Top Cannabis Stocks On Watch Before April
Which marijuana stocks should you buy in March 2023? Long-term investments may be more challenging to make in 2023 due to the stock market’s extreme volatility. Investors frequently use short-term trading as a strategy to generate money in these difficult situations. In general, cannabis companies might benefit from this comeback as the market gathers momentum in the first quarter.
As more companies and products are created, and the industry matures, greater growth in the Canadian cannabis market is anticipated. Nonetheless, the industry still has to contend with obstacles like regulatory compliance, supply chain problems, and black-market rivalry. In addition, as more states allow cannabis use for both medical and recreational purposes, it is anticipated that the US cannabis industry will expand over the next years. As of February 2023, 19 states and 38 states, respectively, had legalized the use of cannabis for recreational purposes. As more states consider legalization policies, this trend is anticipated to continue.
Right now, some of the largest cannabis companies are the most volatile penny stocks. A penny stock is any share of stock that is offered for sale for less than $5. These cannabis penny stocks are renowned for having high daily and monthly price volatility. Cannabis investors ready to participate in these high-risk/high-reward transactions have benefited from some of these stocks’ recent double-digit percentage returns. Taking advantage of the lower price points, many seasoned traders are currently opening positions in some of the greatest penny marijuana stocks. Next week is the first day of April, so let’s look at three of the top marijuana penny stocks on your list.
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Best Cannabis Stocks For April Trading
- Canopy Growth Corporation (NASDAQ: CGC)
- Acreage Holdings, Inc. (OTC: ACRHF)
Canopy Growth Corporation
Canopy Growth, one of the biggest manufacturers of cannabis and products made from it, is well-known across Canada. The US, Canada, and Germany are the main markets for the company’s hemp- and cannabis-based products. Canopy and Southern Glazers Wine & Spirits will start selling CBD-infused alcoholic beverages in the US in 2021. Canopy purchased Supreme Cannabis Company, Inc., a high-end cannabis company, in order to broaden the selection of goods it offers for sale in Canada. Whisl, a cutting-edge CBD vape that can help you keep control of your mood all day, has been introduced by the company. In March, the Martha Stewart CBD subsidiary added more Tropical CBD Wellness Gummies to its inventory.
Canopy reported net revenue of $101 million for the third quarter of fiscal 2023, a 28% drop from the third quarter of fiscal 2022. In addition, the sale of C3 Cannabinoid Compound Company GmbH (“C3”), a drop in our U.S. CBD sales, increased competition for adult-use cannabis in Canada, a drop in our U.S. CBD sales, and substandard performance from This Works and Storz & Bickel were the main causes of the loss. The third quarter of FY2023 experienced a 23% drop in revenues compared to the third quarter of FY2022 when the effects of the sales of C3 and our Canadian retail company were considered.
The corporation wants to strengthen its position in Canada’s high-end industries for the fiscal year 2023. The company also intends to sell its products abroad, mainly to Canadian leisure enterprises. The business anticipates these actions will result in positive Adjusted EBITDA in FY2024 after excluding US-related charges.
CGC Stock Performance
CGC stock closed at $1.77 on March 30th, down 21.30% in the past month of trading. Currently, the stock has a 52-week price range of $2.01-$8.07, down 21.65% year to date. According to analysts at CNN Business, CGC stock has a 12-month median price target of $1.91 per share. This estimate would be an 8.43% increase from its last trading price of $1.77.
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Acreage Holdings, Inc.
Cannabis grower and retailer Acreage Holdings, Inc. has outlets throughout the US. Acreage’s collaboration with Canopy Growth Corporation (NASDAQ: CGC) could lead to an acquisition if the US prohibition is lifted. It is anticipated that the economies of New York and New Jersey will grow greatly during the next several years as a result of their large geographic areas. Acreage plans to finish building its growth center in New Jersey, the state with the most licensed retailers.
When compared to the same period in 2021, acreage sales increased by 28% to $61.4 million in the third quarter of 2022. The company’s gross margin this quarter was up 35% in comparison to the second quarter of 2022. The third quarter of 2022 saw adjusted EBITDA* of $8.8 million compared to Q3 2021’s $6.5 million. Acreage became one of only a few producers in the state of New York with the capacity to supply the market with non-remediated whole flower with the debut of the Company’s whole flower sales under the state’s strict microbiological testing regulations. The Botanist dispensary in Montville, Connecticut, became the company’s adult-use cannabis retail site on January 10.
ACRHF Stock Performance
ACRHF stock closed at $0.5055 on March 30th, down 18.97% in the last month of trading. The stock has a 52-week price range of $0.41-$1.76 and is up 7.84% year to date.
[Read More] 2 Top Marijuana Stocks For Cannabis Investing 2023
Investing In Top Pot Stocks In The Canadian Market
The value of these marijuana stocks in 2023 could increase due to numerous forthcoming factors in the months to come. You can determine the top cannabis businesses by looking at their financials and press releases. A number of seasoned investors are actively trading short-term holdings in the top cannabis businesses to profit from the present market turbulence. Use technical indicators and chart patterns to identify the best entry points and take-profit areas before establishing a position. In addition, you can increase your ability to close profitable transactions by actively looking for advantageous scenarios. The most well-known American marijuana companies are notoriously volatile, making them some of the best penny stocks to watch in 2023.
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