Top Cannabis Stocks With Gains This Month
Do you want to trade the top marijuana stocks at this juncture in the market’s volatility? During the week, the 10-year Treasury yield surged to new 14-year highs. But on Friday, yields, particularly the two-year rate, fell as a Wall Street Journal piece sparked hopes for soon-to-come slower Fed rate increases. Trading short-term is one way to profit from the current market volatility. Top cannabis stocks now have struck fresh lows in October and may start to recover.
Using current market values to make both short- and long-term investments could help you increase the size of your portfolio. Day traders and swing traders often make the biggest gains when investing in a market like this one. In addition to their primary long-term investments in the cannabis sector, some long-term investors choose to engage in short-term trading strategies. As a result, they stand to benefit from daily changes in the stock’s price.
It may be time to start paying attention to the cannabis stocks that are gaining traction, even if many analysts think the cannabis industry will continue to decline. We’ll examine three of the best marijuana stocks on your list in more detail this week because October 2022 is expected to have increased market volatility.
Best US Marijuana Stocks To Watch Right Now
- Ayr Wellness Inc. (OTC: AYRWF)
- Green Thumb Industries Inc. (OTC: GTBIF)
- Verano Holdings Corp. (OTC: VRNOF)
Ayr Wellness Inc.
Ayr Wellness Inc. is a well-known cannabis business with its headquarters in Florida. 50 of the 67 marijuana businesses owned by the corporation are situated in Florida. The business also acquired Herbal Remedies Dispensaries, LLC to expand into Illinois. Massachusetts dispensaries run by Ayr are now allowed to dispense enormous amounts of marijuana for adult usage. In Pennsylvania, the business has opened its sixth functioning, associated dispensary. Ayr’s 86,000-square-foot processing and growing facility were set to start operations in December after receiving certification from Arizona officials. On February 15, the business acquired Levia Cannabis Infused Seltzer, a significant acquisition in the beverage sector.
A rise of 20.6% from the second quarter of 2021 to $110.1 million in revenue was recorded by ARY for the second quarter of 2022. In addition, the gross profit increased by 80.6% from Q2 2021’s $40.3 million level. Adjusted EBITDA for the business was $19.6 million, a 28.5% decrease from Q2 2021. Sales, Adjusted EBITDA, and operating income are anticipated to increase by about 10% sequentially from Q2 2022 to Q3 2022, according to the firm. In Q4 2022, the rate of continued growth will accelerate. AYR had $116.7 million in cash on hand at the conclusion of the quarter. Results for the third quarter of 2022 will be announced by the company on November 10 before the market opens.
AYRWF Stock Performance
AYRWF stock closed on October 21st at $4.37 up 36.99% in the last month of trading. Currently, the stock has a 52-week price range of $2.30-$24.98 and is down 71.21% year to date. According to analysts at Tip Ranks AYRWF stock has a 12-month average price target of $12.08 per share. In this case, this would represent an upside of 176.43% from the last price of $4.37.
Green Thumb Industries Inc.
A significant player in the US cannabis consumer packaged goods (CPG) market is Green Thumb Industries Inc. Green Thumb currently operates 77 stores throughout 15 states. 111 retail licenses are now held by GTI, and more are anticipated in the future. In 2021, GTI established Cookies on the Las Vegas Strip as part of a unique partnership with the privately held Cookies Brand. After successfully acquiring Dharma Pharmaceuticals, Green Thumb has announced the opening of its marijuana business in Virginia. The business entered the Minnesota market by acquiring Leafline Industries. The business unveiled its 77th Rise location in April.
Results for Green Thumb’s second quarter of 2022 were made public on August 3. To reach $254.3 million, revenue climbed by 14.6% overall and 4.8% in a specific quarter. Total sales in the first half of 2022 climbed by 19.4% over the same time in the prior year to $496.9 million. For its ninth consecutive quarter of positive GAAP net income, the company has generated $24.4 million, or $0.11 per basic share and $0.10 per diluted share, as of this point. The quarter saw an 11.7% increase in retail sales. Comparable sales growth (stores open at least a year) declined by 1.5% on a base of 56 locations. Sequential quarter-over-quarter comparable sales climbed by 9.9% on a base of 73 sites. Circle K and Green Thumb teamed up in October to introduce marijuana to Florida’s gas stations.
GTBIF Stock Performance
On October 21st GTBIF shares finished at $11.66, up 18.62% in the last five days of trading. Currently, the stock has a 52-week price range of $7.72-$28.56 and is down 47.38% year to date. According to analysts at Tip Ranks GTBIF stocks has a 12-month average price target of $20.22 per share. In this case, this would represent an increase of 73.45% from its last trading price of $11.66.
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Verano Holdings Corp.
Verano Holdings, a cannabis company, sells consumers marijuana that is permitted in some states. The business offers a number of brand names under which to advertise its high-end cannabis products. Verano now operates 12 manufacturing and processing facilities, 104 dispensaries, and a total of 13 states. Despite this, the company is still well-known in Florida and currently runs out of 55 distinct locations. Two of the company’s retail brands, Zen LeafTM and MÜVTM, run dispensaries that cater to both medical and adult-use clients. In Las Vegas, the business launched a drive-through dispensary on Flamingo Road.
On August 16, Verano released its results for the second quarter of 2022, which indicated a 12% increase in revenue from the second quarter of 2021 to $224 million. Additionally, the second quarter of 2022 saw a rise in gross profit of $98 million, or 44% of revenue, from the first quarter’s $69 million. In comparison to the same period in 2021, the company’s second quarter of 2022 saw a net loss of $(10) million rather than $(30) million. The business unveiled its 55th site on August 11th in Florida. Verano’s retail footprint has already surpassed the 100-dispensary mark with the launch of new outlets. Additionally, according to Verano, Zen Leaf New Kensington will be the company’s 117th facility globally and its 15th connected dispensary in Pennsylvania. In October Verano announced the termination of the arrangement agreement to acquire Goodness Growth Holdings Inc.
VRNOF Stock Performance
VRNOF shares closed at $5.33 on October 21st up 18.05% in the past five days of trading. Currently, the stock has a 52-week price range of $4.174-$15.01 and is down 57.31% year to date. According to analysts at Tip Ranks VRNOF stock has a 12-month average price target of $14.79 per share. This would represent an increase of 177.49% from its last trading price of $5.33.
Making The Best Investments In The US Cannabis Industry
There are many potential catalysts in the coming months that might give these marijuana stocks a boost to close 2022. 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 instability and profit from it, several seasoned traders are actively making short-term investments in the leading cannabis companies. Prior to establishing a position, use technical indicators and chart patterns to help you identify the best setups in the market. You can locate profit-taking opportunities and improve your chances of making profitable trades by doing this. As top marijuana stocks continue to encounter volatility, these may be among the best stocks to watch this month.
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