Best Cannabis Stocks For 2023
Do you intend to invest in the leading US marijuana stocks in 2023? The cannabis market in the US is expected to grow much more in 2023. As more states legalize cannabis for medical and recreational uses, there will likely be more cannabis businesses operating in the US. Established companies will strive to take more of the market as the rivalry heats up, and new firms will probably emerge to meet the growing demand for cannabis goods.
Due to the probable committee hearing for the SAFE Banking Act beginning as early as May 11th, the cannabis industry started gaining momentum this past week. A proposed law in the US called the Safe Banking Act would permit banks to offer their services to cannabis-related businesses without having to worry about being prosecuted. The US passing of the Safe Banking Act would significantly impact the cannabis industry by allowing licensed cannabis businesses to use financial services.
It is essential to remember that several variables could affect the industry’s future, including modifications to governmental laws and regulations, shifts in consumer preferences, and changing market dynamics. According to Grand View Research, the US cannabis market will have a value of $ 10.8 billion in 2021 and will grow at a CAGR of 14.9% from 2022 to 2030. Investors can benefit from the recent market downturn by taking advantage of the sector’s broad recovery. In 2023, these three US marijuana stocks might be on your list.
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Top Marijuana Stocks To Watch In May 2023
- Medicine Man Technologies, Inc. (OTC: SHWZ)
- Jushi Holdings Inc. (OTC: JUSHF)
- Fire & Flower Holdings Corp. (OTC: FFLWF)
Medicine Man Technologies, Inc.
Medicine Man Technologies, Inc., doing business as Schwazze, produces, sells, and distributes cannabis and related products in Colorado and New Mexico. Retail and wholesale are the two business divisions. The business offers loose flower, concentrates, edibles, pre-rolls, topicals, infused beverages, and other cannabis-related products created by other cannabis vendors in addition to cannabis and non-cannabis products. It operates retail cannabis dispensaries under Star Buds, Emerald Fields, and R. Greenleaf. The business also provides licensing, facility design, facility management services, and publishing Three A Light. Its retail and online stores also sell hydroponics and indoor gardening supplies.
Medicine Man Technologies reported the fourth quarter and full-year 2022 results in March. Specifically, the company produced record 2022 revenue increases of 47% to $159.4 million compared to $108.4 million in 2021. In addition, the company saw expansion into the New Mexico market as well as Colorado acquisitions, adding 23 retail dispensaries, one manufacturing, and four operating cultivation facilities. The company produced a Gross Profit of $85.0 million, an increase of 72% compared to $49.4 million in 2021. Medicine Man sustained a Net Loss of ($18.5) million compared to a Net Income of $14.5 million for 2021. The company is scheduled to report its first quarter 2023 results on May 10th after the market close.
SHWZ Stock Performance
SHWZ stock closed at $1.05 on May 4th, down 2.33% in the last month of trading. Currently, the stock has a 52-week price range of $0.8670-$2.10 and is down 25.83% year to date. According to analysts at CNN Business, SHWZ stock has a 12-month average price target of $3.00 per share. In this case, this represents an upside of 185.71% from its last trading price of $1.05.
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Jushi Holdings Inc.
Jushi Holdings Inc. is a hemp and cannabis company expanding its market position in the American medical and recreational marijuana sectors. In general, the company primarily aims to provide the US market with branded marijuana and hemp-derived products. 34 Jushi-owned and -operated dispensaries nationwide employ the BEYOND/HELLO brand. Jushi also has 31 retail licenses in the US, and its national cannabis dispensary brand, Beyond/Hello, is expanding online and offline. The business expanded its vertically integrated operations into Nevada in April by purchasing NuLeaf Inc.
According to preliminary figures released by Jushi’s, revenue for the fourth quarter of 2022 climbed by 16.6% year over year to $76.8 million and for the entire fiscal year by 35.8% to a record $284.3 million. Additionally, the business expanded its retail network in 2022 by launching seven additional stores and operating 35 dispensaries nationally. The company experienced a net loss of $202.3 million in FY 2022. The company is scheduled to release its first quarter 2023 results on May 12th before the market opens.
JUSHF Stock Performance
JUSHF stock closed at $0.54 on May 4th, up 8% in the last month of trading. Currently, the stock has a 52-week price range of $0.414-$2.34 and is down 29.13% year to date. According to analysts at CNN Business, JUSHF stock has a 12-month average price target of $1.11 per share. In this case, this represents an upside of 105.74% from its last trading price of $0.54.
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Fire & Flower Holdings Corp.
Fire & Flower Holdings Corp. owns and operates about 85 corporate-owned adult-use cannabis businesses in Canada. Hifyre Inc., a wholly owned technological development subsidiary, is creating a comprehensive retail business strategy in order to increase the company’s high-margin income streams. Fire & Flower has successfully entered the US cannabis market thanks to a terrific license agreement with American Acres. The licensing deal and acquisition option with American Acres will allow Fire & Flower access to the cannabis markets in California, Arizona, and Nevada. Additionally, it was revealed that BDSA and Hifyre, a branch of Fire & Flower, had partnered strategically. The analytics company BDSA is well-known in the US.
According to Fire & Flower’s data, the combined revenue and gross profit for the final nine weeks of the quarter were $30.5 million and $7.4 million, respectively. Additionally, the company’s retail gross margin percentage for the nine weeks that ended on December 31, 2022, was 25.4%, representing a second straight quarter of improvement from Q2 2022’s 23.4% and Q3 2022’s 24.2%. Due to restructuring, costs associated with the integration, and other one-time charges, the company’s Adjusted EBITDA for the nine-week fourth quarter of 2022 was negative $3.8 million.
For the 48-week fiscal year 2022, Fire & Flower generated consolidated revenues of $156.0 million, and for the nine-week fourth quarter, they generated $30.5 million. Moreover, consolidated gross profit for the 48-week fiscal year 2022 was $41.1 million (or 26.4% of revenue); for the third quarter’s nine weeks, it was $7.4 million (or 24.3% of revenue). The company experienced net losses of $89.5 million for the 48-week fiscal year 2022 and $29.9 million for the nine-week fourth quarter of that year, respectively. These losses included restructuring and impairment costs of $45.7 million and $21.5 million for the corresponding periods.
FFLWF Stock Performance
FFLWF stock closed on May 4th at $0.9061, up 26.23% in the last month of trading. The stock has a 52-week price range of $0.696-$2.939 and is up 814% year to date.
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Using Current Momentum To Trade Top Pot Stocks In May
In general, finding the top cannabis companies may be more accessible by looking at their financials and press releases. To profit from the current market volatility, several seasoned investors are actively trading short-term positions in the top cannabis companies. Use technical indicators and chart patterns to identify the best entry points and take-profit areas before opening a position. By deliberately looking for beneficial situations, you can increase your ability to complete trades profitably. The best marijuana stocks may be among the most fascinating to watch in 2023 due to their propensity for volatility.
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