Best Ancillary Cannabis Stocks Mid-February? 3 To Watch This Week

Top Marijuana Stocks To Watch Mid-February

What marijuana stocks should you buy in the middle of February? The marijuana ancillary stock market was one industry in 2022 that saw significant losses. Ancillary cannabis companies help the cannabis industry but don’t work with the actual plant. Numerous businesses frequently assist the cannabis industry. The cannabis industry can gain from companies that offer lighting and equipment for cannabis cultivation.

The federal cannabis reform and SAFE Banking regulations are now being postponed by Congress, which has had a very detrimental effect on the cannabis industry. Day traders and swing traders typically make the most money when trading in a market like this. In addition to their sizeable long-term investments in the cannabis industry, some long-term investors choose to engage in short-term trading strategies.

The stock market has been moving up in 2023. Some of these marijuana stocks are currently available to investors at steep discounts. For potential cannabis investors, several of these stocks may prove to be ideal beginning places for long-term investments or may offer a chance to profit from recent market movements. Below is a list of the top 3 ancillary marijuana stocks to watch in 2023.

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Top Ancillary Marijuana Stocks Mid February

  1. GrowGeneration Corp. (NASDAQ: GRWG)
  2. Hydrofarm Holdings Group, Inc. (NASDAQ: HYFM)
  3. The Scotts Miracle-Gro Company (NASDAQ: SMG)

GrowGeneration Corp.

GrowGeneration Corp. is well known for running and providing hydroponic and organic growing facilities in the US. The company provides cannabis producers with a range of hydroponic, organic, and lighting options. Currently, GrowGen owns and runs 60 organic gardening businesses throughout the US. The development and expansion of’s online presence have always been top priorities. With over 10,000 products ranging from nutrition to lighting technology, the website has developed into a one-stop e-commerce destination. The business intends to grow across the country by opening more than 100 outlets during the following five years. The business will build the biggest hydroponic garden facility in Los Angeles County during the third quarter of 2021.GRWG

The third quarter of 2022 saw earnings for GrowGeneration that were higher than expected. Revenue for the third quarter was $70.9 million, a 39% decrease from the same time last year. As a result, Grow Gen had a 279% fall in third-quarter profit, from $4.3 million in 2021 to a net loss of $7.2 million. Revenue came in 24% beyond analyst predictions. Additionally, EPS increased by 7.7% more than experts had anticipated. The revised estimate of 2022 revenue is within the range of $250 million to $275 million to $270 million to $280 million. GrowGen opened its 60th facility in New Jersey in November. Aaron Hook was appointed vice president of sales by the company on January 9.

GRWG Stock Performance

On February 14th, the shares of GRWG finished at $4.74, up 1.72% in the last month of trading. GRWG stock is up 20.92% year to date, with a 52-week price range of $2.92-$10.79. According to CNN Business analysts, GRWG stock has a 12-month median price target of $5.13 per share. This would forecast a 8.35 percent increase over the last transaction price of $4.64.

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Hydrofarm Holdings Group, Inc.

A well-known manufacturer of agricultural equipment and supplies for hydroponic and controlled environments is Hydrofarm Holdings Group, Inc. The business often offers a large selection of cannabis-growing products. The company manufactures a wide range of goods, including growth promoters, high-intensity grow lights, and temperature control systems. On November 1st, the company announced that it has acquired New Growers Equipment, Inc., a company with many cutting-edge products and a well-known brand. The business teamed up with AXEON Water Technology in January to provide cutting-edge reverse osmosis water filtration technology and solutions.hyfm

In the third quarter of 2022, Hydrofarm reported net sales of $74.2 million as opposed to $123.8 million in the same quarter of 2021. Additionally, there was a further reduction in the gross profit, which dropped from $30.0 million to $5.9 million. After adjustments, the gross profit was $7.8 million as compared to $33.0 million. The company reported a net loss of $(23.5) million, or $(0.52) per diluted share, as opposed to its net income of $17.3 million, or $0.37 per diluted share. Additionally, the company now anticipates that its net revenues for the full 2022 fiscal year will range between $330 million and $347 million.

HYFM Stock Performance

HYFM Stock closed on February 14th at $1.93, up 14.20% in the past month of trading. The stock has a 52-week price range of $1.18-$21.13 and is up 32.73% year to date. According to analysts at CNN Business, HYFM stock has a 12-month average price target of $2.58 per share. In this case, this would be an increase of 32.73% from its last trading level of $1.93.

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The Scotts Miracle-Gro Company

The largest name-brand consumer lawn and garden goods manufacturer in the world, Scotts Miracle-Gro, has entered the cannabis industry. An entirely owned subsidiary of the company, Hawthorne Gardening offers hydroponic tools, lighting, and fertilizers for cannabis cultivation. Scotts expanded its Hawthorne line in January by including True Liberty Bags and Luxx Lighting. Hawthorne will be able to increase the scope of its already remarkable line of lighting products thanks to the acquisition. Despite a decrease in income, Hawthorne has not changed its outlook for the year.smg stock

For the three months that ended on December 31, 2022, overall sales decreased by 7% to $526.6 million. Consumer-related sales in the United States increased by 8% to $369.0 million from $342.4 million in 2017. Sales for the Hawthorne segment dropped 31% from $190.6 million in the same quarter last year to $131.5 million this quarter, showing the hydroponic industry’s persistent challenges. The company reported a GAAP loss of $64.7 million, or $1.17 per share, versus a loss of $50.0 million, or $0.90 per share, in the prior year.

SMG Stock Performance

SMG stock closed at $79.14 on February 14th, up 31.77% in the last month. Currently, the stock has a 52-week price range of $39.06-$144.32 and is up 62.87% year to date. According to analysts at CNN Business, SMG stock has a 12-month price target of $77.50 per share. This forecast represents an decrease of 2.02% from its last trading price of $79.14.

Best Ancillary Pot Stocks For Watchlist In February

The value of these marijuana stocks in 2023 could increase as a result of several anticipated developments in the upcoming months. Examining their financials and press releases may make it easier to identify the best cannabis companies on the market. Many seasoned investors are actively exchanging short-term stakes in the leading cannabis companies in an effort to profit from the current market turbulence. Prior to opening a position, use technical indicators and chart patterns to pinpoint the ideal entry points and take-profit zones. By persevering in your search for favorable possibilities, you can improve your capacity to complete lucrative transactions. Due to the noteworthy volatility of the most well-known US marijuana stocks, they could be among the top stocks to watch in 2023.




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