Top Cannabis Penny Stocks To Watch In April
The cannabis industry and top marijuana stocks hit new lows in March after rising to start in 2023. In general, the marijuana industry faces financial difficulties due to supply chain problems, industry consolidation, strict regulations, and inflationary pressures. In addition, the lack of qualified workers and insurer interest in offering market coverage will put the industry’s resiliency to the test. Increasing prices and problems with the supply chain in 2022 substantially jeopardized the profitability of cannabis companies in 2023.
Making short-term investments in penny stocks of cannabis companies is one strategy to profit from the market’s downward trajectory. Any share of stock that is sold for less than $5 is referred to as a penny stock. Due to the penny stocks that deal in cannabis’ well-known high level of daily and monthly price volatility, opportunities may arise. Cannabis investors willing to participate in these high-risk/high-reward transactions have benefited from the recent double-digit percentage returns on several equities.
Many of the most significant cannabis companies in the US are currently trading at penny stock prices. Let’s examine the two best marijuana penny stocks to add to your watchlist for April.
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Best Marijuana Penny Stocks For April
- TPCO Holding Corp. (OTC: GRAMF)
- Cansortium Inc. (OTC: CNTMF)
TPCO Holding Corp.
One of the biggest marijuana companies in California is TPCO Holding Corp. Shawn Jay-Z Carter, an artist and entrepreneur; Left Coast Ventures, a hemp farmer; and Caliva, a direct-to-consumer marketplace, make up the TPCO brand. In general, the business cultivates, moves, distributes, and extracts marijuana all over California. Under 17 owned and permitted brands, the business distributes cannabis products worth 250 stock-holding units. Following the formation of Coastal Holdings Company, LLC in October, 11 retail outlets and delivery locations were opened.
For the third quarter of 2022, the company reported net revenues from ongoing operations of $19.6 million. In the third quarter of 2022, ongoing operations generated a gross profit of $6.6 million, or 34% of net sales. A non-cash tax recovery of $24.5 million, losses from discontinued operations of $13.4 million, and non-cash impairments of goodwill and intangible assets of $127.8 million all helped to offset the Parent Company’s reported adjusted Q3 2022 net loss of $31.3 million. The business reported an Adjusted EBITDA loss from continuing operations of $15.9 million for the third quarter of 2022.
TPCO announced in January that the structure had been modified and would save $33.5 million in future payments. For eight years, the company promised only to market Monogram in California. The corporation plans to return 7.1 million previously issued ordinary shares to the general public to protect shareholder value. The Parent Company and Gold Flora will combine on February 22 to form the largest vertically integrated operator and cannabis market in the world. In March, The Parent Company expanded the value of its cannabis offering with the launch of the new Cruisers Brand.
GRAMF Stock Performance
GRAMF stock closed at $0.2013 on March 27th, down 28.76% in the last month of trading. Currently, the stock has a 52-week price range of $0.13-$1.33 and is up 37.84% year to date.
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Cansortium Inc.
Cansortium Inc., a Florida-based cannabis company, is dedicated to manufacturing high-quality marijuana. The company currently has locations in Texas, Michigan, and Pennsylvania. With the help of a $90 million loan and equity arrangement from the previous year, Cansortium is expanding into Florida and Pennsylvania. Cansortium is one of Florida’s largest dispensary networks, with 27 sites. Under the Fluent brand, Fluent provides a variety of high-end consumables, full-spectrum extracts, cartridges, and lotions.
For the third quarter of 2022, Cansortium reported a 42% year-over-year increase in revenue to $22.1 million. Also, with $5.4 million in cash from operations, Q3 Adjusted EBITDA hit a new high of $11.7 million, up 15% QoQ and more than 2x YoY. Florida saw a 39% rise in revenue, from $13.1 million to $18.2 million. The business intends to build another facility in Florida by the end of 2022. At the beginning of 2023, three additional ones will come.
Cansortium disclosed on January 6 that the Corporation had granted certain of its directors a total of 1,354,167 common shares in exchange for the cancellation of US$162,500 in past-due director salaries. In accordance with CSE rules, the price at which the Debt Shares are being issued is $0.12, which is the last trading price of the Company’s common shares listed on the CSE on December 30, 2022. In March, the company announced the grand opening of the 30th Florida medical cannabis dispensary in Jacksonville, Fl.
CNTMF Stock Performance
On March 27th, CNTMF stock finished at $0.085, down 26.09% in the past month of trading. The stock is now trading in a 52-week price range of $0.079-$0.450 and is down 23.97 percent year to date.
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Using Market Volatility In Top US Pot Stocks
Many educated investors routinely trade short-term positions in the top cannabis companies to profit from the current market volatility. Use technical indicators and chart patterns to identify the best entry points and take-profit zones before opening a position. You can increase your ability to close deals by actively looking for advantageous circumstances. These might be some of the best penny stocks to watch in 2023 due to the notable volatility of the most well-known US marijuana stocks.
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