Top Cannabis Stocks As The Sector Has Prospects
Are you searching for the top US marijuana stocks to buy now? The cannabis market may experience growth in 2023 as the Biden Administration works to reschedule cannabis and provide SAFE Banking for the US industry. Schumer introduced a revised SAFE Banking measure last week to get the legislation included in an omnibus funding agreement. Democrats are drafting new legislation in response to GOP leaders’ concerns about cannabis banking.
Day traders and swing traders usually make the greatest money when trading in a market like this. Some long-term investors use short-term trading tactics in addition to their sizeable long-term investments in the cannabis industry. They, therefore, stand to gain from daily fluctuations in the stock price. The US cannabis sector, which earns billions of dollars annually, has suffered from delays in the federal cannabis law’s implementation. Investors may benefit from the market’s current trend by capitalizing on the sector’s fall. The four marijuana stocks to keep an eye on in December.
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Best US Marijuana Stocks To Watch Before 2023
- Curaleaf Holdings, Inc. (OTC: CURLF)
- Trulieve Cannabis Corp. (OTC: TCNNF)
- Cresco Labs Inc. (OTC: CRLBF)
- Green Thumb Industries Inc. (OTC: GTBIF)
Curaleaf Holdings, Inc.
Curaleaf Holdings, Inc., a multi-state cannabis merchant with 142 retail locations in the United States, manufactures packaged cannabis products. Medical marijuana products are currently being marketed in Germany by Adven GmbH, a fully-owned subsidiary of Curaleaf International. Curaleaf’s Select is one of the most well-known brands in the nation. Curaleaf purchased Tryke Companies in November to expand into three more states. The business currently owns Arizona, Nevada, and Utah. On December 7th, the Grassroots brand, the Cannabis Sommelier Certification Program, and Ganjier together launched a ground-breaking partnership in cannabis education.
In November, Curaleaf announced a third-quarter 2022 revenue of $340 million, up 7% annually and 1% sequentially. Additionally, Adjusted EBITDA increased by 18% YoY to $84 million in the third quarter of 2022. In the third quarter and the first nine months of 2022, the company produced operating cash flows of $60 million and $7 million, respectively. The third quarter of 2022 saw a net loss attributable to Curaleaf of $51 million as opposed to $55 million from the third quarter of 2021.
CURLF Stock Performance
On December 16th, CURLF shares closed at $5.16, down 26.29% in the past month of trading. The stock is currently trading in a 52-week range of $4.48-$9.54 and is down 42.67% year to date. According to analysts at CNN Business CURLF stock has a 12-month average price target of $8.50 per share. In this case, this would represent an upside of 64.73% from its last trading price of $5.16.
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Trulieve Cannabis Corp.
Trulieve Cannabis Corp., which operates in eleven states, has the most significant market share in Florida. The business rules the US cannabis market with 175 retail locations. The company has 4 million square feet of processing and expansion space. A Georgia production license has improved Trulieve’s reputation in the Southeast cannabis market. In Massachusetts, the company launched its first dispensary, laying the framework for future expansion. In February, the company bought a 64,00 square foot growing facility close to Phoenix, expanding its capacity for production in the southwest. By completing the acquisition of Greenhouse Wellness West Virginia Dispensaries LLC in April, the business increased its geographic reach in West Virginia.
In its third-quarter results for 2022, Trulieve reported revenue growth of 34% year over year to $301 million and a GAAP gross margin of 56%. Additionally, the business has a 176-distributor U.S. retail network with a processing and growing area of more than 4 million square feet. According to GAAP, Trulieve had a gross margin of 56% and a $168 million profit. The corporation reported a $115 million financial loss. On top of that, the business made a profit of 33% on adjusted EBITDA of $99 million*.
TCNNF Stock Performance
TCNNF stock closed on December 16th at $8.84, down 31.74% in the last trading month. Currently, the stock has a 52-week price range of $8.29-$27.43 and is down 66.01% year to date. According to analysts at Tip Ranks TCNNF stock has a 12-month average price target of $25.12 per share. In this case, this represents an upside of 184.13% from its last trading price of $8.84.
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Cresco Labs Inc.
Cresco Labs is a cannabis corporation based in the United States with a vertically integrated corporate structure. The company is currently in the top spot in the country for creating branded cannabis goods. Customers in Illinois and Pennsylvania choose the marijuana brand Cresco the most, according to a BDSA study. With 53 retail outlets, 20 manufacturing facilities, and 47 retail licenses, Cresco operates in 11 states. In Pennsylvania, Sunnyside opened its fourth dispensary as part of its growth strategy. According to the company, the Good News product line will be extended to include new consumables and vape products. To increase profitability by removing third-party distribution, the company in California will switch to owned brand distribution.
In November, Cresco announced third-quarter revenue of $210 million, which was 2% less than the prior year. Additionally, an adjusted gross profit of $100 million, or 47% of sales. EBITDA was $42 million, or 20% of sales, during the third quarter. The Company maintained its market dominance in selling branded cannabis products in the United States with $93 million in wholesale revenue, keeping the top share positions in flower, concentrates, and vape categories.
Columbia Care shareholders in July also endorsed the previously announced all-stock acquisition of Columbia Care by Cresco Labs. To complete the acquisition by the end of the year, the company is still putting in a lot of effort. Cresco, the company’s primary brand with the strongest sales, made its debut there.
CRLBF Stock Performance
CRLBF shares finished on December 16th at $2.59, down 26% in the last month. The stock is presently trading in a 52-week price range of $2.30-$8.182, showing a 61.17 percent decline year to date. According to analysts at CNN Business CRLBF stock has a 12-month median price target of $6.49 per share. In this case, this represents an upside of 150.49% from its last trading price of $2.59.
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Green Thumb Industries Inc.
Green Thumb Industries Inc. is a key player in the US cannabis consumer packaged goods (CPG) market. At present, Green Thumb currently operates 77 stores throughout 15 states. GTI will soon have 111 retail licenses, with more on the way. As part of an initial agreement with the privately held Cookies Brand, GTI will open a Cookies on the Las Vegas Strip in 2021. After successfully acquiring Dharma Pharmaceuticals, Green Thumb has announced the opening of its marijuana business in Virginia. The business entered the Minnesota market by acquiring Leafline Industries. The business unveiled its 77th Rise location in April.
Revenue for Green Thumb increased by 11.8% overall compared to the same time the year prior and by 2.7% sequentially to reach $261.2 million in the third quarter of 2022. The increase in revenue was caused by several factors, including the legalization of adult-use cannabis in New Jersey, higher retail sales in Illinois, 12 more retail locations than in the third quarter of last year. It increased traffic in the Company’s 77 open and running retail stores. In the third quarter of 2022, gross profit was $131.2 million, or 50.2% of revenue, as opposed to $129.5 million, or 55.4% of revenue, in the corresponding quarter of 2021. Increased retail sales, new and acquired stores, adult-use sales in New Jersey, and ongoing market expansion in Illinois influenced the gross profit performance.
GTBIF Stock Performance
On December 16th, GTBIF shares finished at $9.83, down 31.02% in the trading month. Currently, the stock has a 52-week price range of $7.72-$23.47 and is down 55.64% year to date. According to analysts at CNN Business GTBIF stocks has a 12-month average price target of $19 per share. In this case, this would represent an increase of 93.29% from its last trading price of $9.83.
Investing In the Top US Pot Stocks Before 2023
Numerous probable events in the upcoming months could boost these marijuana stocks through the end of 2022. 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 parameters 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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