Best Cannabis Stocks To Add To Your List Now
Are you looking for the best marijuana stocks to buy in August? At the present time, many analysts believe that US MSOs could be the top cannabis stocks to watch in 2022. Since the pandemic, the US cannabis market has expanded significantly, outpacing Canadian LPs as the sector’s top income generator. Many of the top cannabis stocks to monitor have started to gain pace after it became known that Schumer had submitted the CAOA in the Senate last month.
As Congress continues to work on legislation to legalize marijuana, August may generally continue to be favorable for the cannabis industry. Day traders and swing traders frequently make the greatest money when trading in a market like this one. In addition to their primary long-term investments in the cannabis sector, some long-term investors choose to engage in short-term trading strategies. As a result, they stand to benefit from daily changes in the stock’s price.
Delays in federal cannabis legislation have hurt the US cannabis industry, which generates billions of dollars annually. After the leading marijuana stocks hit fresh lows in July, the market began to recover. Investors may be able to profit from the market’s present momentum by utilizing the sector’s recovery. Let’s take a look at the top 3 marijuana stocks to watch during the third week of August.
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Best Marijuana Stocks For Your Watchlist Right Now
- Trulieve Cannabis Corp. (OTC: TCNNF)
- Curaleaf Holdings, Inc. (OTC: CURLF)
- Cresco Labs Inc. (OTC: CRLBF)
Trulieve Cannabis Corp.
Trulieve Cannabis Corp., a cannabis business with operations in 11 states, has the greatest market share in Florida. The business leads the US cannabis market with 175 retail locations. The company’s processing and expansion space are 4 million square feet. Georgia has granted Trulieve a production license, allowing it to strengthen its position in the Southeast cannabis industry. In addition, by establishing its first dispensary in Massachusetts, the company built the foundation for future expansion. By purchasing a 64,00 square foot growing facility close to Phoenix in February, the company boosted its capacity for production in the southwest. The business expanded its geographic reach in West Virginia by finishing the acquisition of Greenhouse Wellness West Virginia Dispensaries LLC in April.
The company delivered its second quarter 2022 results with revenue increasing 49% year over year to $320.3 million from $215.1 million and 1% sequentially. In addition, retail revenue increased 3% to $298.6 million and wholesale, licensing and other revenue declined by 22% sequentially to $21.7 million. The company produced a gross profit of $182.2 million and a GAAP gross margin of 57% in the second quarter compared to a gross profit of $178.2 million and a GAAP gross margin of 56% in the first quarter of 2022. Also important, Trulieve sustained a net loss of $22.5 million, a sequential improvement of 30%. The company adjusted its 2022 guidance and lowered it to $1.25-$1.3 billion with an Adjusted EBITDA of $415-$450 million.
TCNNF Stock Performance
TCNNF stock closed on August 12th at $13.15 up 15.57% in the last month of trading. Currently, the stock has a 52-week price range of $10.95-$34.75 and is down 49.43% year to date. According to analysts at Tip Ranks TCNNF stock has a 12-month average price target of $30.47 per share. In this case, this represents an upside of 131.71% from its last trading price of $13.15.
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Curaleaf Holdings, Inc.
Curaleaf Holdings, Inc., a multi-state cannabis merchant with 136 retail locations in the United States, makes packaged cannabis products. Adven GmbH, a wholly-owned subsidiary of Curaleaf International, is now advertising medicinal marijuana products in Germany. Curaleaf’s Select is one of the most well-known brands in the nation. In November, Curaleaf purchased Tryke Companies in order to expand into three additional states. Currently, the holdings of the firm encompass Utah, Nevada, and Arizona. The company opened its 51st store in Florida at the end of July. Matt Darin reportedly took over as CEO in May, according to Curaleaf.
Revenue for the company’s second quarter of 2022 was $338 million, an increase of 8% both sequentially and annually. Additionally, in the second quarter of 2022 Adjusted EBITDA increased sequentially by 18% and year over year by 2% to reach $86 million. With 135 total sites at the end of the second quarter, the company opened seven additional retail dispensaries and provided services for approximately 2,200 wholesale partner clients. In the second quarter of 2022, the gross profit from cannabis sales was $175 million, up from $155 million in the same period of 2021. In comparison to a net loss of $5 million in the second quarter of 2021, the net loss attributable to Curaleaf Holdings, Inc. during the second quarter of 2022 was $28 million.
CURLF Stock Performance
On August 12th CURLF shares closed at $6.05, up 8.42% in the past five days of trading. The stock is currently trading in a 52-week range of $4.79-$12.85 and is down 32.78% year to date. According to analysts at Tip Ranks CURLF stock has a 12-month average price target of $9.33 per share. In this case, this would represent an upside of 54.11% from its last trading price of $6.05.
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Cresco Labs Inc.
Cresco Labs is a cannabis corporation based in the United States with a vertically integrated corporate structure. The company is currently the biggest producer of branded cannabis products in the country. According to a BDSA research, Cresco is the most well-liked marijuana brand in Illinois and Pennsylvania. With 50 retail locations, 20 manufacturing facilities, and 47 retail licenses, Cresco operates in 11 states. As part of its expansion strategy, Sunnyside opened its fourth dispensary in Pennsylvania. According to the company, the Good News product line will grow to include new consumables and vaping alternatives. In order to increase profitability, the company will reduce distribution through third parties in California and convert to owned brand distribution.
Sales for the first quarter rose by 20% year over year to $214 million for the business. After subtracting the fair value markup for acquired products, gross profit of $113 million, or 53% of revenue, increased by 29% over the prior year. Adjusted EBITDA, which accounts for 24 percent of total sales, increased by 45 percent year over year to $51 million in the first quarter. While same-store sales rose by 9%, retail revenue jumped by 44% over the previous year to $119 million, or $2.5 million per typical shop running for the quarter.
At the conclusion of the quarter, Cresco had 50 retail locations, including three in Florida and one in Pennsylvania, and $179 million in cash on hand. In addition, four more sites have been opened. The business also launched its branded product line in Florida during the first quarter, which includes Sunnyside* Chews, High Supply®, Good News®, and RemediTM. With Cresco’s acquisition of Columbia Care Inc. (OTC: CCHWF), the company’s valuation increased to $2 billion, propelling it to the top of the cannabis industry. On August 17 before the market opens, Cresco will announce the results for the second quarter of 2022.
CRLBF Stock Performance
CRLBF shares finished on August 12th at $3.48, up 16.00% in the last month. The stock is presently trading in a 52-week price range of $2.42-$11.005, showing a 47.83 percent decline year to date. According to analysts at CNN Business CRLBF stock has a 12-month median price target of $11.68 per share. In this case, this represents an upside of 235.72% from its last trading price of $3.48.
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Making Better Trades With Top MSOs In 2022
By studying a company’s financial reports and press releases, you might be able to choose assets that are suitable for your portfolio and trading strategy. Making better trading selections could be aided by your knowledge of chart patterns and technical indicators. For seasoned traders, the current market volatility in the marijuana sector in August may present an opportunity. The cannabis stock market might explode in 2022 for a number of different reasons. Any successful federal marijuana legalization legislation might lead to a significant rise in the price of top marijuana stocks.
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