Top Cannabis Stocks For Q1 2023
Are you trying to find the best marijuana stocks to buy when the market declines? Many cannabis penny stocks in 2023 saw gains in the first quarter as the market gained traction. In general, pot stocks have fallen as the market has weakened. Trading marijuana penny stocks is one-way investors take advantage of market volatility.
Trading cannabis penny stocks is a common method utilized by cannabis investors to profit from the current growth of the cannabis industry. Every stock that trades for less than $5 is referred to as a penny stock. These marijuana enterprises, which are renowned for their extreme market volatility, could yield big profits for investors in the short run.
The cannabis sector in the United States is highly competitive, with many companies working in the space. Notwithstanding these difficulties, there has been tremendous growth in the US cannabis sector in recent years. As a result, many companies are investing in the industry to profit from this expansion, and some may end up dominating the market in the coming years. Let’s look at 2 top cannabis penny stocks to watch right now.
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Top Marijuana Penny Stocks For Watchlist In March
- Glass House Brands Inc. (OTC: GLASF)
- TILT Holdings Inc. (OTC: TLLTF)
Glass House Brands Inc.
One of the fastest-growing sectors in the country is served by the vertically integrated cannabis and hemp business Glass House Brands Inc. AT the present time, the company concentrates on the California market, where it creates cutting-edge, environmentally friendly brands to cater to the demands of clients in various industries. In addition, some of the company’s well-known goods include Forbidden Flowers, Glass House Farms, and Mama Sue Wellness. The business will make an investment in a 5.5 million square foot greenhouse in Southern California in September 2021. Mark Vendetti is the new company’s chief financial officer. A well-known California edibles company, PLUS, was acquired for $25.6 million in December.
With record wholesale revenue of over $15 million and the full quarter impact of the three NHC shops purchased in September 2022, the business projects Q4 2022 revenue of around $31 million to $32 million, within the higher range of guidance of $30 million to $32 million. Due to relatively stable production costs compared to $134 per pound in Q3, the gross margin for Q4 2022 is anticipated to be in the mid-30 % level.
Glass House completed the acquisition of the Morro Bay Natural Healing Center dispensary. After the Morro Bay dispensary agreement is approved, Glass House will have seven retail dispensaries by the end of the third quarter. In Santa Ynez, California, Glass House expanded its retail options in January by opening a New Farmacy Dispensary. Indeed, there are currently nine dispensaries in Glass House, up from three at the beginning of 2022. Glass House Brands announces plans to double the capacity of cannabis cultivation at its California Farm in March. The company will release its fourth quarter and full year 2022 results on March 13th.
GLASF Stock Performance
GLASF stock ended at $3.14 on March 8th, up 16.33% in the last month’s trading. Currently, the stock has been trading in a 52-week range of $1.78-$6.24. In this case, GLASF stock is up 64.45% year to date.
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TILT Holdings Inc.
TILT Holdings Inc., a company specializing in international markets, may assist cannabis entrepreneurs in developing a global brand. In general, the companies’ primary markets include the European Union, the United States, Canada, Israel, Mexico, and South America. To be clear, TILT has a huge portfolio of businesses that provide manufacturing, production, hardware, and software to other top cannabis businesses. The business normally provides the best inhalation apparatus for cannabis-based medicines to the American and European markets.
Revenue rose 11% sequentially in the second quarter of 2022, according to data from TILT. The amount of revenue received was $47.1 million as opposed to $48.5 million. In addition, the gross profit decreased from $12.9 million the previous year, or nearly 27% of total revenue, to $10.9 million this year, or roughly 23%. In contrast to the preceding year’s net profit of $1.0 million, the company’s net loss for the quarter was $7.1 million. The main cause of the drop was a $6.7 million non-cash goodwill impairment during the quarter. In Q1 2022, TILT and Timeless Refinery, a client using inhalation technology, established a new brand agreement to market the company’s products in Ohio.
TLLTF Stock Performance
TLLTF stock closed at $0.08 on March 8th, down 0.62% in the past month. The stock has a 52-week price range of $0.029-$0.3390 and is up 98.51% year to date.
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Top Penny Pot Stocks For Short Term Trades
Generally speaking, finding the top cannabis companies on the market may be made more accessible by examining their financial records and press releases. To benefit from the current market volatility, many seasoned investors are actively trading short-term stakes in the top cannabis companies. Use technical indicators and chart patterns to identify the best entry points and take-profit areas before opening a position. You may enhance your ability to close sales by remaining persistent in your search for potential prospects. The most well-known marijuana companies may be among the best cannabis stocks to watch in 2023 because of their extraordinary volatility.
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