Top Cannabis Stocks To Watch Before June
Are you searching for the best marijuana stocks to buy in June? This month, bipartisan United States House and Senate lawmakers resurrected the SAFE Banking Act, reviving the cannabis industry. Senator Chuck Schumer stated that a committee vote would occur shortly after a Thursday preliminary hearing. He also mentioned that he plans to link judicial reform legislation to SAFE Banking.
The cannabis sector in the United States has recently received much attention. As the legal framework surrounding cannabis evolves, investors are becoming more interested in the exciting potential of this developing business. Despite marijuana’s growing popularity, financial institutions have struggled to provide banking services to cannabis-related firms. This issue inspired the creation of the SAFE Banking Act, groundbreaking legislation that addresses the challenges that cannabis entrepreneurs face and the banking sector.
Cannabis penny stocks are one area in which new investors can expect to see immediate profits. A penny stock has a share price of less than $5. Short-term investors could profit considerably despite the industry’s well-known high market volatility. Despite the high market volatility, these marijuana companies can potentially provide significant profits to short-term investors. In the next five years, the cannabis market will more than triple. Let’s look at three leading marijuana stocks that saw gains in May.
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Top US Cannabis Stocks For June
- Ayr Wellness Inc. (OTC: AYRWF)
- Ascend Wellness Holdings, Inc. (OTC: AAWH)
- Green Thumb Industries Inc. (OTC: GTBIF)
Ayr Wellness Inc.
Ayr Wellness Inc. is a well-known Florida cannabis company. Sixty of the company’s 70 marijuana-related enterprises are based in Florida. To grow in Illinois, the company purchased Herbal Remedies Dispensaries, LLC. Adult marijuana use may increase its popularity in Ayr’s Massachusetts-based businesses. In Pennsylvania, the business has opened its sixth linked dispensary. Ayr intended to open its 86,000-square-foot processing and growing plant in December after receiving regulatory certification from Arizona. In 2022, the company invested significantly in the beverage business by acquiring Levia Cannabis Infused Seltzer.
Revenue for the first quarter of 2023 increased 18% year on year to $117.7 million, up 3% sequentially, according to AYR data. Furthermore, Adjusted EBITDA increased 64% year on year to $26.3 million, up 9% sequentially (GAAP loss from operations was $21.7 million, compared to $21.0 million in Q1/22). Since the beginning of 2023, the company has built seven additional outlets in Florida, bringing the total number of dispensaries in the state to 60. The company intends to establish ten more locations in 2023, bringing the total number of outlets to 70 by the end of the year.
The Company expects revenue and Adjusted EBITDA1 to expand in accordance with Q1 sequential growth patterns in the second quarter. AYR also reiterates its estimate of generating positive operating cash flow for 2023. However, operational cash flow trends will not be linear due to the timing of tax payments.
AYRWF Stock Performance
AYRWF stock closed on May 23rd at $1.24, up 87.88% in the last month of trading. Currently, the stock has a 52-week price range of $0.5660-$6.75 and is up 3.30% year to date. According to analysts at CNN Business, AYRWF stock has a 12-month average price target of $7.18 per share. In this case, this would represent an upside of 478.81% from the last price of $1.24.
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Ascend Wellness Holdings, Inc.
AWH facilities can be found in Massachusetts, New Jersey, Ohio, Illinois, Michigan, and Michigan. Owning and operating facilities that generate renowned strains and having a thoroughly researched product line are two of AWH’s key commercial efforts. Typically, the firm produces and sells its products under the name Ozone. The shop sells cannabis-related items such as candy, concentrates, pre-rolls, flowers, and vape pens. AWH operates 17 retail outlets and supplies merchandise to licensed marijuana businesses. As agreed upon by Ascend Wellness and MedMen Enterprises Inc., the purchase price of MedMen NY Inc. will rise.
Ascend Latest Financial Results
Ascend delivered Q1 2023 financial highlights, with gross revenue increasing 39.5% year-over-year and 4.9% quarter-over-quarter to $141.2 million. In addition, net revenue, which excludes intercompany sales of wholesale products, increased 34.2% year-over-year and 1.9% quarter-over-quarter to $114.2 million. Also, retail revenue increased 30.7% year-over-year but decreased 1.8% quarter-over-quarter to $82.7 million. The gross wholesale revenue increased 54.0% year-over-year and 16.3% quarter-over-quarter to $58.4 million.
Wholesale, net of intercompany sales, increased 44.2% year-over-year and 13.0% quarter-over-quarter to $31.4 million. Ascend Sustained a net loss of $18.5 million during the quarter, representing an improvement compared to a net loss of $27.8 million in Q1 2022 and $15.1 million in Q4 2022. Adjusted EBITDA1 was $23.3 million, representing a 20.4% margin. Adjusted EBITDA increased 42%, and margins expanded 118 basis points year-over-year. Margins declined 473 basis points quarter-over-quarter. As of March 31, 2023, cash and cash equivalents were $73.3 million, and net debt2 was $250.8 million.
AAWH Stock Performance
AAWH stock closed on May 23rd at $0.86, down 2.07% in the past five days of trading. Currently, the stock has a price range of $0.81-$3.13, down 25.25% year to date. According to analysts at CNN Business, AAWH stock has a 12-month median price forecast of $3.85 per share. In this case, it would represent an increase of 347.67% from its last trading price of $0.86.
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Green Thumb Industries Inc.
Green Thumb Industries Inc. is a major player in the cannabis consumer packaged goods (CPG) business in the United States. The company now has 80 locations in 15 states. GTI will have 111 retail licenses in the near future, with more on the way. GTI will open a Cookies on the Las Vegas Strip in 2021, in accordance with the terms of the original agreement with the privately held Cookies Brand. Green Thumb has announced the launch of its marijuana company in Virginia following the successful acquisition of Dharma Pharmaceuticals. By acquiring Leafline Industries, the company entered the Minnesota market. In April, the firm revealed its 79th Rise site.
Green Thumb’s revenue for the first quarter of 2023 climbed 2.4% year on year to $248.50 million in May. Overall retail revenue increased by 9.4% as compared to the first quarter of 2022. First-quarter 2023 comparable sales (stores open at least 12 months) increased 6.3% over the prior year based on 73 locations. Consumer packaged goods gross sales increased 4.3% from the first quarter of 2022. Furthermore, compared to last year’s period, the gross profit for the first quarter of 2023 was $124.7 million, or 50.2% of revenue, vs $122.9 million, or 50.7%. The primary source of the decline in gross margin was price compression.
GTBIF Stock Performance
On May 23rd, GTBIF shares finished at $7.41, up 5.87% in the trading month. Currently, the stock has a 52-week price range of $6.60-$16.50 and is down 14.24% year to date. According to analysts at CNN Business, GTBIF stock has a 12-month average price target of $15.45 per share. In this case, this would represent an increase of 108.57% from its last trading price of $7.41.
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Best US Pot Stocks For Traders Before June 2023
Reading their press releases and financial reports may help you find the top cannabis stocks to invest in. Several experienced investors actively trade short-term positions in the biggest cannabis companies to profit from market volatility. Use technical indicators and chart patterns to discover the best entry points and take-profit zones before establishing a position. You can boost your capacity to close profitable sales by actively seeking beneficial scenarios. These top marijuana stocks may be among the most fascinating to watch in 2023 due to their upswing.
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