Top Cannabis Stocks To Watch During Earnings In November
Do you want to invest in the top marijuana stocks in November? Many experts believe that US MSOs will be the most essential cannabis businesses to monitor in 2022. Many major cannabis companies will report earnings in November. Marijuana stocks in the United States are very volatile right now due to the market’s recent collapse, with new lows reached this month.
President Joe Biden announced in October that he would begin the process of forgiving everyone who had previously received federal convictions for activities involving minuscule amounts of cannabis. Furthermore, Biden stated that he is asking other governors to take similar actions to abolish marijuana possession charges at the state level. Senator Schumer’s assurance that cannabis banking reform legislation will be passed lifted cannabis stocks to begin November.
Day traders and swing traders typically make the greatest money when trading in a market like this. In addition to their considerable long-term investments in the cannabis market, some long-term investors prefer to use short-term trading strategies. As a result, they stand to benefit from the stock’s daily price changes. Delays in the implementation of federal cannabis legislation have harmed the US cannabis business, which generates billions of dollars annually. Investors may be able to profit from the market’s present trend by taking advantage of the sector’s downturn. The following are the three marijuana stocks to watch in November.
Best US Marijuana Stocks For Investors In November
- Trulieve Cannabis Corp. (OTC: TCNNF)
- Green Thumb Industries Inc. (OTC: GTBIF)
- Cresco Labs Inc. (OTC: CRLBF)
Trulieve Cannabis Corp.
Trulieve Cannabis Corp., which has operations in eleven states, has the largest market share in Florida. With 175 retail sites, the company dominates the US cannabis market. The company’s processing and expansion space total 4 million square feet. Trulieve’s standing in the Southeast cannabis market has increased as a result of a Georgia production license. The firm opened its first dispensary in Massachusetts, laying the groundwork for future growth. In February, the business increased its capacity for production in the southwest by purchasing a 64,00 square foot growing facility near Phoenix. In April, the company completed the acquisition of Greenhouse Wellness West Virginia Dispensaries LLC, expanding its geographic footprint in West Virginia.
The company recorded sales growth of 1% sequentially and 49% year on year in its second quarter 2022 results, from $215.1 million to $320,3 million. While wholesale, licensing, and other sales fell 22% year on year to $21.7 million, retail income increased 3% to $298.6 million. The company’s second-quarter gross profit in 2022 was $182.2 million with a GAAP gross margin of 57%, up from $178.2 million with a GAAP gross margin of 56% in the first quarter. It is worth noting that Trulieve’s net loss fell by 30% year on year to $22.5 million in the third quarter. The company lowered its forecast for 2022 to $1.25-$1.3 billion, with an adjusted EBITDA range of $415-450 million. Trullieve will release its third quarter 2022 financials today after the close.
TCNNF Stock Performance
TCNNF stock closed on November 8th at $10.90 down 10.09% in the last month of trading. Currently, the stock has a 52-week price range of $8.29-$34.75 and is down 58.21% year to date. According to analysts at Tip Ranks TCNNF stock has a 12-month average price target of $27.67 per share. In this case, this represents an upside of 153.88% from its last trading price of $10.90.
Green Thumb Industries Inc.
Green Thumb Industries Inc. is a key player in the US cannabis consumer packaged goods (CPG) market. At the present time, Green Thumb now operates 77 stores across 15 states. GTI already has 111 retail licenses, with more on the way. As part of a unique collaboration with the privately held Cookies Brand, GTI will open a Cookies on the Las Vegas Strip in 2021. Following the successful acquisition of Dharma Pharmaceuticals, Green Thumb has announced the debut of its marijuana company in Virginia. The company entered the Minnesota market by acquiring Leafline Industries. The firm inaugurated its 77th Rise location in April.
Green Thumb’s overall revenue for the third quarter of 2022 was $261.2 million, up 2.7% sequentially and 11.8% from the prior year’s period of $233.7 million. Increased retail sales in New Jersey, reflecting the legalization of adult-use cannabis, greater retail sales in Illinois, 12 additional retail locations compared to the third quarter last year, and increased traffic in the Company’s 77 open and operational retail stores drove revenue growth. In the third quarter of 2022, gross profit was $131.2 million, or 50.2% of revenue, compared to $129.5 million, or 55.4% of revenue in the same period last year. Gross profit performance reflected increasing retail sales, new and acquired stores, adult-use sales in New Jersey, and ongoing expansion in the Illinois market. EBITDA was $73.3 million or 28.1% of revenue in the third quarter of 2022, compared to $75.2 million or 32.2% of revenue in the same period.
GTBIF Stock Performance
On November 8th GTBIF shares finished at $12.18, down 8,53% in the month of trading. Currently, the stock has a 52-week price range of $7.72-$28.56 and is down 45.31% year to date. According to analysts at CNN Business GTBIF stocks has a 12-month average price target of $19.50 per share. In this case, this would represent an increase of 60.10% from its last trading price of $12.18.
Cresco Labs Inc.
Cresco Labs is a cannabis corporation based in the United States with a vertically integrated corporate structure. The company is currently the country’s top in the creation of branded cannabis products. Customers in Illinois and Pennsylvania prefer the marijuana brand Cresco, according to a BDSA study. Cresco has 53 retail outlets, 20 manufacturing sites, and 47 retail licenses across 11 states. Sunnyside’s growth strategy included the opening of a fourth dispensary in Pennsylvania. According to the company, the Good News product line will be expanded to include fresh consumables and vape goods. In California, the firm will shift to owned brand distribution in order to increase profitability by reducing the requirement for third-party distribution.
Cresco reported $218 million in second-quarter revenue in August, a 4% increase over the same period the previous year. After adjusting for acquisition-related changes in the cost of goods sold and other non-core items, the company reported an Adjusted Gross Profit of $116 million, or 53% of revenue, an 8% increase year over year. Cresco’s adjusted EBITDA was $51 million, or 23% of revenue, in the second quarter, up 11% from the same period the previous year. With high market share positions in flower, concentrates, and vapes, the firm maintained its position as the leading seller of branded cannabis goods in the United States, due to $95 million in wholesale revenue.
The corporation once again created the most branded shares in Massachusetts, Illinois, Pennsylvania, and Massachusetts. Despite an increase in retail revenue of 22% to $123 million, or $2.5 million per average shop open during the quarter, same-store sales climbed by 6% year on year. In addition, on July 8, Columbia Care shareholders approved Cresco Labs’ previously announced all-stock acquisition of Columbia Care. The corporation is still working hard to complete the deal by the end of the year. Cresco, the company’s best-selling main brand, made its debut in Florida. In addition, Cresco Labs and Columbia Care announced a three-market divestment to Sean “Diddy” Combs, creating the first minority-owned, vertically integrated multi-state cannabis business.
CRLBF Stock Performance
CRLBF shares finished on November 8th at $3.35, down 2.33% in the last month. The stock is presently trading in a 52-week price range of $2.39-$10.42, showing a 49.78 percent decline year to date. According to analysts at Tip Ranks CRLBF stock has a 12-month median price target of $7.37 per share. In this case, this represents an upside of 120.11% from its last trading price of $3.35.
The US Cannabis Industry And Investing In Top Pot Stocks Now
Examining a company’s financials and press releases can be quite beneficial when identifying the organizations with the most promise. Before investing in a company, it should be thoroughly investigated. Your investing outcomes will improve if you learn to use technical indicators and chart patterns. Because of the cannabis industry’s rapid local and international expansion, short-term traders may profit from current market conditions. During a downturn, you may find it beneficial to become acquainted with a range of trading strategies. These are the cannabis stocks to watch in November.