Green Gold: Promising Marijuana Stocks This November
November 2023 will see the cannabis industry and top marijuana stocks continue their explosive growth, propelled by both expanded legality and rising consumer demand. According to statistics, the legal marijuana market is expected to develop at an unprecedented rate and surpass $100 billion globally by 2025. Cannabis companies are now positioned as a hotbed of potential for investors due to the industry’s exponential expansion. Keeping an eye on the best cannabis stocks might be a wise choice, regardless of expertise level in the market.
Investors looking to profit from this rapidly expanding industry might want to use technical analysis to help them navigate the unpredictable world of marijuana penny stocks. This method can improve decision-making and assist in locating short-term trading opportunities by utilizing charts, patterns, and other indicators. However, since penny stocks are especially vulnerable to sharp price swings, it’s imperative to practice appropriate risk management when dealing with such erratic assets. In this high-risk, high-reward market, diversification, stop-loss orders, and careful company research are critical tactics to reduce potential losses.
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Growing Opportunities: Top Marijuana Stocks for November
- Glass House Brands Inc. (OTC: GLASF)
- StateHouse Holdings Inc. (OTC: STHZF)
- Greenlane Holdings, Inc. (NASDAQ: GNLN)
Glass House Brands Inc.
Glass House is one of the fastest-growing, vertically integrated cannabis businesses in the US, focusing only on the California market and creating iconic, long-lasting brands that appeal to consumers of all ages. The co-founders Kyle Kazan, Chairman and CEO, and Graham Farrar, Board Member and President, fostered a regard for people, the environment, and the community from the beginning. This respect underpins the company’s efforts in greenhouse farming, production, brand-building, and retailing. Glass House, which owns the brands Glass House Farms, PLUS Products, Allswell, Forbidden Flowers, and Mama Sue Wellness, is dedicated to realizing its vision of excellence: outstanding cannabis products produced sustainably for the benefit of all.
Second Quarter 2023 Highlights
In the second quarter of 2023, net sales surged to $44.7 million, marking a 171% increase compared to the same period in 2022 and a substantial 54% growth from the previous quarter. Gross profit reached $24.4 million, a remarkable improvement compared to the mere $0.3 million in Q2 2022 and $12.0 million in Q1 2023, resulting in a gross margin of 55%.
Furthermore, Adjusted EBITDA stood at $9.5 million, a significant turnaround from the $(9.8) million in Q2 2022 and the $(0.1) million in Q1 2023. Cost per equivalent dry pound of production decreased to $139, marking a 12% drop from the previous year and a substantial 29% reduction compared to Q1 2023. The equivalent dry pound production also showed impressive growth, reaching 103,336 pounds, a staggering 311% increase year-over-year, and a robust 115% sequential growth. The cash balance closed the quarter at $22.7 million, up by 39% compared to the end of the previous quarter.
The Q2 2023 outlook seems promising, building on the impressive results of the previous quarter and reflecting a strong position in the market.
GLASF Stock Performance
GLASF stock ended at $3.70 on October 30th, down 19.57% in the last month of trading. Currently, the stock has been trading in a 52-week range of $1.78-$5.10. GLASF stock is up 93.72% year to date.
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StateHouse Holdings Inc.
Combining Harborside, Loudpack, Urbn Leaf, and Sublime—four forward-thinking legacy companies with a long history in the California cannabis market—created StateHouse. Harborside was one of the first six companies in the US to receive a cannabis license. Currently operating 13 locations in Oregon and California, it was once known as Harborside. In 2021, StateHouse expanded its presence in California, and this trend is expected to persist. StateHouse’s Salinas growing facility has doubled its crop capacity and can now produce year-round.
Q2 2023 Highlights
- Q2 2023 net revenues were $25.3 million, compared with $34.6 million in Q2 2022.
- Retail revenues were $13.0 million, representing 51.3% of total sales for Q2 2023, compared to $18.5 million or 54.9% of total sales in Q2 2022.
- Gross profit before adjustments for biological assets was $12.3 million in Q2 2023, compared with $14.7 million in Q2 2022.
- Consolidated gross margins improved to 49.9% in Q2 2023, compared to 46.6% for Q2 2022.
- Q2 2023 cultivation yields in the Company’s Salinas facility were up 34% over Q1 2023. Relative to Q2 2022, yields were up 23% per sq/ft due to improved lighting and growing techniques. TOPS, the Company’s high-value customer loyalty program, as of August 29, 2023, had 281,000 loyalty members enrolled.
STHZF Stock Performance
STHZF stock closed at $0.03 on October 30th and has a 52-week price range of $0.008-$0.185. In this case, STHZF stock is down 46.04% in the last month of trading.
Greenlane Holdings, Inc.
American-based Greenlane Holdings, Inc. is a cannabis accessory company. Top-notch vaporizers, kid-proof packaging, and accessories for cannabis are just a few of the well-liked items that are offered in the US and other countries. Products from Greenlane are presently offered in more than 11,000 retailers worldwide. Furthermore, in 2021, Greenlane and KushCo Holdings, Inc. successfully merged. The company acquired DaVinci, a renowned designer and manufacturer of high-priced portable vaporizers.
Q2 2023 Highlights
In Q2 2023, revenue declined to $19.6 million, down from $24.0 million in Q1 2023. Operating expenses decreased by $0.9 million or 6.2% compared to the previous quarter.
Despite these reductions, the net loss attributed to Greenlane Holdings, Inc. for Q2 2023 was $10.5 million, slightly higher than the $10.2 million in Q1 2023, with a basic and diluted net loss of $6.56 per share. However, the company did report an improvement in Adjusted EBITDA loss, which stood at $5.8 million in Q2 2023, down from $6.8 million in Q1 2023.
The company introduced 21 new products in the year, including the ORAFLEX line with the Rig, Groove products, Groove glass, Groove Micro Rigs, Limited-Edition Spoon Pipe, MIQRO-C line with new color options, and the ARTIQ, a well-received DaVinci premium portable vaporizer.
GNLN Stock Performance
GNLN stock closed at $0.5501 on October 30th, down 22.52% in the past month of trading. Currently, the stock has a 52-week price range of $0.54-$6.00 and is down 80.87% year to date.
Leading Cannabis Stocks in November 2023
To summarize, the cannabis sector landscape in November 2023 offers many chances for investors, as indicated by the spectacular financial results and expectations of the leading marijuana companies. Net sales increased by 171% over the prior year, demonstrating the sector’s exponential growth. The industry’s financial success is demonstrated by the noteworthy 55% gross margin and the significant increase in gross profit. Given the inherent volatility of marijuana penny stocks, traders must exercise caution when doing technical analysis and employ sound risk management tactics.
MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | new@marijuanastocks.com
