The Top Marijuana Stocks of Recent Trading Weeks
September 2023 has delivered a frenzy of excitement for investors in the ever-changing landscape of top marijuana stocks, as some of the leading marijuana companies have skyrocketed with double-digit gains. As we look deeper into market dynamics, it becomes clear that savvy traders are navigating these lush pastures using a combination of technical indicators and prudent risk management tactics.
In a volatile market, using technical indicators can be a valuable tool for traders looking to maximize their gains while minimizing losses. Moving averages, relative strength index (RSI), and MACD analysis all provide useful insights into the velocity and direction of a stock’s price movement. However, it is crucial to note that no single indication is perfect, and successful investors frequently use a combination of these tools to make informed selections.
While the prospect of double-digit gains is appealing, experienced investors recognize the necessity of risk management. Diversifying one’s portfolio, placing stop-loss orders, and remaining disciplined are all important tactics for mitigating potential losses. As we investigate the top-performing marijuana stocks in September 2023, we must remember these risk management guidelines to ensure a balanced and sustainable cannabis investment strategy.
With the United States and Canada at the vanguard of the cannabis market, the prospects for future expansion are bright. The legal cannabis market grows as regulatory landscapes alter and public opinions shift. According to statistics, the cannabis business in the United States will reach unparalleled heights, with revenue estimates in the billions. Simultaneously, the Canadian cannabis business remains strong and set for further expansion. Investors who position themselves wisely in this changing environment may find themselves on the path to financial success in the next weeks and months.
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Green Portfolio Winners: Best-Performing Marijuana Stocks of the Week
- Aurora Cannabis Inc. (NASDAQ: ACB)
- Canopy Growth Corporation (NASDAQ: CGC)
- Acreage Holdings, Inc. (OTC: ACRHF)
Aurora Cannabis Inc.
Aurora Cannabis Inc. is a Canadian company that grows and exports medical marijuana to countries worldwide. In order to establish a footprint in the US cannabis business, the company acquired Reliva, a company that produces CBD in the country. Aurora now has three more cultivars of San Rafael ’71. For $8 million, the company sold marijuana to Israel. After delivering the first batch of cannabis to the French medicinal cannabis pilot program, the company is now focused on balancing its accounts. In May, the company established its first EU-GMP-accredited production and manufacturing facility in Germany, extending its market dominance there.
Fiscal 2024 Fourth Quarter Highlights
- Achieves Quarterly Net Revenue1 of $75.1 Million; Strong YoY Growth Across All Business Units; Global Medical Cannabis +14%, Consumer Cannabis +5%, Plant Propagation +12%
- Delivers Third Sequential Quarter of Positive Adjusted EBITDA1, Supported by Bevo’s Record Quarterly Revenue
- Cash Used in Operating Activities Reduced by $15.5 Million YoY, Re-Affirms Target of Positive Free Cash Flow in Calendar Year 2024
ACB Stock Performance
ACB stock closed at $0.9828 on September 15th, up 85.78% in the last week of trading. The stock has a 52-week price range of $0.434-$1.62, up 6.53% year to date. According to analysts at CNN Business, ACB stock has a median price target of $0.61 per share. This would decrease 36.99% from its last trading price of $0.9828.
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Canopy Growth Corporation
Canopy Growth is a well-known cannabis and cannabis-derived product corporation in Canada. The main markets for the company’s hemp- and cannabis-based products are the United States, Canada, and Germany. Canopy and Southern Glazers Wine & Spirits will begin selling CBD-infused alcoholic beverages in the United States in 2021. Canopy bought Supreme Cannabis Company, Inc., a premium cannabis company, to expand its product offerings in Canada. Whisl is a novel CBD vape that can help you keep a positive attitude throughout the day.
Financial Highlights
- Net revenue in Q1 FY2024 increased 3% year-over-year to $109 million. Adjusting for divestiture of Canadian cannabis retail operations in FY2023, Q1 FY2024 net revenue increased 16% year-over-year
- Achieved total cost savings of $172 million through Q1 FY2024
- Management reaffirms its expectation to achieve positive Adjusted EBITDA in all business units exiting FY2024, with the exception of BioSteel
CGC Stock Performance
CGC stock closed at $1.35 on September 17th, up 44.88% in the past week of trading. Currently, the stock has a 52-week price range of $0.3460-$4.77, down 41.56% year to date. According to analysts at CNN Business, CGC stock has a 12-month median price target of $0.50 per share. This estimate would be a 62.83% decrease from its last trading price of $1.35.
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Acreage Holdings, Inc.
Acreage Holdings, Inc. is a cannabis grower and retailer with locations around the United States. If the US prohibition is repealed, Acreage’s collaboration with Canopy Growth Corporation (NASDAQ: CGC) could result in an acquisition. Because of their broad geographic limits, the economies of New York and New Jersey are expected to develop significantly over the next several years. Acreage intends to complete the construction of its development center in New Jersey, the state with the most licensed retailers.
Second Quarter 2023 Financial Highlights
- Consolidated revenue of $58.1 million, an increase of 3.8% compared to the quarter ended March 31, 2023 (“Q1 2023”).
- Gross margin was 36%. Excluding the impact of non-cash inventory adjustments, the gross margin for Q2 2023 was 44%.
- Adjusted EBITDA* was $6.8 million, and Adjusted EBITDA* as a percentage of consolidated revenue was 12%.
ACRHF Stock Performance
ACRHF stock closed at $0.42 on September 15th, up 33.33% in the last week of trading. The stock has a 52-week price range of $0.11-$1.25 and is down 17.65% year to date.
Pot Stock Power: Riding the Wave of Double-Digit Gains
In conclusion, the cannabis industry’s performance in September 2023 has undeniably been a spectacle, with select marijuana stocks showcasing impressive double-digit gains. While these gains may be enticing, investors need to remember the importance of thorough research, technical analysis, and, above all, sound risk management strategies.
In general, as the legal cannabis landscape continues to evolve in the United States and Canada, the future growth potential remains immense. These markets are poised for continued expansion, and those who navigate them wisely may find themselves in a favorable position for long-term financial success. So, whether you’re a seasoned investor or just dipping your toes into the world of cannabis stocks, staying informed, remaining vigilant, and making informed decisions will be your key allies in this exciting journey through the green and profitable fields of the marijuana market.
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