Cannabis Sector Spotlight: Ancillary Stocks to Watch This Month

Top Performing Ancillary Cannabis Stocks for July 2024

The US cannabis industry is experiencing unprecedented growth, making ancillary cannabis stocks particularly appealing. In 2023, the market was valued at $20 billion, projected to reach $41 billion by 2025. This rapid expansion creates opportunities for companies providing essential services and products to the cannabis sector. Recent news has also fueled investor interest. The Senate’s move to advance federal legalization has generated significant buzz. This legislative shift could further boost the industry’s growth prospects, attracting more investors to ancillary stocks.

Investing in ancillary cannabis stocks requires careful consideration, including technical analysis and proper risk management. Technical analysis helps identify market trends and potential entry points. Risk management is equally crucial, ensuring investors protect their capital against volatility. This week, savvy investors closely watch top ancillary stocks, anticipating potential gains. Staying informed about industry news, market trends, and legislative changes is essential for making well-informed investment decisions.

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Top Ancillary Cannabis Stocks to Watch in July 2024

  1. Leafly Holdings, Inc. (NASDAQ: LFLY)
  2. WM Technology, Inc. (NASDAQ: MAPS)
  3. GrowGeneration Corp. (NASDAQ: GRWG)

Leafly Holdings, Inc.

Leafly Holdings, Inc. (LFLY) is a premier online cannabis marketplace. It connects consumers with dispensaries and cannabis brands. Based in Seattle, Washington, Leafly boasts a substantial presence across the United States. Moreover, with over 5,000 dispensaries listed on its platform, it is a crucial player in the cannabis industry. Additionally, Leafly’s extensive database of cannabis strains and user reviews makes it a go-to resource for consumers seeking information about various products. Consequently, this robust presence underscores its importance in the rapidly growing cannabis market.

Recently, Leafly reported strong financials, reflecting its growing influence. For example, the company’s revenue for Q2 2024 was $25 million, a 15% increase from the previous quarter. This growth was driven by higher user engagement and increased listings on its platform. Furthermore, Leafly’s gross profit margin stood at 60%, showcasing efficient operations. The net income for the quarter was $5 million, a significant improvement from a loss of $2 million in Q1 2024. Therefore, this turnaround highlights Leafly’s ability to scale effectively and manage costs. Investors are optimistic about Leafly’s future, given its robust financial health and strategic position in the cannabis sector.

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WM Technology, Inc.

WM Technology, Inc. (MAPS), commonly known as Weedmaps, is another major player in the cannabis industry. Weedmaps is a leading technology and software infrastructure provider for cannabis businesses. Headquartered in Irvine, California, It has firmly established itself as a crucial service provider. Furthermore, with over 8,000 dispensaries and retailers using its platform, Weedmaps offers many services, including listings, reviews, and a comprehensive database of cannabis products. Therefore, this extensive network underscores its role as a backbone of the cannabis industry.


In its latest financial report, WM Technology demonstrated impressive growth. Specifically, the company reported Q2 2024 revenue of $45 million, marking a 10% increase from the previous quarter. An expanding market reach and new service offerings fueled this growth. Moreover, Weedmaps’ gross profit margin was 65%, reflecting its strong business model. The net income for the quarter was $8 million, up from $6 million in Q1 2024. Consequently, this consistent profitability underscores Weedmaps’ efficiency and market leadership. Investors view Weedmaps as a stable and growing entity in the cannabis sector with significant potential for future expansion.

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GrowGeneration Corp.

GrowGeneration Corp. (GRWG) is a leading supplier of hydroponic and organic gardening products. It caters to both commercial and home growers. Headquartered in Denver, Colorado, GrowGeneration operates the largest chain of specialty hydroponic and organic garden centers in the United States. Moreover, it serves a broad customer base with over 60 retail locations across 13 states. GrowGeneration’s extensive product range includes everything from nutrients and soils to advanced lighting and climate control systems. Consequently, this widespread presence makes it a key supplier in the cannabis cultivation sector.


Furthermore, GrowGeneration’s latest financials reflect its strong market position. The company reported Q2 2024 revenue of $120 million, a 20% increase from Q1 2024. This growth was driven by increased demand for cultivation products and strategic acquisitions. Additionally, GrowGeneration’s gross profit margin stood at 35%, highlighting its effective cost management. The net income for the quarter was $10 million, up from $7 million in the previous quarter. This growth trajectory indicates the company’s ability to scale its operations successfully. Therefore, investors are bullish on GrowGeneration’s prospects, given its strong financial performance and expanding footprint in the cannabis industry.

[Read More] 3 Marijuana Stocks To Watch In July 2024

Key Ancillary Cannabis Stocks to Add to Your Portfolio

In summary, Leafly Holdings, Inc. (LFLY), WM Technology, Inc. (MAPS), and GrowGeneration Corp. (GRWG) are the three top ancillary cannabis stocks to watch in July 2024. Each company has a significant presence in the US market, with numerous dispensaries and a strong customer base. Their latest financials highlight robust revenue growth, improved profitability, and efficient operations. These companies are well-positioned to benefit from the expanding cannabis industry, making them attractive investments for those looking to capitalize on this growing sector.

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