Top Cannabis Stocks In Q4 2022
Are you looking for the best marijuana stocks to buy in October? US MSOs will be the key cannabis companies to watch in 2022, say a number of experts. Since the epidemic, the US cannabis industry has had rapid growth and now outpaces Canadian cannabis companies in terms of revenue.
Due to the fact that Congress is currently working on legislation to make marijuana legal across the country, this month may continue to be favorable for the cannabis business. Day traders and swing traders frequently make the most money when trading in a market like this one. In addition to their large long-term investments in the cannabis industry, some long-term investors also choose to adopt short-term trading strategies. As a result, they stand to benefit from daily changes in the stock’s price.
Delays in federal cannabis laws have had an effect on the US cannabis industry, which generates billions of dollars a year. The market started to recover in July after top cannabis stocks reached new lows. By taking advantage of the sector’s recovery, investors may be able to benefit from the market’s current momentum. Below is a list of the top 2 marijuana stocks to keep an eye on in October.
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Top US Marijuana Stocks For Watchlist Mid October
- Trulieve Cannabis Corp. (OTC: TCNNF)
- Green Thumb Industries Inc. (OTC: GTBIF)
Trulieve Cannabis Corp.
The marijuana company with the most market share in Florida is Trulieve Cannabis Corp., which has operations in eleven states. With 175 retail sites, the company dominates the cannabis market in the US. The company has 4 million square feet of processing and expansion space. A production license from Georgia has improved Trulieve’s standing in the Southeast cannabis market. The firm opened its first dispensary in Massachusetts, laying the groundwork for future growth. The business increased its capacity for production in the southwest in February by buying a 64,00 square foot growing facility close to Phoenix. By concluding the acquisition of Greenhouse Wellness West Virginia Dispensaries LLC in April, the company increased its geographic reach in West Virginia.
In its second quarter 2022 results, the company reported revenue growth of 1% sequentially and 49% yearly, from $215.1 million to $320,3 million. Retail revenue climbed by 3% to $298.6 million, while wholesale, licensing, and other sales decreased by 22% sequentially to $21.7 million. In comparison to the first quarter’s gross profit of $178.2 million and GAAP gross margin of 56%, the company’s second quarter of 2022 had a gross profit of $182.2 million and a GAAP gross margin of 57%. The fact that Trulieve’s net loss decreased by 30% from the previous quarter to $22.5 million is notable. The business reduced its 2022 projection to $1.25-$1.3 billion with an adjusted EBITDA range of $415-450 million.
TCNNF Stock Performance
TCNNF stock closed on October 17th at $10.16 down 9.72% in the last month of trading. Currently, the stock has a 52-week price range of $8.29-$34.75 and is down 60.95% year to date. According to analysts at Tip Ranks TCNNF stock has a 12-month average price target of $28.71 per share. In this case, this represents an upside of 182.74% from its last trading price of $10.61.
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Green Thumb Industries Inc.
Green Thumb Industries Inc. is a key player in the US cannabis consumer packaged goods (CPG) business. Currently, Green Thumb has 77 locations throughout 15 states. GTI now holds 111 retail licenses, and more are expected in the future. As part of a special collaboration with the privately held Cookies Brand, GTI opened Cookies in 2021 on the Las Vegas Strip. The launch of Green Thumb’s marijuana business in Virginia has been announced following the company’s successful acquisition of Dharma Pharmaceuticals. Through the acquisition of Leafline Industries, the company entered the Minnesota market. In April, the company revealed its 77th Rise site.
Results for the second quarter of 2022 for Green Thumb were released on August 3. Revenue increased by 4.8% in a given quarter and 14.6% overall to reach $254.3 million. In the first half of 2022, total revenue increased by 19.4% over the same period the previous year, reaching $496.9 million. As of this time, the company has generated $24.4 million, or $0.11 per basic share and $0.10 per diluted share, for its ninth straight quarter of positive GAAP net income. Retail sales rose by 11.7% for the quarter. On a base of 56 locations, comparable sales growth (stores open at least a year) decreased by 1.5%. On a base of 73 sites, sequential quarter-over-quarter comparable sales increased by 9.9%.
GTBIF Stock Performance
On October 17th GTBIF shares finished at $10.20, down 8.52% in the last month of trading. Currently, the stock has a 52-week price range of $7.72-$28.56 and is down 53.97% year to date. According to analysts at Tip Ranks GTBIF stocks has a 12-month average price target of $23.18 per share. In this case, this would represent an increase of 127.25% from its last trading price of $10.20.
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Making Better Short-Term And Long-Term Cannabis Investments
You should always conduct your own research before making an investment in a firm. The best course of action might be to examine the financial reports and press releases of potential investment prospects. As the cannabis business continues to grow, these might be the top marijuana stocks to buy now in October.
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