Best Cannabis Stocks To Watch End Of February
Do you intend to invest in 2023’s top US marijuana stocks? As federal cannabis legalization fails on Capitol Hill in 2022, top cannabis companies have experienced greater volatility. Day traders and swing traders usually make the greatest money when trading in a market like this. Some long-term investors also opt to use short-term trading tactics in addition to their sizable long-term investments in the cannabis sector. They, therefore, stand to gain from everyday changes in stock prices.
As of 2022, cannabis remains illegal under federal law in the United States, although a growing number of states have legalized it for medical and recreational use. However, this has produced a complex regulatory environment, and companies engaging in the market now face a range of monetary and legal difficulties.
Despite these challenges, the US cannabis industry has seen significant growth in recent years, with some estimates projecting that the market could be worth billions of dollars in the coming years. As a result, many companies are seeking to capitalize on this growth by investing in the industry, and some of them may become major players in the market in the years to come.
It is predicted that the cannabis market will double during the next five years. The American cannabis industry is another sector that will experience significant growth. Investors can benefit from the market’s present momentum by taking advantage of the sector’s widespread recovery. Investors may be able to profit from the market’s present trend by taking advantage of the sector’s fall. In 2023, keep an eye on these three US marijuana stocks.
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Best US Cannabis Stocks To Watch Before March
- Green Thumb Industries Inc. (OTC: GTBIF)
- Trulieve Cannabis Corp. (OTC: TCNNF)
- Cresco Labs Inc. (OTC: CRLBF)
Green Thumb Industries Inc.
A significant company in the cannabis consumer packaged goods (CPG) market in the US is Green Thumb Industries Inc. Green Thumb currently operates 77 stores throughout 15 states. GTI will soon have 111 retail licenses, with more on the way. In accordance with the conditions of the first agreement with the privately held Cookies Brand, GTI will open a Cookies on the Las Vegas Strip in 2021. After successfully acquiring Dharma Pharmaceuticals, Green Thumb has announced the opening of its marijuana business in Virginia. The business entered the Minnesota market by acquiring Leafline Industries. The business unveiled its 77th Rise location in April.
Green Thumb’s revenue increased 2.7% sequentially and 11.8% yearly in the third quarter of 2022, hitting $261.2 million. Some of the factors that contributed to the increase in revenue included the legalization of cannabis for adult use in New Jersey, higher retail sales in Illinois, 12 more retail locations than in the third quarter of last year, and increased foot traffic in the Company’s 77 open and operating retail stores. The third quarter of 2022 saw a higher gross profit of $131.2 million (or 50.2% of revenue) than in 2021 ($129.5 million, or 55.4% of revenue). Results for the fourth quarter of 2022 will be released by the company on February 28.
GTBIF Stock Performance
On February 17th, GTBIF shares finished at $9.05, up 6.47% in the month of trading. Currently, the stock has a 52-week price range of $7.40-$20.98 and is up 4.75% year to date. According to analysts at CNN Business, GTBIF stocks have a 12-month average price target of $18.94 per share. In this case, this would represent an increase of 117.94% from its last trading price of $9.05.
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Trulieve Cannabis Corp.
The company with the most market share in Florida is Trulieve Cannabis Corp., which conducts business in eleven states. With 175 retail sites, the company dominates the cannabis market in the US. Processing and expansion space for the business totals 4 million square feet. The Georgia production license that Trulieve just acquired has improved its standing in the Southeast cannabis market. The business started its first dispensary in Massachusetts, establishing the groundwork for future growth. In order to increase its capacity for production in the southwest, the business purchased a 64,00 square foot growing facility close to Phoenix in February. By completing the acquisition of Greenhouse Wellness West Virginia Dispensaries LLC in April, the business expanded its geographic reach into West Virginia.
Trulieve reported a 34% year-over-year rise in revenues to $301 million for the third quarter of 2022, with a GAAP gross margin of 56%. The company also has a U.S. retail network of 176 distributors and more than 4 million square feet of processing and growing area. GAAP indicated that Trulieve had a gross margin of 56% and a $168 million profit. The company recorded a $115 million loss. The company also had a profit of 33% on adjusted EBITDA of $99 million. Trulieve and Linked Cannabis & AlienLabs signed an exclusive contract on December 15 in Florida. The company announced the formal debut of Ricky Williams’ purpose-driven cannabis lifestyle brand Highsman on January 20th. The company will deliver its fourth quarter and full year 2022 results on March 1st.
TCNNF Stock Performance
TCNNF stock closed on February 17th at $6.95, down 4.01% in the last month of trading. Currently, the stock has a 52-week price range of $6.39-$27.27 and is down 8.19% year to date. According to analysts at Tip Ranks, TCNNF stock has a 12-month average price target of $18.00 per share. In this case, this represents an upside of 158.99% from its last trading price of $6.95.
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Cresco Labs Inc.
Cresco Laboratories is a cannabis corporation based in the United States with a vertically integrated corporate structure. The company is currently in the top spot in the country for the creation of branded cannabis goods. Customers in Illinois and Pennsylvania choose the marijuana brand Cresco the most, according to a BDSA study. With 53 retail outlets, 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 be extended to include fresh consumables and vape products. In order to increase profitability by removing third-party distribution, the Californian company will switch to owned brand distribution.
Cresco reported third-quarter revenue of $210 million in November, which was 2% lower than during the same time last year. additionally, a $100 million (or 47% of sales) adjusted gross profit. In the third quarter, EBITDA was $42 million, or 20% of revenues. The Business continued to rule the market for the sale of branded cannabis products in the US with $93 million in wholesale revenue while maintaining its top market share positions in the flower, concentrates, and vape categories.
Shareholders of Columbia Care also agreed to Cresco Laboratories’ previously announced July all-stock acquisition of Columbia Care. The company is still working tremendously hard to finish the acquisition by the end of the year. Cresco debuted as the top brand of the company there, with the highest sales.
CRLBF Stock Performance
CRLBF shares finished on February 17th. at $1.8250, down 10.10% in the last month. The stock is presently trading in a 52-week price range of $1.65-$7.27, showing a 1.33 percent increase year to date. According to analysts at CNN Business, CRLBF stock has a 12-month median price target of $6.00 per share. In this case, this represents an upside of 228.77% from its last trading price of $1.8250.
Top Us Pot Stocks To Watch End Of February
Examining their financials and press releases may make it easier to identify the best cannabis businesses. Many seasoned investors are aggressively trading short-term positions in the leading cannabis businesses in an effort to benefit from the current market turbulence. Before opening a position, use technical indicators and chart patterns to determine the ideal entry points and take-profit zones. By aggressively seeking out advantageous possibilities, you can improve your capacity for completing successful transactions. Due to the significant volatility of the most prominent US marijuana stocks, these could be some of the top pot stocks to watch for 2023.
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