Are You Ready For Another Green Rush? Here Are Some Marijuana Stocks For You
What will bring the trading average back up for marijuana stocks? For a long time now there has been a decline in how most marijuana stocks perform. Before the pandemic, most of the sector saw a level of consistent trading moment. For example, when there was a drop in trading it was often followed up by a big recovery. Over the last few years, much of the upward trading has been based on just a few variables. The biggest market mover for a while has been positive news on federal reform.
When news is released that positively speaks on the matter it creates speculation. From this people find more confidence to trade marijuana stocks. Next would be when companies talk about M&A and strategic partnerships. As well as strong financials when they are reported. The above factors have been the biggest reasons why traders have seen better days in the cannabis sector. Yet moving closer into the new year what else will help bring back trading consistency?
With how young the cannabis industry is there is more to be done as the sector continues to evolve. From this continued progress and growth hopefully, there is another catalyst that can help bring the trading average back up. Below are several marijuana stocks to watch for better trading in 2024. Just make sure you do your research and establish a game plan before investing.
Marijuana Stocks To Watch Today
Curaleaf Holdings, Inc.
The company engages in the cultivation, production, and sale of cannabis products through retail and wholesale channels. Recently the company reported its Q3 2023 earnings.
Third Quarter 2023 Financial Highlights
- Net Revenue of $333.2 million excluding $3.5 million from discontinued operations, a year-over-year increase of 2% compared to Q3 2022 revenue of
- $325.8 million. Sequentially, net revenue declined less than 1%
- Gross profit of $150.1 million and gross margin of 45%
- Adjusted gross profit(1) of $152.2 million, resulting in adjusted gross margin of 46%
- Net loss attributable to Curaleaf Holdings, Inc., including discontinued operations, of $92.3 million or net loss per share of $0.13
- Adjusted net loss from continuing operations attributable to Curaleaf Holdings, Inc.(1) of $70.8 million or adjusted net loss per share(1) of $0.10
- Adjusted EBITDA(1) of $75.3 million or 23% of revenue
Verano Holdings Corp.
Verano Holdings Corp. operates as a vertically integrated multi-state cannabis operator in the United States. The company engages in the cultivation, processing, wholesale, and retail distribution of cannabis throughout the United States.
In recent news, the company announced the strategic repositioning of (the) Essence cannabis brand. In addition to the brand evolution, the Company has enhanced (the) Essence product portfolio by introducing (the) Essence Nectar line of full-spectrum, terpene-rich resin vapes.
Words From The Company
“Embracing a brand identity and creative philosophy centered around bespoke graphic art enables us to build more meaningful connections with our consumers, providing value that’s incremental to that of the high-grade cannabis product inside of pack,” said David Spreckman, Verano Chief Marketing Officer. “(the) Essence redesign also presented an opportunity for innovation through R&D, as we’ve expanded the product mix to drive further differentiation across our markets with the introduction of the new Nectar product line.
Ayr Wellness Inc.
It owns and operates a chain of cannabis retail stores under AYR, Liberty Health Sciences, and The Dispensary brand names. On November 16th the company reported its Q3 2023 earnings.
Third Quarter Highlights
- Announced agreement to acquire a third Ohio dispensary license.
- Reported Q3 retail transactions up 21% year-over-year on a same-store basis.
- Added Michael Warren to the Company’s Board of Directors.
- Announced a three-year exclusive licensing and retail agreement to bring Kiva
- Confections to AYR’s 62+ Florida dispensaries.
- Changed expense allocation methodology resulting in an expense reclassification from SG&A to COGS that resulted in a 300bps reduction in adjusted gross margin in Q3.
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