Best Marijuana Penny Stocks To Buy In 2023? 3 To Watch In April

Top Cannabis Stocks For April 2023 Watchlist

Do you intend to invest in the top marijuana stocks in 2023? Cannabis stock gains from January and February have been somewhat offset in March by lower prices. As more states legalize cannabis use for medicinal and recreational purposes, the US cannabis market is projected to expand over the following years. Thirty-eight states have allowed the use of cannabis for medical purposes as of February 2023, while 19 states have approved its use for recreational purposes. As more states consider legalization policies, this trend is anticipated to continue.

Trading cannabis penny stocks is one-way cannabis investors take advantage of the current market volatility. Every stock share that is traded for less than $5 is referred to as a penny stock. These marijuana businesses, infamous for their extreme market volatility, could yield significant gains for short-term investors. Over the next five years, the cannabis market is expected to more than double. Examining the top 3 marijuana stocks with increasing value in 2023.

[Read More] 2 Marijuana Stocks To Buy This April 2023?

Best Cannabis Penny Stocks Last Week Of March

  1. Verano Holdings Corp. (OTC: VRNOF)
  2. Ayr Wellness Inc. (OTC: AYRWF)
  3. Jushi Holdings Inc. (OTC: JUSHF)

Verano Holdings Corp.

Verano Holdings Corp. is a vertically integrated, multistate cannabis business in the US. The company sells upscale cannabis products under various brand names. Verano operates in 13 states, with 123 dispensaries and 12 production and processing facilities. Despite this, the business has 63 locations and is well-known in Florida. Two of the company’s retail brands, Zen LeafTM, and MÜVTM, run dispensaries catering to medical and adult-use clients. In Las Vegas, the business launched a drive-through dispensary on Flamingo Drive.


In November, Verona disclosed third-quarter sales of $228 million for 2022. This represents an improvement over the first and second quarters, respectively, of 10% and 2%. Additionally, from $98 million in the third quarter of 2021 to $98 million in the third quarter of 2022, the gross profit increased to $123 million, or 54% of revenue. The key factors behind the increase in gross profit over the same period last year were an increase in top-line sales and the minimal impact of inventory step-up from acquisitions. The company’s Q3 2022 net loss was $(43) million, compared to losses of $(10) million in the previous quarter and $(13) million a year earlier.

Verano added 11 more MÜV dispensaries in Florida during the third quarter. In addition to over 100 of the company’s retail sites, products sold under the Verano trademark flower brand are already distributed to more than 500 dispensaries. According to Verano, the 63rd dispensary in Florida and the 121st overall opened for business on January 20. Zen Leaf Clifton Heights, the business’s 16th connected Pennsylvania dispensary, officially opened on February 16, according to the firm. The company will release its third-quarter and full fiscal year 2022 results on March 30.

VRNOF Stock Performance

VRNOF shares closed at $2.91 on March 24th, down 24.05%% in the past month of trading.  Currently, the stock has a 52-week price range of $2.58-$10.45 and is down 6.73% year to date. According to analysts at Tip Ranks, VRNOF stock has a 12-month average price target of $12.97 per share. This would represent an increase of 345.70% from its last trading price of $2.91.

[Read More] Top Marijuana Penny Stocks For April 2023

Ayr Wellness Inc.

Ayr Wellness Inc. is a well-known cannabis business with headquarters in Florida. Fifty-five of the company’s 80 marijuana-related dispensaries are located in Florida. The company has bought Herbal Remedies Dispensaries, LLC, to expand into Illinois. Once it is legal for adult use, marijuana may become rather popular at Ayr’s Massachusetts-based merchants. In Pennsylvania, the business has opened its sixth functioning associated dispensary. Ayr intended to open its 86,000-square-foot processing and growing facility in December after receiving regulatory certification from Arizona. When the business acquired Levia Cannabis Infused Seltzer in 2022, it made a significant investment in the beverage sector.


According to information provided by AYR, revenue for the fourth quarter of 2022 was $124.6 million, an increase of 11.5% over the fourth quarter of 2021 ($111.8 million). The earnings reported in this quarterly report have increased by 48%. The launch of two new dispensaries in Florida during the fourth quarter of 2018 and the opening of two more locations during the first quarter of 2023 would bring the total number of dispensaries operated by Ayr to 55 across the state. Additionally, Ayr commenced adult-use sales alongside the company’s existing medical sales at AYR’s retail dispensary in Somerville, Massachusetts, and opened three retail locations in New Jersey, currently doing business as AYR dispensaries.

Highlights For 2022

Highlights for 2022 include an increase of 14 dispensaries, bringing the total number of dispensaries in Ayr’s eight-state service region to 80. Additionally, the company finalized the acquisitions of Herbal Remedies Dispensaries, LLC and Cultivauna, LLC, the proprietor of cannabis-infused beverages sold under the Levia brand, and entered management services agreements with Tahoe Hydroponics, LLC and NV Green, Inc.

Ayr also completed constructing growing facilities in Massachusetts, North Jersey, and Ohio. The company forecasts that revenues and adjusted EBITDA will be comparable to Q4 2022 in Q1 2023 and that its financial performance would align with market trends. Following that, Ayr expects to see an increase in revenue, adjusted EBITDA, and operating cash flow. On March 23rd, the company announced the opening of four new retail locations in Florida.

AYRWF Stock Performance

AYRWF stock closed on March 24th  at $0.6645, down 42.24% in the last month of trading. Currently, the stock has a 52-week price range of $0.6370-$14.00 and is down 44.63% year to date. According to analysts at Tip Ranks, AYRWF stock has a 12-month average price target of $3.64 per share. In this case, this would represent an upside of 447.78% from the last price of $0.6645.

[Read More] Top Marijuana Stocks To Buy In 2023? US MSOs On Watch

Jushi Holdings Inc.

Jushi Holdings Inc. is a hemp and cannabis company growing its market share in the American medical and recreational marijuana markets. The company’s major objective is to offer a variety of branded marijuana and hemp-derived products to the American market. The BEYOND/HELLO brand is used by 34 Jushi-owned and -operated dispensaries around the nation. Also, Jushi has 31 retail licenses in the US, and Beyond/Hello, its national cannabis dispensary brand, is growing both online and offline. By acquiring NuLeaf Inc. in April, the company was able to extend its vertically integrated operations into Nevada.

Jushi pot stocks

Jushi’s revealed preliminary financial information for the third quarter, showing that revenue climbed by 34.9% to $72.8 million from the same time the previous year. Additionally, the company’s gross profit of $27.7 million climbed by 4.0% from Q2 2022 and 18.9% from the previous quarter. Recall that between $52.9 and $62.8 million was lost by Jushi. The company opened it’s third and fourth Beyond HelloTM dispensaries in Virginia in addition to its 34th and 35th retail stores nationwide. Jushi declared in December that all of its accessible products would be sold in California. Jushi opened its fifth Beyond HelloTM dispensary in Arlington, Virginia, in January, making it the organization’s 37th retail location nationwide. The company will release its fourth quarter and full year 2022 results on March 30th before the open.

JUSHF Stock Performance

JUSHF stock closed at $0.51 on March 24th, down 27.14% in the last month of trading.  Currently, the stock has a 52-week price range of $0.51-$3.25 and is down 33.07% year to date. According to analysts at CNN Business, JUSHF stock has a 12-month average price target of $1.47 per share. In this case, this represents an upside of 188.04% from its last trading price of $0.51.

Making Short-Term Cannabis Trades In A Volatile Market

Finding the top cannabis companies on the market might be easier if you look at their financials and press releases. A number of educated investors routinely trade short-term positions in the top cannabis companies in an effort to profit from the current market turbulence. Use technical indicators and chart patterns to identify the best entry points and take-profit zones prior to opening a position. You can increase your ability to close agreements by actively looking for advantageous scenarios. These can be some of the best penny stocks to follow in 2023 due to the notable volatility of the most well-known US marijuana stocks.

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