Top Cannabis Penny Stocks Under $1
Marijuana stocks have seen small gains as the market has gathered traction. Many marijuana penny stocks have risen significantly in value. Bipartisan US House and Senate legislators resurrected the SAFE Banking Act in May, reviving the cannabis industry. Cannabis penny stocks are one industry where new investors may realize quick profits. A penny stock is one that has a market value of less than $5 per share. Despite the industry’s well-known high level of market volatility, short-term investors may anticipate generating big returns.
Marijuana penny stock trading can be an intriguing and potentially profitable venture, but it is not without risks and problems. It’s important to remember that the cannabis industry in the United States is still in its infancy, and investing in marijuana companies carries inherent risks. Regulatory uncertainty, fluctuating public opinion, and ongoing legal fights can all have an impact on the trajectory of the industry and individual stock performance. Thorough research, solid analysis, and a clear understanding of your unique risk tolerance are essential when investing in this field.
We want to provide insights and viewpoints that will assist investors in navigating this fascinating and ever-changing market with confidence and strategic know-how by taking a closer look at leading marijuana stocks.
[Read More] 3 Marijuana Stocks To Buy And Hold In 2023?
Exploring Marijuana Stocks Under $1 with High Growth Potential
- Jushi Holdings Inc. (OTC: JUSHF)
- Verano Holdings Corp. (OTC: VRNOF)
- Ascend Wellness Holdings, Inc. (OTC: AAWH)
Jushi Holdings Inc.
Jushi Holdings Inc. is a hemp and cannabis company growing its market share in the medical and recreational marijuana sectors in the United States. The company’s major purpose is to supply a variety of branded marijuana and hemp-derived products to the US market. The BEYOND/HELLO brand is used by 34 Jushi-owned and managed dispensaries nationwide. Furthermore, Jushi has 31 retail licenses in the United States, and Beyond/Hello, its national cannabis dispensary brand, is expanding both online and offline. By acquiring NuLeaf Inc. in April, the company expanded its vertically integrated operations into Nevada.
Revenue increased 12.9% to $69.9 million in the first quarter of 2023 from $61.9 million in the first quarter of 2022 (“Q1 2022”). The year-over-year revenue gain may be attributed to a 7.5% increase in retail revenue, or $4.4 million, primarily due to new dispensary openings due to build-outs and acquisitions. The Company acquired Apothecarium and NuLeaf in Nevada in March and April of 2022, respectively, and built new Beyond HelloTM dispensaries in Ohio, Pennsylvania, and Virginia.
Gross profit in the first quarter of 2023 was $29.9 million, up from $19.1 million in the first quarter of 2022, showing a year-over-year increase of $10.8 million, or 56.7%. The gross profit margin increased from 30.9% year on year to 42.9% quarter on quarter. The first-quarter net loss in 2023 was $12.4 million, compared to a net loss of $19.8 million in the first quarter of 2022. Adjusted EBITDA1 was $7.6 million in Q1 2023, up from $(0.9) million in Q1 2022 and $6.0 million in Q4 2022, representing a $8.5 million year-over-year and $1.6 million quarter-over-quarter increase.
JUSHF Stock Performance
JUSHF stock closed at $0.4132 on June 15th, down 10.95% in the last trading month. Currently, the stock has a 52-week price range of $0.40-$2.34 and is down 40.43% year to date. According to analysts at CNN Business, JUSHF stock has a 12-month average price target of $1.05 per share. In this case, this represents an upside of 155.15% from its last trading price of $0.4132.
Verano Holdings Corp.
Verano Holdings Corp., established in the United States, is a multistate, vertically integrated cannabis firm. Under many brand names, the company distributes high-end cannabis products. Verano has 14 manufacturing and processing units, 129 dispensaries, and 13 states. Regardless, the company has 63 locations and is well-known throughout Florida. Two of the company’s retail brands, Zen LeafTM, and MÜVTM, operate dispensaries that serve both medicinal and recreational customers. On June 1st, the firm established its 68th location in Florida, in Miami Kendall.
Revenue for the first quarter of 2023 was $227 million, a 12% rise over the first quarter of 2022 and a 1% increase over the fourth quarter of 2022. Revenue increased in the first quarter of 2023 compared to the first quarter of 2022, owing mostly to higher retail and wholesale adult-use sales in New Jersey and Connecticut, offset slightly by lower retail sales in Pennsylvania.
In the first quarter of 2023, gross profit was $109 million or 48% of revenue, up from $99 million or 49% of revenue in the first quarter of 2022 and $103 million or 46% of revenue in the fourth quarter of 2022. The net loss in the first quarter of 2023 was $(9) million, compared to a small loss in the first quarter of 2022 and a loss of $(216) million in the fourth quarter of 2022. The business maintains its Free Cash Flow1 projection of $50-75 million while lowering its Capital Expenditure guidance to $35-50 million.
VRNOF Stock Performance
VRNOF shares closed at $2.78 on June 15th, down 6.71 in the past month of trading. Currently, the stock has a 52-week price range of $2.58-$7.54 and is down 10.90% year to date. According to analysts at Tip Ranks, VRNOF stock has a 12-month average price target of $8.65 per share. This would represent an increase of 211.15% from its last trading price of $2.78.
Ascend Wellness Holdings, Inc.
There are AWH facilities in Massachusetts, New Jersey, Ohio, Illinois, Michigan, and Michigan. AWH’s major commercial initiatives include owning and operating facilities that produce renowned strains, as well as having a thoroughly researched product portfolio. Typically, the company manufactures and sells its products under the brand name Ozone. Candy, concentrates, pre-rolls, flowers, and vape pens are among the cannabis-related things available at the business. AWH runs 17 retail locations, and supplies licensed marijuana companies with items. The purchase price of MedMen NY Inc. will climb, as agreed upon between Ascend Wellness and MedMen Enterprises Inc.
Ascend Latest Financial Results
Ascend announced financial highlights for the first quarter of 2023, with total sales increasing 39.5% year over year and 4.9% quarter over quarter to $141.2 million. Furthermore, net revenue, excluding intercompany wholesale product sales, climbed 34.2% year over year and 1.9% quarter over quarter to $114.2 million. In addition, retail revenue climbed 30.7% year on year but was down 1.8% quarter on quarter to $82.7 million. Gross wholesale revenue climbed 54.0% year over year and 16.3% quarter over quarter to $58.4 million.
Wholesale sales climbed 44.2% year over year and 13.0% quarter over quarter to $31.4 million. Ascend had a net loss of $18.5 million during the quarter, a decrease from 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 margin of 20.4%. Adjusted EBITDA climbed 42% year on year, while margins increased 118 basis points. Margins fell 473 basis points from quarter to quarter. Cash and cash equivalents were $73.3 million as of March 31, 2023, while net debt2 was $250.8 million.
AAWH Stock Performance
AAWH stock closed on June 15th at $0.6850, down 16.28% in the past month of trading. Currently, the stock has a price range of $0.61-$2.91, down 40.43% 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 462.04% from its last trading price of $0.6850.
Making The Best Penny Pot Stock Trades In 2023
In general, analyzing financial reports and press releases will help you choose among the best cannabis companies on the market. Many seasoned investors are aggressively trading short-term positions in the largest cannabis businesses in order to profit from present market volatility. Examine technical indicators and chart patterns before entering a trade to determine the optimum entry and exit points. By consistently hunting for favorable setups, you can boost your chances of profitable trade execution. Due to 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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