Top Cannabis Stocks In The Eastern US
Are top marijuana stocks on your watchlist in May? This month top cannabis stocks have reached new 52-week lows as the overall market experienced a decline. For more than a year the cannabis sector has seen significant declines in market value. These declines could offer a much lower entry for new investors that want exposure to the cannabis industry. At the present time although the cannabis sector has been performing poorly in the market the industry has been growing rapidly in the US and the global markets.
In May many leading cannabis companies have beat earnings estimates and continued to show revenue growth in the first quarter of 2022. Regardless of delays with cannabis banking and federal marijuana legalization, state-level growth has been substantial. As New Jersey and New York begin recreational sales these markets could produce billions in sales growth in a matter of years. Some of the leading cannabis companies that are well-positioned in this area of the country could see potential growth.
US MSOs have been dealt a tough hand as time continues to pass and they are unable to up-list to major US exchanges like the Nasdaq and NYSE. Ultimately trading on the OTC markets has kept them from new retail traders that use Robinhood Markets, Inc. (NASDAQ: HOOD) and WeBull. While also keeping many of the largest investment firms away as well. As the eastern part of the US grows rapidly let’s look at top New Jersey marijuana stocks to add to your watchlist right now.
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Best US Marijuana Stocks To Watch In 2022
- Curaleaf Holdings, Inc. (OTC: CURLF)
- Cresco Labs Inc. (OTC: CRLBF)
- Green Thumb Industries Inc. (OTC: GTBIF)
- Acreage Holdings, Inc. (OTC: ACRHF)
Curaleaf Holdings, Inc.
Curaleaf Holdings, Inc., a multi-state cannabis retailer with 133 retail locations across the United States, produces packaged cannabis products. Additionally, Curaleaf International’s Adven GmbH, a wholly-owned subsidiary, has begun marketing medicinal cannabis products in Germany. In the United States, Curaleaf’s Select brand is one of the most well-known. After buying Tryke Companies in November, Curaleaf expanded its operations to three additional states. The corporation currently has properties in Arizona, Nevada, and Utah in its portfolio. The company inaugurated its 50th site in Florida on May 6th.
The company announced its first-quarter 2022 results on May 9th, with revenue of $313 million, up 20% year over year. In addition, Adjusted EBITDA was $73 million in the first quarter of 2022, and cash flow from operations was $57.4 million. Los Suenos Farms was also acquired, bringing the total cultivation capacity of the corporation to 4.4 million square miles. Curaleaf is one of the most well-known cannabis dispensaries in New Jersey.
CURLF Stock Performance
On May 13th CURLF shares closed at $5.91, up 6.39% for the trading day. The stock is currently trading in a 52-week range of $5.08-$15.47 and is down 34.30% year to date. According to analysts at Tip Ranks CURLF stock has a 12-month average price target of $13.08 per share. In this case, this would represent an upside of 121.22% from its last trading price of $5.91.
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Cresco Labs Inc.
Cresco Labs is a cannabis corporation based in the United States with a vertically integrated business structure. The company is presently the top manufacturer of branded cannabis products in the United States. Cresco is the most popular marijuana brand in Illinois and Pennsylvania, according to a recent BDSA study. Cresco operates in 11 states and has 50 retail outlets, 20 production facilities, and 47 retail licenses. Sunnyside has launched its fourth dispensary in Pennsylvania as part of its expansion plan. The Good News product line will be expanded to include new consumables and vaping options, according to the business. To boost profitability and remove third-party distribution, the company will switch to owned brand distribution in California.
In March, the company announced record fourth-quarter and full-year 2021 earnings. Cresco’s revenues reached a new high of $822 million in the fiscal year 2021, up 73 percent from the previous year. Additionally, adjusted EBITDA grew by 219 percent to $194 million, while gross profit minus acquired inventory grew by 219 percent to $430 million. The company achieved $218 million in sales and $57 million in adjusted EBITDA in the fourth quarter. The company made $101 million in wholesale revenue and kept its lead in branded cannabis product sales in the US, which includes flower, concentrates, and vape cartridges. Cresco also stated that it will buy Columbia Care Inc. (OTC: CCHWF), transforming it into the new cannabis industry leader with a $2 billion market cap. The transaction is scheduled to close in Q4 2022.
CRLBF Stock Performance
CRLBF shares finished on May 13th at $3.82, up 5.02% for the trading day. The stock is presently trading in a 52-week price range of $3.82-$13.50, showing a 34.93 percent decline year to date. According to analysts at Tip Ranks CRLBF stock has a 12-month median price target of $10.86 per share. In this case, this represents an upside of 179.02% from its last trading price of $3.82. The company will release its first-quarter 2022 results on May 18th before the market opens.
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Green Thumb Industries Inc.
Green Thumb Industries Inc. is a key player in the United States’ cannabis consumer packaged goods (CPG) market. Currently, the company has 77 sites throughout 15 states, including one in New Jersey. GTI presently has 111 retail licenses, with hopes to increase this number in the future. As part of a one-of-a-kind agreement with the privately held Cookies Brand, GTI opened a Cookies on the Las Vegas Strip in 2021. Following the conclusion of its acquisition of Dharma Pharmaceuticals, Green Thumb has announced its debut in the Virginia cannabis market. Leafline Industries was acquired by the company, giving them access to the Minnesota market. On April 14th, the business inaugurated its 77th Rise location.
GTI reported a 25% increase in revenue year over year to $243 million in the first quarter of 2022. This is the company’s ninth straight quarter of positive GAAP net income, with $29 million or $0.12 per basic diluted share. Aside from that, adjusted EBITDA was $67 million, or 28% of revenue. This is also significant since it is GTI’s ninth straight quarter of positive cash flow, with $55 million generated in Q1 2022. In addition, cash at the conclusion of the quarter was $175 million.
GTBIF Stock Performance
On May 13th, GTBIF shares finished at $13.12, up 5.55 percent for the trading day. Currently, the stock has a 52-week price range of $11.45-$35.15 and is down 40.80% year to date. According to analysts at Tip Ranks GTBIF stocks has a 12-month average price target of $35.60 per share. In this case, this would represent an increase of 171.34% from its last trading price of $13.12.
Acreage Holdings, Inc.
Acreage Holdings, Inc. is a cannabis producer and retailer with locations around the US. If the ban in the United States is lifted, Acreage is working on a relationship with Canopy Growth Corporation (NASDAQ: CGC) that might lead to an acquisition. Both New York and New Jersey have huge geographic regions, and their burgeoning economies are expected to increase at an exponential rate in the coming years. Acreage now has the most dispensaries permitted in New Jersey, and it intends to complete its growing facility there as well. The company extended its adult-use retail business in Maine on May 3rd and completed the sale of an Oregon cultivation and processing facility.
Acreage recorded a positive Adjusted EBITDA for the fifth consecutive quarter in the first quarter of 2022. The company’s combined sales were $57 million, up 48 percent over the previous year. Additionally, the gross margin increased to 52 percent from 48 percent in Q4 2021. AFC Gamma, Inc. (NASDAQ: AFCG) recently provided a $150 million credit facility to Important Acreage to help it achieve its expansion goals. ACRHF stock closed at $1.00 on May 13th down 13.04% in the last five trading days. The stock has a 52-week price range of $0.95-$5.05 and is down 40.48% year to date
The New Jersey Cannabis Market Leaders
As the New Jersey and New York markets produce cannabis sales the above-mentioned companies could have significant growth in those states. Most also have a stronghold in other major cannabis markets across the US. Before investing in the cannabis sector, it’s important to do your due diligence on a company. Following a company’s press releases and earnings can help you identify the strongest businesses to invest in. As we continue to see substantial volatility in the market these are the top New Jersey marijuana stocks right now.
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