Investing In Cannabis For First Quarter 2023
Are you interested in purchasing the best marijuana stocks in 2023? Long-term investing becomes challenging when market gains appear to be followed by more severe losses. Trading short-term is one way to profit from the current market volatility. The risk-to-reward ratios of cannabis penny stocks are the greatest of any cannabis stock.
One way cannabis investors take advantage of the present downturn in the cannabis sector is by trading cannabis penny stocks. Any stock traded for less than $5 is referred to as a penny stock for clarity. These marijuana-related companies, known for their notoriously high market volatility, may provide notable profits to short-term investors. The cannabis market is predicted to double over the next five years.
The international cannabis market is one sector that will expand considerably. The US cannabis industry is the other sector many analysts anticipate could experience significant expansion. In the end, this might give marijuana investors a chance to buy premium companies at lower trading rates. Let’s look at two of the best marijuana stocks which saw an increase in 2023.
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Top International Cannabis Stocks For 2023 List Right Now
- IM Cannabis Corp. (NASDAQ: IMCC)
- Clever Leaves Holdings Inc. (NASDAQ: CLVR)
IM Cannabis Corp.
IMC operates in Israel, Germany, and Canada and is a world leader in the medical and adult-use recreational cannabis industry. According to the company, the IMC brand has apparently helped the Israeli medical cannabis market attain a critical milestone. The variety of medical marijuana products offered by IMC is expanding. Adjupharm, a subsidiary of the business with a German headquarters and an EU-GMP-certified medicinal cannabis distributor, represents the company throughout Europe. The company has made significant announcements regarding the opening of a cutting-edge logistics facility in Germany. With the aid of this facility, Adjupharm will be able to optimize its supply chain as we advance by repackaging cannabis in a sizable volume.
In November, IMC reported revenue for the third quarter of 2022 of $14.2 million, a 78% increase over the $8.0 million reported in the prior quarter and a 12% organic growth rate. Additionally, the gross profit increased 39% between the third quarters of 2021 and 2022 ($2.8 million vs. $2.0 million). The gross margin for Q3 2022 was 20% higher than for Q3 2021. The decline is primarily due to the write-off of out-of-date local non-premium inventories. In comparison to a net profit of $0.8 million in Q3 2021, the company reported a net loss from continuing operations of $4.5 million in Q3 2022.
IMCC Stock Performance
IMCC stock closed at $1.30 on January 13th, down 4.41% in the past five days of trading. The stock has a 52-week price range of $0.821-$29 and is up 33.36% year to date. According to analysts at CNN Business, IMCC stock has a median price target of $7 per share. In this case, this would represent an upside of 438.46% from its last trading price of $1.30.
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Clever Leaves Holdings Inc.
Clever Leaves Holdings Inc. cultivates, extracts, produces and sells marijuana. Currently, the company operates in numerous nations, including Colombia, Portugal, Germany, the US, and Canada. The business creates, produces, markets, sells, and distributes a range of homeopathic remedies and health and detoxification products. Clever Leaves aims to fundamentally alter the cannabis manufacturing sector as it currently exists by utilizing industrial-scale, affordable, ESG-friendly, cost-effective production methods. These techniques combine the tightest medical-grade certifications that are now available anywhere in the world.
In 2022, the corporation’s third-quarter revenue was $3.3 million rather than $4.0 million. Cannabinoid-related revenue increased by 12% to $1.0 million from $0.9 million, in contrast to a 12% fall in non-cannabinoid-related sales, which went from $3.2 million to $2.3 million. A $0.7 million provision for inventories brought the overall profit down from $1.9 million to $0.3 million. A $1.7 million inventory reserve was the cause of this. The net loss was $20.2 million as opposed to a net income of $1.0 million. This was primarily brought on by a $19.0 million charge for the impairment of intangible assets made during the quarter. This was only somewhat offset by a $6.7 million obligation for back taxes.
CLVR Stock Performance
CLVR stock is trading at $0.4189 on January 13th, up 16.36% in the past five days of trading. Currently, the stock has a 52-week price range of $0.29-$3.98 and is up 36.45% year to date. According to 2 analysts at CNN Business, CLVR stock has a consensus price target of $2.28 per share. This forecast represents an increase of 438.97% from its last trading price of $0.4189.
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Trading Penny Pot Stocks For Q1 2023
As 2023 begins, some of the top cannabis stocks are gaining. Examining their financials and press releases may make it easier to identify the best cannabis businesses on the market. To take advantage of the current market volatility, a number of seasoned traders are aggressively placing short-term wagers in the largest cannabis companies. Prior to initiating a position, use technical indicators and chart patterns to ascertain suitable parameters. Your capacity to carry out successful transactions can improve by actively seeking advantageous opportunities. Given how volatile the top marijuana stocks were last year, these may be some of the best stocks to keep an eye on.
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