Top US Marijuana Stocks to Monitor in August 2023
As the cannabis industry grows and evolves, 2023 has witnessed amazing growth and evolution, fueled by broad legalization and rising consumer demand. As August begins, investors seek potential short-term trading opportunities in the expanding marijuana sector. Despite the appealing prospects, navigating the top marijuana stock market’s volatility necessitates a thorough understanding of risk management measures.
Since its inception, the cannabis market has evolved significantly, attracting seasoned investors and newcomers looking to capitalize on the industry’s rising trajectory. In this article, we look at the best US marijuana stocks to watch in August 2023 while underlining the significance of adequate risk management measures to protect investments in this volatile sector.
This article explores key indicators and factors to consider when evaluating top US marijuana stocks, including market trends, company fundamentals, and recent developments. In addition, we will underline the importance of implementing a smart risk management approach to limit potential losses and protect capital in this ever-changing world.
Top US Marijuana Stocks to Watch in August 2023
- Curaleaf Holdings, Inc. (OTC: CURLF)
- Trulieve Cannabis Corp. (OTC: TCNNF)
- Planet 13 Holdings Inc. (OTC: PLNHF)
Curaleaf Holdings, Inc.
Curaleaf Holdings, Inc. is a well-known international provider of cannabis consumer products dedicated to enhancing people’s lives via cultivating, sharing, and celebrating the plant’s power. As a high-growth cannabis company known for quality, knowledge, and dependability, the Company and its brands, including Curaleaf, Select, and Grassroots, provide industry-leading service, product range, and accessibility across the medical and adult use sectors. Curaleaf operates in 19 states, has 152 dispensaries, and employs about 5,500 Americans. In addition, Curaleaf International is Europe’s largest vertically integrated cannabis company, with a specialized supply and distribution network that spans the whole European market and combines cutting-edge cultivation, extraction, and production with advanced science and research.
Curaleaf reported $336.5 million in net revenue in the first quarter of 2023, a 14% increase over the previous quarter’s revenue of $296 million, excluding suspended activities. Furthermore, a gross profit of $160.8 million with a gross margin of 48% and an Adjusted gross profit net of add-backs of $162 million with an adjusted gross margin of 48%. Including terminated operations, the business lost $54.4 million, or $0.07 per share. Curaleaf Holdings, Inc.(1) announced a $46 million adjusted net loss from continuing operations or $0.05 per share.
CURLF Stock Performance
On July 28th, CURLF shares closed at $3.46, up 13.82% in the past month of trading. In general, the stock is currently trading in a 52-week range of $2.19-$7.90 and is down 19.48% year to date. According to analysts at CNN Business, CURLF stock has a 12-month average price target of $5.53 per share. In this case, this would represent an upside of 59.82% from its last trading price of $3.46.
Trulieve Cannabis Corp.
Trulieve Cannabis Inc., which operates in eleven states, controls most of the Florida market. The firm dominates the cannabis sector in America, with 186 retail locations. The facility’s processing and expansion space totals 4 million square feet. Trulieve’s position in the Southeast cannabis business has benefited from the most recent Georgia production license. The company opened its first dispensary in Massachusetts, laying the framework for future expansion. In early February, the business purchased a 64,00 square foot growing facility near Phoenix to expand its manufacturing capacity in the southwest. Also, the company bought Greenhouse Wellness West Virginia Dispensaries LLC, increasing its geographic footprint in West Virginia.
In the first quarter of 2023, the corporation generated $289 million in revenue, with retail sales accounting for 95% of total profits. Trulieve also had a 52% GAAP gross margin and a $150 million profit. The corporation sustained a financial loss of $64 million. The $21 million* adjusted net loss removes non-recurring costs, asset impairments, disposals, and discontinued activities. Trulieve now has 186 retail locations in the United States and a processing capacity of more than 4 million square feet.
Since mid-2022, Trulieve has taken proactive steps to minimize cash and margin-dilutive assets, streamline operations, and reallocate resources into attractive areas with long-term growth potential. To date, actions have included the shutdown of certain California retail assets, withdrawal from the Nevada wholesale market, and idle production capacity in order to match customer demand across many regions.
TCNNF Stock Performance
TCNNF stock closed on July 28th at $4.012, up 2.35% in the last month of trading. The stock has a 52-week price range of $3.73-$16.11 and is down 47% year to date. According to analysts at Tip Ranks, TCNNF stock has a 12-month average price target of $12.34 per share. In this case, this represents an upside of 207.63% from its last trading price of 4.01.
Planet 13 Holdings Inc.
Planet 13 (www.planet13holdings.com) is a cannabis company with award-winning cultivation, production, and dispensary activities. It has offices in Las Vegas and Orange County, California. The company also has a Florida medical marijuana treatment center license and a preliminary Illinois Social-Equity Justice Involved dispensary license. Planet 13 aims to establish itself as a renowned brand known for its high-quality cannabis retail operations and new product development.
Planet 13 Announces Q1 2023 Financial Results
- Q1 2023 Revenue of $24.9 million, compared to $24.8 million in Q4 2022
- Q1 2023 Net loss of $6.3 million
- Q1 2023 Adjusted EBITDA of $0.68 million
In addition, Planet 13 revealed in December that the renowned Las Vegas SuperStore would soon include a consumption lounge. The company opened its fourth marijuana store on Florida’s “Fun Coast,” in Port Orange, in January. Port Orange is part of a significant tourist area that includes Deltona, Daytona Beach, and Ormond Beach, with over 600,000 people.
PLNHF Stock Performance
PLNHF stock closed on July 28th at $0.55, down 5.17% in the last month of trading. The stock has a 52-week price range of $0.52-$2.02 and is down 9.84% year to date. According to analysts at CNN Business, PLNHF stock has a 12-month forecast median target of $1.28 per share. In this case, this would represent an increase of 131.98% from its last trading price of $0.55.
Exploring Top US Marijuana Stocks and Short-Term Risk Management
In general, the marijuana market in the United States is a dynamic and ever-changing sector that provides alluring short-term trading opportunities for those seeking quick profits. We discovered that rigorous study and a sharp eye on market trends are required to capitalize on this booming sector as we investigated the top marijuana stocks to watch in August 2023. While there is the potential for large returns, the inherent volatility necessitates strict risk management methods.
Overall, proper risk management is the key to navigating the fluctuations in the cannabis market successfully. By incorporating diversification, setting clear entry and exit points, and employing stop-loss orders, investors can protect their capital and minimize losses amid unpredictable market swings. Additionally, staying informed about regulatory developments and macroeconomic factors influencing the industry can help make prudent trading decisions.
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