Q4 2024’s Best US Marijuana Stocks with Significant Upside
The US cannabis industry continues to show strong growth, with recent projections estimating that the market could reach $40 billion by 2025. As more states consider legalization, the demand for cannabis products continues to rise. One key development to watch is the upcoming ballot initiative in Florida, which seeks to legalize recreational marijuana use in the state. This could open a large new market, boosting the industry even further. Additionally, recent headlines about potential federal legalization have generated optimism among investors. Many traders are closely monitoring the latest developments, using technical analysis to guide their decisions.
Proper risk management is crucial when trading marijuana stocks. Cannabis stocks are known for their volatility, which can create both opportunities and risks. Tools like stop-loss orders can help protect against sudden price swings. Additionally, understanding market trends through technical analysis can provide valuable insight into price movements. By applying these strategies, traders can better navigate the ups and downs of this fast-growing sector.
As the cannabis industry continues to grow in the US, many marijuana stocks are experiencing gains. Some companies are making headlines with strong financials and expanding operations. Below are the top three US marijuana stocks that have shown impressive gains in the last month: Trulieve Cannabis Corp. (TCNNF), Verano Holdings Corp. (VRNOF), and Curaleaf Holdings, Inc. (CURLF). Let’s take a closer look at each one.
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US Cannabis Stocks to Watch for Breakout Gains in Q4 2024
- Trulieve Cannabis Corp. (OTC: TCNNF)
- Verano Holdings Corp. (OTC: VRNOF)
- Curaleaf Holdings, Inc. (OTC: CURLF)
Trulieve Cannabis Corp.
Trulieve Cannabis Corp. is a major player in the US cannabis market. The company operates over 180 dispensaries across several states, with its largest presence in Florida. In Florida alone, Trulieve has over 120 dispensaries, solidifying its dominance in one of the most lucrative cannabis markets in the country. Additionally, the company is expanding its footprint in states like Pennsylvania, Arizona, and Massachusetts. Its strong retail presence allows it to maintain a competitive edge in a crowded marketplace.
Trulieve focuses on offering high-quality cannabis products to medical and recreational customers. Its wide range of products includes flower, edibles, concentrates, and vapes. The company’s ability to operate efficiently in various states and its loyal customer base continue to fuel its growth. This month, Trulieve’s stock saw significant gains attributed to strategic moves, including new store openings and an emphasis on product development.
In its latest financial results, Trulieve reported $289 million in revenue for the second quarter of 2024, a year-over-year increase of 7%. The company’s gross margin improved to 51%, demonstrating its effective management of costs. Trulieve also recorded an adjusted EBITDA of $111 million, reflecting its operational strength. While the company posted a net loss of $8 million, largely due to investments in expansion, its cash flow remained positive. These financial figures show that Trulieve is positioned for continued growth, especially as more states legalize cannabis.
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Verano Holdings Corp. is another cannabis company making waves in the US. The company operates over 130 dispensaries across 14 states. Its largest presence is in Illinois, where it runs 16 dispensaries. Illinois is one of the most lucrative markets in the US, and Verano has established a strong foothold in the state’s growing cannabis industry. The company also has significant operations in Arizona, Florida, and New Jersey. Verano’s multi-state presence gives it an advantage as it can capitalize on different regulatory environments and customer bases.
The company offers a wide variety of premium cannabis products, including flower, edibles, and concentrates. Verano is known for its focus on cultivation, ensuring high-quality products are available at its dispensaries. The company’s strategy of vertically integrating its operations, from cultivation to retail, allows it to maintain control over its supply chain, which enhances profitability. Verano’s commitment to sustainable growth is evident in its continuous expansion into new markets.
In its most recent financial report, Verano posted revenues of $260 million for the second quarter of 2024, up from $238 million in the same period the previous year. The company’s gross profit margin was 49%, reflecting its ability to control costs while expanding operations. Verano’s net income was $6 million, marking a return to profitability after several quarters of losses. The company also reported an adjusted EBITDA of $92 million, indicating strong operational performance. Verano’s balance sheet remains strong, with a cash position of $195 million, allowing it to continue expanding its footprint in new markets.
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Curaleaf Holdings, Inc.
Curaleaf Holdings, Inc. is one of the largest cannabis companies in the world, with over 150 dispensaries across 19 states. The company’s largest presence is in Arizona, operating 17 dispensaries. Arizona has become one of Curaleaf’s key markets, especially after the state legalized recreational cannabis in 2021. The company also has a significant presence in states like Florida, New York, and Massachusetts. Curaleaf’s widespread retail network and ability to operate in medical and recreational markets give it a unique competitive advantage.
Curaleaf is known for its diverse product portfolio, which includes flower, vapes, topicals, and edibles. The company has also been expanding its product lines to cater to a broader range of customers, including those new to cannabis. Additionally, Curaleaf has made strategic acquisitions in recent years, further strengthening its market position. Its focus on innovation and customer experience has helped it become one of the most recognized names in the industry.
In its latest financial update, Curaleaf reported $352 million in revenue for the second quarter of 2024, an increase of 10% compared to the previous year. The company’s gross margin was 48%, showing consistent cost management. Curaleaf’s adjusted EBITDA came in at $127 million, highlighting its operational efficiency. While the company posted a net loss of $7 million, mainly due to investment in expansion and product development, its revenue growth and strong balance sheet indicate a positive outlook. Curaleaf remains well-positioned to capitalize on future market opportunities, especially as more states consider legalizing cannabis.
US Cannabis Stocks to Watch for Breakout Gains in Q4 2024
Trulieve Cannabis Corp., Verano Holdings Corp., and Curaleaf Holdings, Inc. are three of the top US marijuana stocks to watch in October. These companies have shown impressive gains in the last month, driven by strong financials and strategic expansions. Trulieve’s dominance in Florida, Verano’s foothold in Illinois, and Curaleaf’s national presence make them key players in the cannabis industry. As more states move toward legalization and the market continues to grow, these companies are well-positioned for future success.
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