Top Marijuana Stocks To Watch Right Now
Do you plan to buy shares of the top cannabis companies in 2023? In general, the global cannabis market is expected to be worth USD 27.7 billion in 2022 and USD 82.3 billion in 2027, with a CAGR of 24.3%. The surge in cannabis use, both recreationally and medically, is fueling the industry.
Trading cannabis penny stocks is one-way cannabis investors leverage the current cannabis industry boom. For the ease of those who are unsure, any stock that trades for less than $5 is referred to as a penny stock. These marijuana-related enterprises, infamous for their extreme market volatility, may offer significant returns to short-term investors. In the following five years, it is expected that the cannabis industry could more than double.
The cannabis sector suffered due to the budget package that includes the SAFE Banking law being removed at the end of 2022. This might provide marijuana investors with a second opportunity to purchase premium companies at cheaper trading rates. Let’s look at the top 2 marijuana stocks that have increased since 2023 started.
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Top US Marijuana Penny Stocks Mid February
- Columbia Care Inc. (OTC: CCHWF)
- TPCO Holding Corp. (OTC: GRAMF)
Columbia Care Inc.
The territory covered by Columbia Care Inc. in the New York region will significantly grow. The business, which is among the largest producers of cannabis on the East Coast, just acquired a 34-acre Long Island facility. Columbia Care has 131 locations across 18 American cities, including 95 dispensaries and 33 growing and processing facilities. In addition, the business opened a marijuana dispensary at its initial location in Missouri in October 2021. The third gLeaf dispensary in Virginia’s state has lately made its location known by the company. The largest MSO in the US, Cresco Labs Inc. (OTC: CRLBF), acquired Columbia Care on March 23 for a $2 billion total enterprise value.
According to corporate forecasts, third-quarter 2022 revenue increased 2.4% QoQ to $133 million. Gross profit for the company rose 2.5% QoQ to $52 million. Compared to Q2 2022, retail revenue barely improved by 0.4%, but wholesale revenue increased by 14% sequentially, greatly raising EBITDA. Adult usage hours would be fully established in New Jersey’s retail establishments by June 2022. Market sales increased by more than 75% sequentially, and wholesale growth outpaced quarterly growth by a factor of more than five. There were no brand-new retail outlets opened in Q3. After the quarter concluded, the business opened Carytown, its fifth retail location in Virginia, bringing the total number of dispensaries to 85. On February 6th Columbia Care celebrated the launch of adult-use cannabis sales in Missouri.
CCHWF Stock Performance
CCHWF stock closed on February 8th at $0.68, down 15.53% in the last month of trading. Currently the stock has a 52-week range of $0.60-$3.39, down 9.33% year to date. According to analysts at Tip Ranks, CCHWF stock has a 12-month average price target of $3.74 per share. In this case, this is an upside of 449.28% from its last trading price of $0.68.
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TPCO Holding Corp.
TPCO Holding Corp. is one of the largest cannabis businesses in California. Shawn Jay-Z Carter, an artist and businessman, 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 valued at 250 stock-holding units. 11 retail outlets and delivery locations launched after Coastal Holdings Company, LLC was incorporated in October.
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 also 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. Adjusted EBITDA is reduced by the effects of adjustments to the fair value of financial instruments, impairment charges, and other non-cash items.
TPCO announced a revised structure on January 5th, predicting $33.5 million in savings in future payments. The business committed to exclusive Monogram distribution in California for eight years. The corporation has made arrangements to refund 7.1 million previously issued ordinary shares in public to protect shareholder value.
GRAMF Stock Performance
GRAMF stock closed at $0.26 on February 8th, up 19.47% in the last month of trading. Currently the stock has a 52-week price range of $0.13-$1.67 and is up 78.08% year to date. At the present time, analysts from Tip Ranks are offering an average price target for GRAMF stock of $0.35 per share. In this case this would represent a 34.62% change from its last trading price of $0.26.
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Top US Penny Pot Stocks To Watch In Q1 2023
Finding the top cannabis companies on the market might be made simpler by looking at their financials and press releases. Numerous seasoned investors are proactively trading short-term positions in the top cannabis companies to benefit from the current market volatility. In addition, use chart patterns and technical indicators to ascertain the ideal entry points and take-profit zones before establishing a position. You can increase your capacity for successful trade closure by actively seeking favorable opportunities. Overall, these can be some of the top pot penny stocks to watch in 2023, given the high volatility of the most well-known US marijuana stocks.
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