Top Marijuana Penny Stocks For Next Week’s List
As the cannabis sector gains momentum, are you looking for the best marijuana stocks to buy? One way cannabis investors are taking advantage of the current rise of the cannabis sector is by trading cannabis penny stocks. Any stock that trades for less than $5 is referred to as a penny stock for the convenience of those who are unsure. These marijuana businesses, which are known for their high volatility in the current market environment, could provide short-term investors with large gains.
The cannabis market is anticipated to more than double during the next five years. The international cannabis market is one sector that will expand considerably. Many businesses have now established themselves in a variety of areas and are growing outside of the US.
In November, the cannabis market hit new lows, but a rebound has since commenced. Given everything, this might provide marijuana investors another chance to purchase expensive companies at lower trading prices. Let’s take a look at three of the top marijuana stocks that have improved this month as we head closer to December.
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Best Cannabis Stocks To Watch To Close The Week
- IM Cannabis Corp. (NASDAQ: IMCC)
- Clever Leaves Holdings Inc. (NASDAQ: CLVR)
- Charlotte’s Web Holdings, Inc. (OTC: CWBHF)
IM Cannabis Corp.
IMC has operations in Israel, Germany, and Canada and is a world leader in the medical and adult-use recreational cannabis industry. The Israeli medical cannabis market has reportedly reached a significant milestone thanks to the IMC brand, claims the business. IMC is expanding its selection of medical marijuana products. The company is represented throughout Europe by Adjupharm, a subsidiary with a German headquarters and an EU-GMP-certified medicinal cannabis distributor. The corporation has made significant announcements regarding the debut of a state-of-the-art logistics facility in Germany. Adjupharm will be able to streamline its supply chain going forward with the aid of this facility by repackaging cannabis in bulk. The greatest indoor-grown dry cannabis, weighing 400 kg, has been shipped to Israel, according to a January press release from Focus Medical.
In November IMC reported Revenues for Q3 2022 of $14.2 million, compared to $8.0 million in Q3 2021, an increase of 78%, representing a 12% sequential organic growth. In addition, gross profit, before fair value adjustments, for Q3 2022 was $2.8 million, compared to $2.0 million in Q3 2021, an increase of 39%. Gross Margin for Q3 2022 was 20% compared to 25% in Q3 2021. The decrease is mainly attributed to an expired local non-premium inventory write-off. The company sustained a net Loss from continuing operations for Q3 2022 of $4.5 million, compared to a net income of $0.8 million in Q3 2021.
Adjupharm GmbH is one of the top ten marijuana businesses, and in May, its IMC Hindu Kush strain was the most well-liked T20 strain in Germany. May was the country’s biggest cannabis sales month so far. In October Avant Brands and IM Cannabis announced the launch of BLK MKT in Israel.
IMCC Stock Performance
IMCC stock closed at $2.73 on November 17th up 585.93% in the past five days of trading. IM Cannabis common shares commence trading on a consolidated basis after a 1-for-10 reverse stock split. The stock has a 52-week price range of $0.3240-$4.83 and is down 18.26% year to date. According to analysts at CNN Business IMCC stock has a median price target of $10 per share. In this case, this would represent an upside of 269% from its last trading price of $2.73.
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Clever Leaves Holdings Inc.
Clever Leaves Holdings Inc. cultivates, extracts, manufactures, and distributes marijuana. Currently, the company has operations in numerous nations, including Colombia, Portugal, Germany, the US, and Canada. The business creates, produces, markets, sells, and distributes a variety of homeopathic remedies in addition to health and detoxification products. Clever Leaves aims to radically disrupt the cannabis manufacturing sector as it currently exists by using industrial-scale, affordable, ESG-friendly, cost-effective production techniques. These techniques combine the strictest medical-grade certifications attainable elsewhere in the globe.
Results for the company’s third quarter of 2022 were revenue of $3.3 million compared to $4.0 million. Cannabinoid revenue increased 12% to $1.0 million compared to $0.9 million, while non-cannabinoid revenue was $2.3 million compared to $3.2 million. In addition, gross profit was $0.3 million, which included a $1.7 million inventory provision, compared to $1.9 million, which included a $0.7 million inventory provision. Net loss was $20.2 million in comparison to a net income of $1.0 million. This was driven primarily by a $19.0 million intangible asset impairment charge recorded during the quarter and partially offset by approximately $6.7 million in deferred tax liability.
CLVR Stock Performance
CLVR stock is trading at $0.5098 on November 17th up 8.66% in the past month of trading. Currently, the stock has a 52-week price range of $0.412-$5.39 and is down 83.81% year to date. According to analysts at CNN Business CLVR stock has a consensus price target of $1.40 per share. This forecast represents an increase of 174.56% from its last trading price of $0.5098.
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Charlotte’s Web Holdings, Inc.
In the US, Charlotte’s Web Holdings, Inc. is the market leader for CBD health products made from hemp. The company has largely continued to grow while controlling the US CBD industry for years. Particularly Charlotte’s Web offers high-end hemp products made from genetic material sourced from American farmers. This business transforms it into hemp extracts and is the owner of the leading CBD brand in the country. Products from Charlotte’s Web are in more than 22,000 stores around the country. The Brightfield Group claims that Charlotte’s Web runs the largest e-commerce business in the CBD sector. With 40% of the market, e-commerce is also the main channel in the industry.
The third quarter of 2022 saw a decline of 28.1% in Charlotte’s Web’s net revenue, from $23.7 million to $17.0 million. Due to lower year-over-year visitation, direct-to-consumer e-commerce net revenue was $11.8 million, a fall of $3.4 million or 22.5%. Net revenue from business-to-business sales was $5.3 million, down $3.3 million or 38.1% from the previous year. This decline was principally brought on by reduced comparable shipments to some of the company’s biggest retail clients. Additionally, compared to $14.9 million and 62.9% of revenue in Q3-2021, gross profit was $8.9 million, or 52.5% of revenue. The company’s operating loss decreased by $5.5 million, or 58.3%, from Q3-operating 2021’s loss of $9.4 million to Q3-operating 2022’s loss of $3.9 million.
CWBHF Stock Performance
CWBHF stock is trading at $0.6106 on November 17th up 17.22% in the past month. The stock has a 52-week price range of $0.355-$1.62 and is down 38.12% year to date. According to analysts at CNN Business CWBHF stock has a 12-month average price target of $1.38 per share. In this case, this would represent an increase of 125.53% from its stated trading price.
Investing In Pot Penny Stocks In Q4 2022
Press releases and financial data can help to identify the most promising companies. You should do a lot of research on the company before committing to a position. Your investing performance can increase as you become more proficient at using technical indicators and chart patterns. Short-term traders may benefit from the current market conditions due to the cannabis industry’s quick local and international growth. You could find it helpful to become familiar with a variety of trading methods during a downturn. These could be the best cannabis penny stocks to add to your watchlist before December 2022.
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