Top Cannabis Stocks With Upside In 2023
Do you intend to invest in the leading cannabis companies and top marijuana stocks in 2023? With a CAGR of 24.3%, it is predicted that the worldwide cannabis industry will be valued at $27.7 billion in 2022 and $82.3 billion in 2027. The sector is being stimulated by the rise in cannabis use, both recreationally and medically.
In general, one strategy used by cannabis investors to benefit from the present growth of the cannabis sector is trading cannabis penny stocks. Every stock that trades for less than $5 is referred to as a penny stock for the convenience of those who are unsure. These marijuana businesses, known for their high market volatility, might provide short-term investors with significant gains. The cannabis market is predicted to almost triple over the next five years.
The SAFE Banking legislation was removed from a budget package in 2022, which had a negative effect on the cannabis market. Overall, this might provide marijuana investors with a second opportunity to purchase expensive companies at cheaper trading rates. Let’s look at the 3 top marijuana stocks that have increased in value in 2023.
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Best Marijuana Penny Stocks For March
- Jushi Holdings Inc. (OTC: JUSHF)
- TerrAscend Corp. (OTC: TRSSF)
- Glass House Brands Inc. (OTC: GLASF)
Jushi Holdings Inc.
Jushi Holdings Inc. is a hemp and cannabis company growing its market share in the American medical and recreational marijuana markets. Specifically, the company’s primary objective is to provide a variety of branded marijuana and hemp-derived products to the American market. The BEYOND/HELLO brand is used in 34 Jushi-operated dispensaries nationwide. Also, Jushi has 31 retail licenses in the US, and Beyond/Hello, its national cannabis dispensary brand, is growing both online and offline. By acquiring NuLeaf Inc. in April, the company was able to extend its vertically integrated operations into Nevada.
According to preliminary third-quarter financial data released by Jushi, revenue increased by 34.9% to $72.8 million over the same period last year. Also, the company’s gross profit of $27.7 million increased by 18.9% from the prior quarter and 4.0% from Q2 2022. Recall that Jushi experienced a net loss of between $52.9 and $62.8 million. In addition to its 34th and 35th retail locations nationwide, the business established its third and fourth Beyond HelloTM dispensaries in Virginia. Jushi announced in December that its product selection would be available in California. In Arlington, Virginia, Jushi inaugurated its fifth Beyond HelloTM dispensary in January, marking its 37th retail site nationally.
JUSHF Stock Performance
JUSHF stock closed at $0.6531 on March 3rd, up 10.32% in the last month of trading. Currently, the stock has a 52-week price range of $0.58-$3.35 and is up 62.83% year to date. According to analysts at CNN Business, JUSHF stock has a 12-month average price target of $2.43 per share. In this case, this represents an upside of 272.08% from its last trading price of $0.6531.
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TerrAscend Corp.
In the US and Canada, TerrAscend grows and sells marijuana for both medical and recreational use. The corporation, which includes operations in Pennsylvania, New Jersey, and California, is a significant cannabis grower in the US. Production and sales of artisan cannabis items and hemp and cannabis-infused goods are the company’s main objectives. Under the Kind Tree brand, TerrAscend has produced a range of goods in Maryland. The Kind Tree brand is now manufactured in Maryland using 15 different flower varieties, and its product line will soon include vapes and half-gram pre-rolls.
TerrAscend reported an increase in third-quarter net revenue to $67 million in November. This represents a 3.4% increase over the same period the prior year and a 36.4% increase. Moreover, the gross profit margin dropped 36.3% this quarter from 35.5% in Q2 2022 to 43.7% in Q3 2021. To reach $11.3 million, adjusted EBITDA1 improved by 96% sequentially and 22.8% yearly. The company recorded a GAAP Net Loss of $311 million, in contrast to a net gain of $14.2 million during the second quarter of 2022. To build the Cookies brand exclusively in Pennsylvania, the company secured a partnership in Q3. TerrAscend has established “Cookies Corners” at each of the three Apothecarium facilities in New Jersey.
TRSSF Stock Performance
TRSSF stock closed at $1.72 on March 3rd, up 15.44% in the past month of trading. Currently, the stock has a 52-week price range of $1.00-$6.06 and is up 52.21% year to date. According to analysts at Tip Ranks, TRSSF stock has a 12-month average price target of $2.21 per share. In this case, this would represent an upside of 28.25% from its last trading price of $1.72.
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Glass House Brands Inc.
Glass House Brands Inc. is a vertically integrated cannabis and hemp company operating in one of the nation’s fastest-growing markets. At the present time, the business focuses on the California market, where it develops innovative, green brands to meet the needs of customers across several industries. Forbidden Flowers, Glass House Farms, and Mama Sue Wellness are a few of the company’s well-known products. In September 2021, the company will invest in a 5.5 million square foot greenhouse in Southern California. The new company’s chief financial officer is Mark Vendetti. PLUS, a well-known California edibles business, was bought for $25.6 million in December.
Overall, the company forecasts Q4 2022 revenue of about $31 million to $32 million, within the higher range of guidance of $30 million to $32 million, with record wholesale revenue of over $15 million and the full quarter impact of the three NHC stores acquired in September 2022. According to predictions, the gross margin for Q4 2022 is expected to be in the mid-30 % range due to relatively unchanged manufacturing costs compared to $134 per pound in Q3.
Glass House completed the purchase of the Morro Bay Natural Healing Center dispensary in September. By the conclusion of the third quarter, Glass House will have seven retail dispensaries after the Morro Bay dispensary agreement is granted. In January, Glass House added a New Farmacy Dispensary to its retail lineup in Santa Ynez, California. Indeed, Glass House now has nine dispensaries, up from three at the start of 2022. In March, Glass House Brands announced plans for further expansion of cannabis cultivation capacity at its SoCal Farm.
GLASF Stock Performance
GLASF stock ended at $3.11 on March 3rd, up 14.76% in the last month’s trading. Currently, the stock has been trading in a 52-week range of $1.78-$6.24. GLASF stock is 62.83% year to date.
Investing In Top US Pot Stocks For 2023
In general, looking at their financials and press releases could help you identify the best cannabis companies on the market. Numerous seasoned investors are proactively trading short-term positions in the top cannabis companies in order to benefit from the current market volatility. Use chart patterns and technical indicators to ascertain the ideal entry points and take-profit zones before establishing a position. In addition, You can increase your chances of making a profitable deal by actively hunting for potential prospects. These might be some of the top cannabis penny stocks to watch in 2023, given the high volatility of the most well-known US marijuana stocks.
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