High-Potential Marijuana Penny Stocks to Keep an Eye on Next Week
As the cannabis industry continues to grow, marijuana stocks have gained significant attention from investors. In 2023, the U.S. cannabis market generated over $32 billion in sales, and projections suggest it could reach $50 billion by 2028. With ongoing legalization efforts, the industry is poised for further expansion. Recent headlines, including the possibility of federal legalization, have fueled interest in marijuana stocks. These developments have driven volatility in penny stocks, which can offer high returns. However, due to their low prices, they also come with higher risk, making proper strategy essential.
Investors should use technical analysis to identify trends in these penny stocks and make informed decisions. Monitoring support and resistance levels can help determine potential entry and exit points. Additionally, applying proper risk management strategies, such as setting stop-loss orders, can mitigate losses. This approach is crucial in the volatile cannabis sector, where news and regulatory changes can significantly impact stock performance.
As October continues, investors continue to seek opportunities in the rapidly evolving cannabis industry. Marijuana penny stocks remain a key area of interest due to their potential for significant gains. In this article, we will explore three top marijuana penny stocks to watch this month: TerrAscend Corp. (TSNDF), Agrify Corporation (AGFY), and High Tide Inc. (HITI). These companies have positioned themselves strategically in the U.S. cannabis market, and their recent financial performances indicate potential future growth.
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Best Marijuana Penny Stocks to Keep on Your Radar Next Week
- TerrAscend Corp. (OTC: TSNDF)
- Agrify Corporation (NASDAQ: AGFY)
- High Tide Inc. (NASDAQ: HITI)
TerrAscend Corp.
TerrAscend Corp. is a prominent cannabis company with a significant presence in the U.S. and Canada. Its U.S. operations primarily focus on the Northeast, including New Jersey and Pennsylvania. The company has established itself as a major player in the medical and recreational cannabis markets in these states. TerrAscend operates a number of dispensaries under various brands, including The Apothecarium, a well-known chain with locations across several states. In total, TerrAscend operates over 30 dispensaries in the U.S., positioning itself as a significant force in key cannabis markets.
Financially, TerrAscend has shown notable performance in recent quarters. The company reported revenues of $72.1 million in its latest earnings report, a 10% increase from the previous quarter. This growth was driven by increased sales in its retail locations and expanding operations in key markets. Additionally, TerrAscend reported a gross profit of $30.6 million, reflecting a gross margin of 42%. The company’s adjusted EBITDA also improved, reaching $13.2 million, a 20% increase compared to the previous quarter. This solid financial performance suggests that TerrAscend is well-positioned for future growth, especially as cannabis legalization expands in the U.S.
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Agrify Corporation
Agrify Corporation is an innovative company that provides cutting-edge solutions for the cannabis cultivation industry. The company offers various products and services, including vertical farming systems, advanced lighting solutions, and proprietary software for optimizing cannabis cultivation. Agrify’s technology allows cannabis growers to maximize their yields while minimizing energy consumption and operational costs. Although Agrify does not operate its dispensaries, its products are used by some of the largest cannabis cultivators in the U.S., helping them achieve higher efficiency and profitability.
Despite its relatively small market cap, Agrify has shown resilience in its financial performance. In its most recent financial report, the company posted revenues of $19.3 million, representing a 15% increase from the previous quarter. This growth was largely driven by the company’s increasing sales of its vertical farming systems and software solutions. Agrify’s gross profit for the quarter was $6.8 million, with a gross margin of 35%. While the company reported a net loss of $9.2 million, this was an improvement from previous quarters. Agrify’s management remains optimistic about future growth as more cannabis cultivators adopt its technology to enhance their production capabilities.
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High Tide Inc.
High Tide Inc. is a leading retail-focused cannabis company based in Canada, but it also has a growing presence in the U.S. market. The company operates a large network of retail stores under the Canna Cabana brand, which has become a household name in the Canadian cannabis retail sector. High Tide also owns several e-commerce platforms that serve cannabis consumers in the U.S., such as Grasscity and Smoke Cartel. As of October, High Tide operates over 150 retail locations in Canada, with plans to expand further into the U.S. market, particularly as cannabis legalization progresses across more states.
High Tide’s financial performance has been strong, driven by both its retail operations and e-commerce platforms. The company reported revenues of $95.4 million in its latest earnings report, a 12% increase compared to the same quarter last year. High Tide’s gross profit for the quarter was $32.1 million, with a gross margin of 34%. The company’s adjusted EBITDA also saw improvement, reaching $8.4 million, a 10% increase from the previous quarter. High Tide’s focus on expanding its retail footprint in Canada and the U.S. positions it for continued growth in the rapidly expanding cannabis market.
Marijuana Penny Stocks to Watch for Next Week’s Trading Opportunities
TerrAscend Corp., Agrify Corporation, and High Tide Inc. are three marijuana penny stocks worth watching in October. Each company has made significant strides in the U.S. cannabis market, and their recent financial performances highlight their growth potential. As the cannabis industry continues to evolve and legalization efforts gain momentum, these companies are well-positioned to capitalize on new opportunities. However, as with all investments, it’s important to conduct thorough research and consider the risks of penny stocks before making any decisions.
MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | new@marijuanastocks.com
