Best Marijuana Stocks In 2023
Do you plan to buy top US marijuana stocks in 2023? Top cannabis companies had a massive drop with the failure of federal cannabis legalization on Capitol Hill in 2022. After rising to start 2023, many cannabis stocks fell in February. Day and swing traders typically make the most money when trading in a market like this. In addition to their sizeable long-term investments in the cannabis industry, some long-term investors use short-term trading strategies. As a result, they stand to benefit from daily changes in stock prices.
Cannabis will still be illegal under federal law in the US as of 2022, even though more and more states have legalized it for medical and/or recreational use. Companies operating in the market today face various financial and legal challenges due to the complicated regulatory environment that has resulted from this.
The US cannabis business has expanded significantly in recent years despite these obstacles; according to some projections, the sector may be worth billions of dollars in the years to come. As a result, numerous businesses are investing in the industry to profit from this expansion, and some of them may eventually dominate the market.
The cannabis market is expected to grow over the next five years. Another area that will expand significantly is the American cannabis market. Investors can profit from the market’s current momentum by taking advantage of the sector’s broad rebound. By capitalizing on the sector’s decline, investors may be able to benefit from the current market trend. Watch out for these three US marijuana stocks in 2023.
[Read More] Best US Marijuana Penny Stocks For Investors In March 2023
Best US Marijuana Stocks For March Now
- Green Thumb Industries Inc. (OTC: GTBIF)
- Verano Holdings Corp. (OTC: VRNOF)
Green Thumb Industries Inc.
Green Thumb Industries Inc. is a key player in the American cannabis consumer packaged goods (CPG) business. Currently, Green Thumb runs 77 locations throughout 15 states. With more on the coming, GTI will soon have 111 retail licenses. In 2021, GTI will open a Cookies on the Las Vegas Strip in accordance with the terms of the first agreement with the privately held Cookies Brand. The launch of Green Thumb’s marijuana business in Virginia has been announced following the company’s successful acquisition of Dharma Pharmaceuticals. Via the acquisition of Leafline Industries, the company entered the Minnesota market. In April, the company revealed its 77th Rise site.
Green Thumb’s reported its fourth quarter and full year 2022 results, with total revenue for the period reaching $259.3 million, an increase of 6.4% over the quarter’s $243.6 million. Total revenue rose 13.9% to $1.0 billion for the entire 2022. The legalization of adult-use sales in New Jersey, which took effect on April 21, 2022, and revenue from acquisitions made throughout 2021, were the main drivers of revenue increase in the fourth quarter.
In comparison to the fourth quarter of 2021, total retail revenue grew by 14.2%, and for the entire year 2022, it increased by 24.1%. Compared to the fourth quarter of 2021, when the gross profit was $128.6 million or 52.8% of revenue, the fourth quarter of 2022 saw a gross profit of $124.0 million, or 47.8% of revenue. Gross margin for the entire year was $504.0 million, or 49.5% of revenue, as opposed to $491.9 million, or 55.1% in 2021. In comparison to the prior year’s fourth-quarter net gain of $22.8 million, or $0.10 per basic and diluted share, the company’s fourth-quarter 2022 net loss was $51.2 million, or ($0.22) per basic and diluted share.
GTBIF Stock Performance
On March 3rd, GTBIF shares finished at $8.90, up 64.22% in the trading month. Currently, the stock has a 52-week price range of $7.40-$19.51 and is up 3.01% year to date. According to analysts at CNN Business, GTBIF stock has a 12-month average price target of $16.90 per share. In this case, this would represent an increase of 89.94% from its last trading price of $8.90.
[Read More] Best Canadian Marijuana Stocks For 2023? 2 To Watch In March
Verano Holdings Corp.
Verano Holdings Corp. is a vertically integrated, multistate cannabis business in the US. The business sells high-end cannabis products under a number of brand names. Now, Verano maintains authority over 13 states, 123 dispensaries, and 12 production and processing facilities. Despite this, the business operates out of 63 locations and is well-known in Florida. Two of the company’s retail brands, Zen LeafTM, and MÜVTM, run dispensaries that cater to both medical and adult-use clients. In Las Vegas, the business launched a drive-through dispensary on Flamingo Drive.
In November, Verona disclosed third-quarter sales for 2022 of $228 million. This is a 10% and 2% growth from the preceding quarter and second quarter, respectively. Also, from $98 million in the third quarter of 2021 to $98 million in the third quarter of 2022, the gross profit increased to $123 million, or 54% of revenue. The primary factors driving the improvement in gross profit over the same period last year were an increase in top-line revenue and a very small impact from the inventory step-up from acquisitions. The company’s Q3 2022 net loss was $(43) million, compared to losses of $(10) million in the previous quarter and $(13) million a year earlier.
Verano added 11 more MÜV dispensaries in Florida during the third quarter. More than 500 dispensaries, including over 100 of the company’s retail sites, already receive products sold under the Verano trademark flower brand. According to Verano, the 63rd dispensary in Florida and the 121st overall opened on Friday, January 20. The business announced the opening of Zen Leaf Clifton Heights, the company’s 16th associated Pennsylvania dispensary, on February 16. The company will release its fourth quarter and full year 2022 results on March 30th.
VRNOF Stock Performance
VRNOF shares closed at $3.30 on March 3rd, up 4.10% in the past month of trading. Currently, the stock has a 52-week price range of $2.58-$10.70 and is up 5.77% year to date. According to analysts at Tip Ranks, VRNOF stock has a 12-month average price target of $9.84 per share. This would represent an increase of 198.18% from its last trading price of $3.30.
[Read More] 3 Marijuana Stocks To Watch This Thursday
Best US Pot Stocks ON Watch For March
Studying their financials and press releases may help you pick the most significant cannabis companies on the market. To profit from the present market instability, many seasoned investors are actively trading short-term holdings in the top cannabis companies. Use technical indicators and chart patterns to identify the best entry points and take-profit areas before establishing a position. You can increase your ability to conduct profitable transactions by looking for favorable opportunities. The top marijuana stocks in the US are notoriously volatile, so they could be some of the best stocks to follow for short-term traders.
MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | new@marijuanastocks.com
