Best Cannabis Stocks And The US Marijuana Industry
Do you want to buy the best marijuana stocks in June 2023? Over the last few years, the cannabis sector in the United States has undergone an extraordinary boom in growth and popularity. The once-stigmatized plant has emerged as a promising investment possibility, capturing the attention of investors and entrepreneurs alike, thanks to a wave of legalization sweeping through numerous states. As we approach June 2023, the landscape of the US cannabis market evolves, providing an intriguing peek into the possibilities for financial advantages and the challenges of trading marijuana penny stocks.
The legal cannabis market in the United States has thrived as attitudes have shifted, and acceptance has grown. Legal marijuana sales topped $20 billion in 2022, according to industry projections, and analysts forecast exponential growth in the years ahead. As more states legalize marijuana, the industry’s potential grows, drawing investors looking to cash in on the green rush.
Penny stocks have developed as a compelling yet unpredictable option within the broad cannabis investment landscape. These low-priced equities, which are frequently linked with smaller cannabis companies, present an appealing prospect for investors seeking to enter the sector at a cheap cost. However, the appeal of potentially enormous rewards comes with inherent risks and problems that necessitate careful analysis and complete comprehension. In this article, we will look at the current situation of the cannabis sector in the United States, as well as the particular potential and problems given by marijuana penny stocks in June 2023.
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Top Marijuana Penny Stocks June 2023
- Glass House Brands Inc. (OTC: GLASF)
- Cansortium Inc. (OTC: CNTMF)
Glass House Brands Inc.
Glass House Brands Inc., a vertically integrated hemp and cannabis firm, serves one of the fastest-growing industries in the country. The company primarily focuses on the California market, where it creates distinct, environmentally friendly brands to fulfill the needs of consumers across a wide range of industries. Some of the company’s well-known goods include Forbidden Flowers, Glass House Farms, and Mama Sue Wellness. The company plans to invest in a 5.5 million square foot greenhouse in Southern California in September 2021. Mark Vendetti is the new company’s chief financial officer. PLUS, a well-known California edibles brand, was purchased for $25.6 million in December.
Glass House reported net revenues of $29.0 million in the first quarter of 2023, a 108% increase over the first quarter of 2022 but a 10% sequential decline over the fourth quarter of 2022, owing primarily to seasonality. This performance was at the high end of our Q1 estimate range of $27 million to $29 million. Furthermore, wholesale biomass revenue of $14.5 million increased 182% from Q1 2022 to Q4 2022 but fell 7% sequentially. In the third quarter, products sold increased 179% year on year to roughly 49,923 pounds of equivalent dry weight. Consolidated gross profit was $12.0 million, or 41% of net revenues, up from $2.3 million, or 17%, in the first quarter of 2022 and $10.2 million, or 32%, in the fourth quarter. This is the highest gross margin percentage since the second quarter of 2022, the last quarter before wholesale prices began to fall precipitously.
Q2 2023 Outlook
The company estimates revenue of $38 to $40 million. The increase vs. Q1 23 is mostly attributable to a seasonal increase in biomass production due to higher sunshine levels in Q2 comparing to Q1, and we estimate CPG and Retail revenue to be similar relative to Q1 due to the prolonged unfavorable retail environment. Based on patterns through early May, the company expects our average wholesale biomass selling price will be $325 per pound.
GLASF Stock Performance
GLASF stock ended at $3.61 on May 31st, up 20.33% in the last month of trading. Currently, the stock has been trading in a 52-week range of $1.78-$4.51. GLASF stock is up 89.01% year to date.
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Cansortium Inc.
Cansortium Inc., a cannabis firm established in Florida, is committed to manufacturing high-quality cannabis. The corporation currently has offices in Texas, Michigan, and Pennsylvania. Cansortium has expanded into Florida and Pennsylvania due to a previous year’s $90 million loan and equity agreement. The company claims to have a dispensary in Fruitland Park, Florida. Cansortium is one of Florida’s largest dispensary networks, with 30 outlets. Fluent’s Fluent brand includes a comprehensive range of high-end consumables, full-spectrum extracts, cartridges, and lotions.
Cansortium reported Q1 2023 Revenue increasing 12% to $22.1 million compared to $19.7 million in Q1 2022. In addition, Florida revenue increased 9.7% to $18.2 million compared to $16.6 million. Also noteworthy, adjusted gross profit1 increased 22% to $14.1 million or 63.9% of revenue, compared to $11.5 million or 58.6% of revenue. Adjusted EBITDA increased 56% to $9.7 million compared to $6.2 million. In Florida, Cansortium currently operates 31 stores and anticipates opening an additional 3-5 new stores by the end of 2023. Three of these are under contract and in the construction phase.
CNTMF Stock Performance
On May 31st, CNTMF stock finished at $0.08, down 5.88% in the past month of trading. The stock is now trading in a 52-week price range of $0.065-$0.2550 and is down 28.44 percent year to date.
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Best Cannabis Stocks For June 2023
In general, looking at financials and press releases can help you locate the top cannabis companies on the market. Many seasoned investors are aggressively trading short-term positions in the leading cannabis businesses to capitalize on current market volatility. Before establishing a position, use technical indicators and chart patterns to determine the optimum entry points and take-profit zones. By constantly hunting for suitable setups, you can boost your chances of profitable trade execution. Because of their volatility, the most well-known marijuana stocks in the United States may be among the best pot stocks to watch in 2023.
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