Best US Cannabis Stocks And Possible July Upside
Are top marijuana stocks to buy on your watchlist right now? Many of the top cannabis stocks to watch started to gain pace when it was revealed that Schumer will formally propose the CAOA in the Senate this week. As Congress continues to work on marijuana legalization legislation, the cannabis industry could generally continue to see upside in July.
Day traders and swing traders typically make the greatest money when trading in a market like this one. In addition to their primary long-term investments in cannabis, 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. It may be time to start paying attention to the cannabis stocks that are gaining momentum, even if many analysts say the cannabis market will continue to decline.
MSOs are currently the source of the most global revenue worldwide. Since the epidemic, they have performed better than Canadian LPs. Delays in the federal cannabis reform have hurt US cannabis companies, which generate billions of dollars annually. Top cannabis stocks hit fresh lows in July, and the market has since started to rise. Investors may be able to benefit from the market’s recent momentum by taking advantage of the sector’s recovery. Let’s examine the top 3 cannabis stocks for your watchlist as this week in July continues.
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Best US Marijuana Stocks To Watch Before August 2022
- Trulieve Cannabis Corp. (OTC: TCNNF)
- Green Thumb Industries Inc. (OTC: GTBIF)
- TerrAscend Corp. (OTC: TRSSF)
Trulieve Cannabis Corp.
Trulieve Cannabis Corp. is a cannabis company with operations in 11 states and the biggest market share in Florida. In April, the company established the 115th dispensary in the state. The company is a market leader in the US with 164 retail dispensaries. Additionally, the company has a 4 million square foot capability for processing and growing. A production license from Georgia has been granted to Trulieve, allowing it to grow its market share in the Southeast cannabis industry. In addition, by operating its first dispensary in Massachusetts, the company laid the groundwork for future expansion. A 64,00 square foot growing facility in Phoenix was purchased by the company in February, increasing its capacity for production in the southwest. By completing the acquisition of Greenhouse Wellness West Virginia Dispensaries LLC in April, the company extended its geographic reach in West Virginia.
On May 12th, Trulieve started the year with a first-quarter 2022 performance that hit a new high. In the first quarter of 2022, the company announced record earnings of $318.3 million, an increase of 64 percent over the corresponding period in the prior year. The company generated $45.1 million in operational cash flow in the first quarter of 2022, with a cash balance of $267 million. With over 4 million square feet of cultivation and processing space, the business presently runs a retail network of 164 dispensaries. With a GAAP gross margin of 56 percent in the first quarter of 2022, Trulieve produced a gross profit of $178.2 million. The company’s net loss increased by 55% from the prior quarter to $32 million, which is noteworthy. In the first quarter of 2022, the company’s Adjusted EBITDA was $105.5 million, or 33.2 percent of revenue.
TCNNF Stock Performance
TCNNF stock closed on July 19th at $12.70 up 2.34% in the last five days of trading. Currently, the stock has a 52-week price range of $10.95-$35.39 and is down 51.17% year to date. According to analysts at Tip Ranks TCNNF stock has a 12-month average price target of $49.53 per share. In this case, this represents an upside of 290.00% from its last trading price of $12.70.
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Green Thumb Industries Inc.
A significant player in the US cannabis consumer packaged goods (CPG) sector is Green Thumb Industries Inc. New Jersey is home to one of the 77 Green Thumb locations, which are dispersed throughout 15 states. 111 retail licenses are now held by GTI, and more are anticipated in the future. In 2021, GTI established Cookies on the Las Vegas Strip as part of a unique partnership with the privately held Cookies Brand. After completing its acquisition of Dharma Pharmaceuticals, Green Thumb has announced the start of its cannabis business in Virginia. The business entered the Minnesota market by acquiring Leafline Industries. The business revealed its 77th Rise facility in April.
According to GTI, sales for the first quarter were $243 million, a 25% increase over the same period in 2021. The company has now seen nine straight quarters of positive GAAP net income, with this quarter’s net income of $29 million, or $0.12 per basic diluted share. Additionally, it recorded adjusted EBITDA of $67 million, or 28% of revenue. This is crucial since GTI’s first quarter of 2022 saw $55 million in revenue and the company’s ninth consecutive quarter of positive cash flow. Additionally, the company finished the quarter with $175 million in cash. On August 3rd, following the market close, GTI will present its results for the second quarter of 2022.
GTBIF Stock Performance
On July 19th, GTBIF shares finished at $9.72, up 3.07% in the last five trading days. Currently, the stock has a 52-week price range of $7.72-$33.35 and is down 56% year to date. According to analysts at Tip Ranks GTBIF stocks has a 12-month average price target of $33.81 per share. In this case, this would represent an increase of 247.89% from its last trading price of $9.72.
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TerrAscend Corp.
Cannabis startup TerrAscend grows and distributes marijuana for both medical and recreational use in Canada and the US. The corporation, which includes operations in Pennsylvania, New Jersey, and California, is a significant cannabis grower in the US. Production and distribution of artisan cannabis products, as well as hemp and cannabis-infused goods, are the company’s main objectives. Under the brand name Kind Tree, TerrAscend has produced a range of goods in Maryland. The Kind Tree brand is now manufactured by the Maryland facility in 15 different flower varieties, and it will soon expand its product line to include vapes and half-gram pre-rolls.
The company reported net sales of $49.2 million for the first quarter of 2022 in May of this year. The company also has an adjusted gross profit margin of 38.4 percent and a 30.5 percent gross margin. In the fourth quarter of 2021, the company’s adjusted EBITDA dropped from $11.9 million in the previous quarter to $3.3 million. On March 10th, the Michigan company Gage Growth Corp. was bought; the deal was closed in September. TerrAscend appointed Ziad Ghanem as president and COO on January 5. The business announced in April that it has acquired Allegany Medical Marijuana Dispensary, bringing its total number of retail establishments to 27. In June the company introduced Khalifa Kush in Gage dispensaries in Michigan.
TRSSF Stock Performance
TRSSF stock closed at $2.7178 on July 19th down 0.80% in the past five trading days. Currently, the stock has a 52-week price range of $2.17-$9.40 and is down 55.55% year to date. According to analysts at Tip Ranks TRSSF stock has a 12-month average price target of $5.75 per share. In this case, this would represent an upside of 111.58% from its last trading price of $2.7178.
Strategies For Investing In The Cannabis Industry
You may find the best prospects in the industry by looking at a company’s finances and press releases. It’s important to independently research a company before considering a position. By improving your use of technical indicators and chart patterns, you may be able to carry out more profitable trades. Due to the cannabis industry’s fast domestic and global expansion, short-term traders may benefit from the current market conditions. During a downturn, you could find it helpful to learn a range of trading strategies. These might be among the best US marijuana stocks to include in your portfolio in July 2022.
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