Best Cannabis Stocks To Trade As Volatility Continues In 2022
Top US marijuana stocks could have a potential catalyst for an uptrend in the second quarter of 2022. Starting in March lawmakers have begun to vote on federal marijuana legalization in the House and cannabis investors are expecting a bill from senate leaders in April. Although many cannabis investors don’t expect these bills to pass into law, they do expect some upward momentum once they are announced by Congress. In general, there could be opposition to any cannabis reform legislation in its current form.
Because of these uncertainties many cannabis investors are opting for short-term holds with top cannabis stocks. Recently marijuana stocks have been showing significant volatility in the market. Last week most of the cannabis sector gave back some of the upside from the announcement of the MORE Act passing the House. Over the weekend New York lawmakers made a budget proposal with tax deductions for marijuana companies that could be implemented with the ongoing federal ban on cannabis. This could help speed up the process of opening the New York recreational cannabis market.
In March many cannabis companies reported strong 2021 revenue growth in their latest financials. This shows the cannabis industry continues to grow rapidly and expand across new markets. But because of the volatility, the cannabis sector is known for, many investors prefer trading marijuana stocks on a short-term basis. In general, some active traders use day trading and swing trading methods to produce gains with short-term holds.
Investing In Pot Stocks With The Best Performance
Before investing in cannabis stocks, it’s important to do your own due diligence on a company. Researching a company’s finances and press releases can help you find the best-performing companies in the market. In addition, studying how a stock moves in the market can allow you to find the best entry points for your investments. Learning to use chart patterns and technical indicators to find support and resistance levels can help increase your successful trades in the market. As we start a short trading week in April let’s look at 3 top marijuana stocks to watch right now.
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Best Cannabis Stocks For Your List This Week
- Green Thumb Industries Inc. (OTC: GTBIF)
- Ayr Wellness Inc. (OTC: AYRWF)
- Columbia Care Inc. (OTC: CCHWF)
Green Thumb Industries Inc.
Green Thumb Industries Inc. is a key player in the United States’ cannabis consumer packaged goods (CPG) market. In general, Green Thumb now has 75 sites in 15 states, including one in New Jersey. GTI presently has 111 retail licenses and intends to increase this number. As part of a one-of-a-kind agreement with the privately held Cookies Brand, GTI opened a Cookies on the Las Vegas Strip in 2021. Following the conclusion of its acquisition of Dharma Pharmaceuticals, Green Thumb has announced its debut in the Virginia cannabis market. Leafline Industries was bought by the company, giving them access to the Minnesota market.
GTI reported fourth-quarter and full-year 2021 profits on March 1st, with Q4 sales of $243.6 million, up 37.4% year over year. This is the company’s sixth consecutive quarter of positive GAAP net income, which totaled $22.8 million, or $0.10 per basic and diluted share. Additionally, adjusted operational EBITDA of $76 million, or 31.2 percent of revenue, was reported. Revenue for the entire year 2021 was $893.6 million, increasing 60.5 percent from the previous year. Adjusted operating EBITDA climbed to $307.8 million, or 34.5 percent of revenue, up 71.4 percent.
On April 8th, GTBIF shares finished at $17.67, down 7.44 percent in the last five trading days. Currently, the stock has a 52-week price range of $14.77-$35.15 and is down 20.26% in the last six months. According to analysts at CNN Business GTBIF stocks has a 12-month average price target of $37.01 per share. In this case, this would represent an increase of 109.43% from its last trading price of $17.67.
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Ayr Wellness Inc.
Ayr Wellness Inc., based in Florida, is a large-scale cannabis company. In Florida, the company now operates 45 dispensaries, with a total of 62 locations around the country. Herbal Remedies Dispensaries, LLC was also acquired, giving the corporation access to the Illinois market. Ayr has been granted authorization to sell adult-use cannabis in Massachusetts dispensaries on a temporary basis. In October, the Kynd premium flower made its debut in Arizona. The company has opened its sixth affiliated operating dispensary in Pennsylvania. In December, Ayr won approval to open its 86,000-square-foot growing and processing facility in Arizona. On February 15th, the business completed the acquisition of Levia Cannabis-Infused Seltzer, marking a big step forward in the market.
The company released its fourth-quarter and full-year 2021 results on March 17th. In general, AYR reported $111.8 million in sales for the fourth quarter, up 16 percent from the previous year, and $26.1 million in Adjusted EBITDA. Additionally, the business expects $357.6 million in sales and $98 million in Adjusted EBITDA for the fiscal year 2021. In addition, AYR reported a US GAAP operating loss of $13.8 million in the fourth quarter and $56 million for the full year of 2021. AYR announced the debut of Entourage Vape Offerings in Florida on March 25th.
AYRWF stock closed on April 8th at $12.76 up 6.87% in the last month of trading. Currently, the stock has a 52-week price range of $11.06-$31.87 and is down 15.94% year to date. According to analysts at Tip Ranks AYRWF stock has a 12-month average price target of $30.39 per share. In this case, this would represent an upside of 138.17% from the last price of $12.76.
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Columbia Care Inc.
Columbia Care Inc. intends to expand its footprint in the New York area significantly. The company just purchased a 34-acre growing facility on Long Island, giving it one of the East Coast’s largest cannabis footprints. Columbia Care presently operates 131 locations in 18 different cities across the United States, including 99 dispensaries and 32 growing and processing facilities. The company opened its first location in Missouri, a Cannabis Dispensary, in October. In Virginia, the company announced the establishment of its third gLeaf dispensary. On March 23rd, Cresco Labs Inc. (OTC: CRLBF) announced the acquisition of Columbia Care, making it the largest MSO in the US with a total enterprise value of $2 billion.
On March 24th, the company announced its fourth-quarter and full-year 2021 results, as well as the 2022 outlook, in accordance with US GAAP. According to US GAAP, the company achieved $460 million in revenue and $58 million in Adjusted EBITDA for the full year of 2021. In addition, the company recorded a $139 million record quarter sale, up 70% year over year. Columbia Care forecasted $625-$675 million in sales and $120-$135 million in Adjusted EBITDA for 2022, according to US GAAP.
CCHWF stock closed on April 8th at $2.86 down 5.61% in the past five trading days. Currently, the stock has a 52-week range of $2.43-$6.95 and is almost flat year to date. According to analysts at Tip Ranks CCHWF stock has a 12-month average price target of $8.02 per share. In this case, this is an upside of 180.42% from its last trading price of $2.86.
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