Top Cannabis Stocks Of 2023
Do you plan to buy shares of the top marijuana stocks in 2023? The global cannabis market is expected to be worth USD 27.7 billion in 2022 and USD 82.3 billion in 2027, with a CAGR of 24.3%. The surge in cannabis use, both recreationally and medically, is fueling the industry.
Trading cannabis penny stocks is one way cannabis investors are leveraging the current cannabis industry rise. For the ease of those who are unsure, any stock that trades for less than $5 is referred to as a penny stock. These marijuana companies, which are known 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. Many companies are expanding outside of the US nowadays by setting up offices abroad.
This month, a budget package that included the SAFE Banking legislation was deleted, which had a negative impact on the cannabis industry. As a result, this might offer marijuana investors a second chance to buy pricey companies at lower trading prices. Let’s examine 2 of the top marijuana stocks that have gained in 2023.
[Read More] 2 Marijuana Stocks To Watch This Tuesday
Top US Cannabis Penny Stocks For March Watchlist
- Columbia Care Inc. (OTC: CCHWF)
- Jushi Holdings Inc. (OTC: JUSHF)
Columbia Care Inc.
Columbia Care Inc.’s domain in the New York area will expand dramatically. The company, which is one of the biggest cannabis growers on the East Coast, just bought a 34-acre Long Island facility. At the present time, there are currently 131 locations for Columbia Care, including 95 dispensaries and 33 growing and processing facilities scattered throughout 18 US cities. In October 2021, the company unveiled a marijuana dispensary at its first site in Missouri. Virginia’s third gLeaf dispensary has announced its location to the corporation. On March 23, Columbia Care was purchased by Cresco Laboratories Inc. (OTC: CRLBF), the largest MSO in the US, for a $2 billion total enterprise value.
Corporate projections indicate that third-quarter 2022 revenue will rise 2.4% QoQ to $133 million. The business’s gross profit increased 2.5% QoQ to $52 million. Retail revenue only climbed by 0.4% as compared to Q2 2022. However, wholesale revenue grew by 14% sequentially, significantly raising EBITDA. By June 2022, adult usage times would be fully implemented in New Jersey’s retail enterprises. Sequential market sales growth exceeded 75%, and wholesale growth outperformed quarterly growth by a factor of more than five. In Q3, no new retail establishments were inaugurated. The company opened Carytown, its fifth retail site in Virginia, after the quarter ended, bringing the total number of dispensaries to 85. Columbia Care welcomed the beginning of marijuana sales for adult use in Missouri on February 6. In addition, the company introduced a new line of formulated cannabis tablets, PRESS 2.0, on February 16th.
CCHWF Stock Performance
CCHWF stock closed on February 17th at $0.6251, down 21.35% in the last month of trading. Currently, the stock has a 52-week range of $0.5360-$3.35, down 16.65% year to date. According to analysts at Tip Ranks, CCHWF stock has a 12-month average price target of $3.75 per share. In this case, this is an upside of 499.13% from its last trading price of $0.6251.
[Read More] Best Cannabis Penny Stocks To Watch Before March Right Now
Jushi Holdings Inc.
Jushi Holdings Inc. is a hemp and cannabis business that is expanding its market share in the medical and recreational marijuana industries in the United States. The company’s main goal is to supply the US market with a range of branded marijuana and hemp-derived products. In the country, 34 Jushi-run dispensaries employ the BEYOND/HELLO brand. Jushi also has 31 retail licenses in the US, and its national cannabis dispensary brand, Beyond/Hello, is expanding both online and offline. The business was able to expand its vertically integrated operations into Nevada in April by purchasing NuLeaf Inc.
Jushi’s revealed preliminary third-quarter financial statistics showing a 34.9% increase in revenue year over year to $72.8 million. Moreover, the business generated a gross profit of $27.7 million, up 4.0% from Q2 2022 and 18.9% from the previous quarter. It’s important to keep in mind that Jushi suffered a net loss between $52.9 and $62.8 million. The company opened its third and fourth Beyond HelloTM dispensaries in Virginia in addition to its 34th and 35th retail stores around the country. Jushi announced the arrival of its full product lineup in California in December. In January, Jushi opened its 37th retail location nationwide and fifth Beyond Hello™ dispensary in Arlington, Virginia.
JUSHF Stock Performance
JUSHF stock closed at $0.8004 on February 17th, up 5.05% in the last month of trading. Currently, the stock has a 52-week price range of $0.58-$3.99 and is up 5.04% year to date. According to analysts at CNN Business, JUSHF stock has a 12-month average price target of $2.80 per share. In this case, this represents an upside of 250.15% from its last trading price of $0.8004.
[Read More] Top US Marijuana Penny Stocks To Watch For Mid-February
Top Pot Stocks To Watch This Week In February
Examining their financials and press releases may make it easier to identify the best cannabis businesses. To take advantage of the current market volatility, many seasoned investors are actively trading short-term positions in the leading cannabis companies. Prior to opening a position, use chart patterns and technical indicators to determine the best entry points and take-profit zones. In general, by actively looking for promising opportunities, you can improve your chances of making a profitable trade. Given the extreme volatility of the most well-known US marijuana stocks, these could be some of the top cannabis penny stocks to watch in 2023.
MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | new@marijuanastocks.com
