gross profit growth over the same time last year. Compared to losses of $(10) million in the previous quarter and $(13) million a year earlier, the company’s Q3 2022 net loss was $(43) million.
During the third quarter, Verano opened 11 more MÜV dispensaries in Florida. Products under the Verano trademark flower brand are already distributed to more than 500 dispensaries, including more than 100 of the company’s retail locations. According to Verano, the 121st dispensary worldwide and the 63rd in Florida opened on Friday, January 20. On February 16th, the company announced the opening of Zen Leaf Clifton Heights, the company’s 16th affiliated Pennsylvania dispensary.
VRNOF Stock Performance
VRNOF shares closed at $3.13 on February 17th, up 3.64% in the past month of trading. Currently, the stock has a 52-week price range of $2.58-$12.07 and is up 0.32% year to date. According to analysts at Tip Ranks, VRNOF stock has a 12-month average price target of $9.89 per share. This would represent an increase of 215.97% from its last trading price of $3.13.
[Read More] Top US Marijuana Penny Stocks To Watch For Mid-February
Top US Pot Stocks For Q1 2023
There are various things that are projected to happen in the next few months that could increase the value of these marijuana stocks in 2023. Examining their financials and press releases may make it easier to identify the best cannabis businesses. To benefit from the recent market instability, several seasoned traders are actively putting short-term bets in the leading cannabis businesses. Before beginning a position, choose the best entry and exit criteria using technical indicators and chart patterns. By actively looking for the best setups in the market, you can improve your chances of making profitable trades.
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