Cannabis Stocks on the Rise: Top Picks for Next Week
The cannabis industry is buzzing with recent developments that could significantly impact its future. In July 2024, the U.S. Senate reintroduced the SAFE Banking Act to provide cannabis businesses with greater access to banking services. This move has reignited optimism in the sector, as it could alleviate some of the financial constraints faced by cannabis companies. Additionally, several states, including Florida and Ohio, are pushing forward with ballot initiatives that could legalize recreational marijuana by the end of the year. These legislative efforts, combined with the growing momentum for federal legalization, are fueling investor interest in marijuana penny stocks.
Given the volatile nature of the cannabis market, staying informed on the latest news is crucial for investors. Recent headlines like the Senate’s push for banking reform and state-level legalization efforts will likely drive significant market movements. For those looking to invest in marijuana penny stocks, it’s essential to consider these factors in their analysis. Technical indicators like moving averages and support levels can provide valuable insights into potential price movements.
Moreover, implementing risk management strategies, such as setting stop-loss orders and diversifying investments, can help protect against the inherent risks in this sector. With careful planning and a keen eye on market trends, investors can position themselves to capitalize on the growth opportunities in the cannabis industry. As the cannabis industry continues to evolve, penny stocks offer a unique opportunity for investors. Here are three marijuana penny stocks that have shown significant gains in the last month and are worth adding to your watchlist.
[Read More] 2024’s Top US Marijuana Stocks: Double-Digit Percentage Gains Year to Date
Top Gaining Marijuana Stocks to Watch Next Week
- Ascend Wellness Holdings, Inc. (OTC: AAWH)
- Planet 13 Holdings Inc. (OTC: PLNH)
- Organigram Holdings Inc. (NASDAQ: OGI)
Ascend Wellness Holdings, Inc.
Ascend Wellness Holdings, Inc. (AAWH) is a multi-state, vertically integrated cannabis operator. The company has a strong presence in the U.S. cannabis market, particularly in the Northeast and Midwest regions. With its largest presence in Illinois, Ascend operates 27 dispensaries across six states, including Illinois, Massachusetts, Michigan, Ohio, New Jersey, and Pennsylvania. The company’s retail stores operate under the name “Ascend by Midway,” they are known for offering a wide range of premium cannabis products. The company’s focus on quality and customer service has made it a popular choice among consumers in these states.
Ascend Wellness Holdings, Inc. reported strong revenue growth driven by its expanding retail footprint in its latest financial report. The company generated $120 million in revenue for the most recent quarter, marking a year-over-year increase of 16%. This growth was primarily due to the opening of new dispensaries and an increase in same-store sales. Despite the revenue growth, the company reported a net loss of $25 million, attributed to ongoing investments in new markets and operational costs. However, Ascend remains focused on achieving profitability in the coming quarters by optimizing its operations and expanding its product offerings. The company’s management is optimistic about its future growth prospects, particularly as more states move towards cannabis legalization.
[Read More] Top Cannabis REITs to Watch in Mid-August: Maximizing Growth and Dividends
Planet 13 Holdings Inc.
Planet 13 Holdings Inc. (PLNH) is a leading cannabis company with a unique focus on creating an immersive retail experience. The company operates the largest cannabis dispensary in the world, located in Las Vegas, Nevada. Known as the Planet 13 Superstore, this flagship location is more than just a dispensary; it’s a cannabis entertainment complex. The Las Vegas location attracts both tourists and locals, making it a top destination for cannabis enthusiasts. In addition to the Las Vegas Superstore, Planet 13 has expanded its footprint with a Santa Ana, California dispensary. The company plans to expand its presence in other key markets across the United States.
Financially, Planet 13 has shown resilience and adaptability in a competitive market. In its latest financial results, the company reported $30 million in revenue for the most recent quarter, representing a 10% year-over-year increase. Strong sales drove this growth at its Las Vegas Superstore and the Santa Ana dispensary. However, the company faced increased operating expenses, which impacted its profitability. Planet 13 reported a net loss of $2 million for the quarter, primarily due to costs associated with its expansion efforts. Despite these challenges, Planet 13 remains focused on expanding its retail footprint and enhancing its product offerings. The company’s management is confident that its unique retail experience will continue to attract customers and drive revenue growth in the future.
[Read More] Best Marijuana Stocks to Watch in Mid-August: High Potential Picks
Organigram Holdings Inc.
Organigram Holdings Inc. (OGI) is a Canadian-based cannabis company that has steadily made significant inroads into the U.S. market. Specifically, the company is known for its innovative approach to cannabis production and product development. Organigram’s primary production facility is in Moncton, New Brunswick, Canada. There, it operates one of the most technologically advanced cannabis cultivation and processing facilities in North America. Additionally, Organigram has strategically focused on building partnerships and acquiring companies to expand its presence in the United States. As a result, the company’s products are now available in several states, including California, Colorado, and Massachusetts, through its partnerships with local dispensaries and distributors. Consequently, Organigram has positioned itself as a key player in both the Canadian and U.S. cannabis markets.
Organigram’s latest financial results highlight its strong performance and growth potential. The company reported $45 million in revenue for the most recent quarter, representing a 12% year-over-year increase. This growth was driven by strong sales of its premium cannabis products and the successful launch of new product lines. The company also reported a net profit of $5 million for the quarter, marking a significant turnaround from the previous year’s losses. Organigram’s management attributes this success to its focus on operational efficiency and cost control. The company’s plans include further expansion into the U.S. market, focusing on increasing its product offerings and building stronger relationships with its partners. Organigram is well-positioned to continue its growth trajectory in the coming years.
[Read More] Top Marijuana Stocks For You 2024
High-Performing Cannabis Stocks to Keep an Eye on Next Week
Investing in marijuana penny stocks can be risky. However, the potential rewards are significant. Ascend Wellness Holdings, Inc., Planet 13 Holdings Inc., and Organigram Holdings Inc. have all shown strong performance in the last month. These stocks offer exciting opportunities for investors. Each of these companies has a solid foundation and a clear growth strategy. Overall, they are well-positioned to benefit from the continued expansion of the cannabis industry. Keep an eye on these marijuana stocks. They could deliver substantial returns in the near future.
MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | new@marijuanastocks.com
