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Top Cannabis Stocks Dominating Early 2024

As we step into 2024, the U.S. marijuana industry and top marijuana stocks are buzzing with potential, making it a hot topic for investors. The landscape is changing rapidly, thanks to the growing acceptance and legalization of cannabis across many states. This shift is opening up new markets and opportunities, especially for top marijuana stocks. These companies are not just about growing cannabis; they’re innovating with new products and expanding their reach, which makes them exciting to watch. However, everything hinges on the political climate, particularly the laws at the federal level. Changes here could either fuel a boom or put the brakes on growth.

When diving into this green gold rush, it’s crucial to play it smart. Technical analysis becomes a key tool here. It helps investors spot trends and make sense of market movements. But with high reward often comes high risk. The cannabis market is known for its volatility, partly due to its sensitive legal status. So, managing risks is as important as spotting opportunities. And let’s not forget, keeping an ear to the ground for the latest news is vital. From whispers of federal legalization to big companies eyeing cannabis partnerships, every piece of news can shake up stock prices. So, whether you’re a seasoned investor or just getting your feet wet, navigating the cannabis stock market in 2024 is all about staying informed, analyzing trends, and playing it safe with your investments.

[Read More] Here Are Some Of The Top Marijuana Stocks Of 2024

January 2024’s Top Performing Marijuana Stocks

  1. Curaleaf Holdings, Inc. (OTC: CURLF)
  2. Cresco Labs Inc. (OTC: CRLBF)
  3. StateHouse Holdings Inc. (OTC: STHZF)

Curaleaf Holdings, Inc.

Curaleaf Holdings, Inc. stands out as a major player in the American cannabis scene. They’ve carved out a niche in both medical and recreational marijuana, really making their mark. What sets them apart is their involvement in everything from growing the plants to getting products onto shelves. They offer a wide variety of cannabis-based items, catering to a diverse customer base. As we look at the numbers, Curaleaf’s presence is impressive – they’ve got a bunch of dispensaries all over the country. They’ve got a particularly strong foothold in states like California, Florida, and New York, which are pretty big deals in the cannabis world.

Talking about growth, Curaleaf has been on a serious roll. Their number of stores keeps climbing, reflecting how hot cannabis products are right now. They’re one of the big guns in the U.S. cannabis industry, thanks to their widespread retail network. This reach isn’t just about size; it’s about being where their customers are, especially in key states. It’s clear they’re not just playing the game; they’re looking to lead it.

Third Quarter 2023 Financial Highlights

In the third quarter of 2023, Curaleaf Holdings, Inc. reported net revenue of $333.2 million. This excludes $3.5 million from discontinued operations, marking a 2% increase from Q3 2022’s $325.8 million. Despite this year-over-year growth, revenue saw a marginal sequential decline of less than 1%. The company’s gross profit stood at $150.1 million, with a gross margin of 45%. Adjusted figures were slightly higher, with a gross profit of $152.2 million and a 46% gross margin.

However, Curaleaf experienced a net loss of $92.3 million, equating to a loss per share of $0.13. The adjusted net loss from continuing operations was $70.8 million, or $0.10 per share. Their adjusted EBITDA was $75.3 million, which is 23% of the revenue. The quarter also saw Curaleaf exit operations in Michigan and Kentucky, incurring a $22 million non-cash impairment charge and $3 million in adjusted EBITDA accretion. The quarter ended with $118.1 million in cash and $33.4 million in free cash flow from continuing operations.

Over the nine months ending September 30, 2023, Curaleaf Holdings, Inc. achieved a net revenue of $1,001.4 million. This represents a 7% increase compared to the previous year. Their gross profit for this period was $458.3 million, maintaining a gross margin of 46%. However, there was a 9% year-over-year decrease in adjusted gross profit, totaling $464.7 million. The adjusted gross margin remained steady at 46%. The operating cash flow for this period was $73.0 million. Nonetheless, the company faced a significant net loss of $218.0 million, translating to a net loss per share of $0.31. The adjusted net loss attributable to Curaleaf was $178 million, or $0.25 per share. The adjusted EBITDA for the nine months was $221.9 million, accounting for 22% of the revenue.

CURLF Stock Performance

On January 8th, CURLF shares closed at $4.49, up 7.67% in the past month of trading. The stock is currently trading in a 52-week range of $2.19-$5.80 and is down 10.59% year to date.

[Read More] Top Marijuana Penny Stocks for January

Cresco Labs Inc.

Leading the industry in branded cannabis products is Cresco Labs Inc. It operates under Sunnyside Dispensaries as a subsidiary. The company offers a large selection of the most renowned cannabis brands in the United States. As of September 2023, Cresco Labs will have 70 Sunnyside dispensaries open nationwide.

Important markets including Massachusetts, Pennsylvania, and Illinois have a strong presence for this company. In these states, it holds the highest share position. The branded flower and concentration line from Cresco Labs is one of their best-selling product categories. It is also well known for its branded e-cigarettes and candies. Cresco prioritizes quality and brand recognition in the cannabis industry.

CRLBF Logo

Third Quarter 2023 Financial Highlights

In the third quarter of 2023, Cresco Labs reported a revenue of $191 million, driven by retail growth and solid performance in core markets. This was despite losses from divested assets. The company’s “Year-of-the-Core” strategy, initiated in Q1, led to a significant rise in adjusted gross margin by over 480 basis points. Adjusted SG&A decreased by $40 million annually, and the adjusted EBITDA margin improved by over 1000 basis points. Operating cash flow reached $62 million in the first nine months. Gross profit stood at $94 million, 49% of revenue. Adjusted gross profit was slightly higher at $96 million (51% margin). SG&A was cut to $57 million. Adjusted EBITDA hit $49 million, 26% of revenue. The quarter also saw $41 million in positive operating cash flow, inclusive of one-time charges. However, non-cash impairment charges of $129 million led to a net loss of $113 million.
Cresco Labs continued to lead in Illinois, Pennsylvania, and Massachusetts, showcasing robust portfolios in branded flower, concentrates, vapes, and edibles. The company experienced a 28% year-over-year increase in branded unit volume, reaching 20 million, and a 17% rise in retail transactions, totaling 1.4 million. Cresco expanded its retail presence by opening two new Sunnyside stores in Florida, increasing its total store count to 70. CEO Charles Bachtell credited these achievements to the effective implementation of their core market strategy and highlighted the importance of Ohio’s move to legalize adult-use cannabis and the growing national trend towards legalization.  The company’s financial health appeared robust, with a balance sheet showing $303 million in current assets, including $113 million in cash. Cresco’s fully converted share count stood at 468,955,546. Additionally, the company was active in capital markets and divestiture activities, including a $7 million asset sale in Arizona and securing a $25 million mortgage loan.

CRLBF Stock Performance

CRLBF shares finished on January 8th at $1.79, down 0.56% in the last month of trading. The stock is presently trading in a 52-week price range of $1.00-$2.77, showing a 32.03 percent increase year to date.

[Read More] Green Connect: 3 Marijuana Stocks For Your Watchlist

StateHouse Holdings Inc.

In the cannabis industry, StateHouse Holdings Inc. is renowned for its creative approach to product creation and marketing. The business focuses on the production, distribution, and cultivation of a wide variety of cannabis products. They provide premium flower, edibles, extracts, and other products. StateHouse Holdings is renowned for placing a high value on client happiness and quality. They have developed a strong brand identity and a devoted following as a result of their commitment.

 

Two of their well-known brands are “High Gardens,” which is renowned for its artisanal production methods, and “StateHouse,” which promotes premium cannabis goods. Customers who are looking for cannabis goods that are legitimate and of high quality connect strongly with these brands. One of the most important markets for the cannabis sector is California, where StateHouse Holdings is well-represented. They have opened several dispensaries around the state, demonstrating their dedication to market expansion and accessibility. Their retail network is being expanded, and they are making their brands more visible as part of their expansion strategy. Through a combination of strategic market development and product excellence, StateHouse Holdings has established itself as a major player in the cannabis sector.

Q3 2023 Financial Highlights

StateHouse Holdings Inc. recorded $25.5 million in net revenues in Q3 2023, down from $30.8 million in Q3 2022. Retail revenues decreased from $16.5 million or 53.6% in the same period last year to $13.2 million this quarter, or 51.8% of total sales. Compared to $13.2 million or 42.7% in Q3 2022, manufacturing revenues amounted to $11.7 million, or 45.9% of total sales. Compared to $1.2 million or 3.9% in Q3 2022, wholesale revenues dropped to $0.6 million, or just 2.2% of total sales. The company’s gross profit before adjustments for biological assets increased to $11.4 million in Q3 2023 from $11.1 million in Q3 2022, despite the decline in overall revenues.

In Q3 2023, the corporation saw a considerable rise in consolidated gross margins, increasing from 35.9% in Q3 2022 to 44.9%. This significant improvement was largely due to enhanced cultivation yields at the Salinas site, which rose by 28% compared to Q3 2022. These increased yields were attributed to improved cultivation practices and better illumination. Additionally, there was substantial growth in the company’s high-value client loyalty program, STASH, which expanded by 9.6% as of November 26, 2023, reaching 292,363 members. This marks a significant increase from the 267,635 members recorded on June 30, 2023, indicating a strengthening client base and increased brand loyalty.

STHZF Stock Performance

STHZF stock closed at $0.035 on January 8th    up 155.80% in the last month of trading. In this case, the stock has a 52-week price range of $0.008-$0.109 and is up 66.51% year to date.

[Read More] Best Ancillary Cannabis Stocks in 2024

January 2024 Cannabis Market Leaders: Stocks Set to Soar

Heading into this week, there’s a buzz around a few standout U.S. marijuana stocks. With the industry riding a wave of change, thanks to evolving laws and consumer habits, all eyes are on players like Curaleaf and Cresco Labs. Their recent financials show they’re not just surviving but thriving, even as the market keeps everyone on their toes. It’s an exciting time, with the industry looking at potentially huge growth, especially if federal legalization comes into play. These companies are in a sweet spot, ready to tap into both the medical and recreational scenes.

But here’s the thing: if you’re thinking about jumping into these stocks, you’ve got to be smart about it. In general, technical analysis is your friend here, helping you spot trends and make sense of the market’s ups and downs. Just remember, the cannabis market can be a wild ride. That’s where being savvy with risk management comes in. In addition, spread out your bets, keep an eye on the numbers, and maybe set up some safety nets like stop-loss orders. And don’t forget to stay in the loop with the latest industry news. Whether it’s new laws or something big happening with these companies, you’ll want to know. So, for anyone looking to get into top marijuana stocks this week, blend a bit of technical know-how with some good old caution. It’s all about playing it smart in this growing field.


MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | new@marijuanastocks.com
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