Top Cannabis Stocks To Watch During This Sector Downturn
Are you looking for the best marijuana stocks in the US right now? Because cannabis banking was not included in the federal funding package approved by Congress this week, the marijuana industry experienced a severe decrease. During the lame-duck session, a second attempt to pass the law was unsuccessful. The likelihood that SAFE Banking will be made available as a standalone product before the end of this year is currently small. The sector has suffered considerably due to Congress’s unwillingness to end the federal ban on cannabis. But when the market declines, cannabis investors might have an excellent opportunity to buy.
Day traders and swing traders typically make the most money when trading in a market like this. In addition to their significant long-term investments in the cannabis industry, some long-term investors opt to adopt short-term trading strategies. Therefore, they stand to benefit from everyday stock price changes. The federal cannabis law’s implementation has been delayed, which has hurt the US cannabis industry, which generates billions of dollars annually. Investors may be able to gain from the present trend in the market by profiting from the sector’s decline. The three cannabis stocks to watch in December.
[Read More] 2 Marijuana Stocks To Watch In Todays Stock Market
Top US Cannabis Stocks To Watch Before Years End
- Verano Holdings Corp. (OTC: VRNOF)
- Trulieve Cannabis Corp. (OTC: TCNNF)
- Ascend Wellness Holdings, Inc. (OTC: AAWH)
Verano Holdings Corp.
Verano Holdings, a cannabis corporation, sells marijuana to customers in jurisdictions where it is legal. Customers can buy the company’s high-end cannabis products under various brand names. Verano controls 12 production and processing facilities, 104 dispensaries, and 13 states. Despite this, the organization has 55 locations and is well-known in Florida. Zen LeafTM and MÜVTM, two of the company’s retail brands, operate dispensaries serving medicinal and adult-use customers. The company opened a drive-through dispensary on Flamingo Road in Las Vegas.
Verona announced Q3 2022 revenue grew to $228 million in November, up 2% from the prior quarter and 10% from the previous year’s period. In addition, Q3 2022 gross profit was $123 million, or 54% of revenue, up from Q3 2021’s gross profit of $98 million, or 44% of revenue, and Q3 2022’s gross profit of $98 million, or 48% of revenue. Top-line growth and a lesser comparative impact from the inventory step-up from acquisitions were the main drivers of gross profit growth over the corresponding period last year. Compared to losses of $(10) million in the previous quarter and $(13) million a year before, the company’s Q3 2022 net loss was $(43) million. Verano established 11 additional MÜV dispensaries in Florida during the third quarter. More than 500 dispensaries in nine states already receive Verano trademark flower branded products, including more than 100 of the company’s retail outlets.
VRNOF Stock Performance
VRNOF shares closed at $2.80 on December 20th, down 46.89% in the past month of trading. Currently, the stock has a 52-week price range of $2.74-$13.94 and is down 74.07% year to date. According to analysts at Tip Ranks, VRNOF stock has a 12-month average price target of $16.14 per share. This would represent an increase of 479.43% from its last trading price of $2.80.
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Trulieve Cannabis Corp.
Trulieve Cannabis Corp., which operates in eleven states, has the largest market share in Florida. With 175 retail sites, the company dominates the cannabis market in the US. Processing and expansion space for the business totals 4 million square feet. Trulieve’s standing in the Southeast cannabis market has improved as a result of obtaining a Georgia production license. The business opened its first dispensary in Massachusetts, establishing the groundwork for further growth. In order to increase its capacity for production in the southwest, the business purchased a 64,00 square foot growing facility close to Phoenix in February. The company expanded its geographic reach in West Virginia by finishing the acquisition of Greenhouse Wellness West Virginia Dispensaries LLC in April.
Trulieve reported revenue growth of 34% year over year to $301 million in its third quarter results for 2022, with a GAAP gross margin of 56%. The company also has a U.S. retail network of 176 distributors and a processing and growing space of more than 4 million square feet. According to GAAP, Trulieve generated a $168 million profit and a gross margin of 56%. The company recorded a financial loss of $115 million. The company also generated a profit of 33% on adjusted EBITDA of $99 million. On December 15th Trulieve announced an exclusive partnership in Florida with Connected Cannabis & AlienLabs.
TCNNF Stock Performance
TCNNF stock closed on December 20th at $6.74, down 46.89% in the last trading month. Currently, the stock has a 52-week price range of $6.69-$27.43 and is down 74.07% year to date. According to analysts at Tip Ranks TCNNF stock has a 12-month average price target of $27.76 per share. In this case, this represents an upside of 311.58% from its last trading price of $6.74.
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Ascend Wellness Holdings, Inc.
AWH facilities can be found in Massachusetts, New Jersey, Ohio, Illinois, Michigan, and Michigan. AWH’s principal business activities include owning and operating facilities that produce strains that win prizes and having a carefully thought-out product line. The corporation constantly uses the Ozone trademark to produce and sell its products. A variety of marijuana-related products are available from the company, including sweets, concentrates, pre-rolls, flowers, and vape pens. AWH operates 17 retail stores and provides products to licensed marijuana businesses. On May 11, Ascend Wellness and MedMen Enterprises Inc. inked an agreement to raise the purchase price of MedMen NY Inc.
For the third quarter of 2022, AWH recorded gross revenues of $134.3 million, an increase of 14.1% from the second quarter and 27.8% from the first. To reach $111.2 million, net revenue—which excludes intercompany sales of wholesale goods—rose 14.1% quarterly and 17.9% annually. Additionally, retail sales increased by 9.6% to $82.8 million during the quarter. Compared to Q2 2022, when the company lost $21.2 million, it lost $16.9 million this quarter.
AAWH Stock Performance
AAWH stock closed on December 20th at $1.11, down 49.55% in the past month of trading. Currently, the stock has a price range of $0.98-$6.76, down 83.09% year to date. According to analysts at Tip Ranks, AAWH stock has a 12-month median price forecast of $6.63 per share. In this case, it would represent an increase of 496.85% from its last trading price of $1.11.
Top Ways To Invest In Cannabis For 2023
Numerous probable events in the upcoming months could boost these marijuana stocks at the beginning of 2023. Finding the top cannabis companies on the market might be made simpler by looking at their financials and press releases. Many seasoned traders are proactively making short-term trades in the top cannabis companies to profit from the current market volatility. Use technical indicators and chart patterns to determine the ideal entries and exits before opening a position. Looking for opportunities to take profits can boost your ability to perform profitable transactions. These might be some of the top stocks to follow this month due to the volatility of the leading US marijuana stocks.
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