Top US Marijuana Stocks to Watch in June 2023: An Investor’s Guide
Marijuana stocks have experienced moderate increases as the market has gathered momentum. Many marijuana penny stocks have enjoyed huge percentage gains. In May, bipartisan US House and Senate legislators resurrected the SAFE Banking Act, reviving the cannabis industry. Cannabis penny stocks are one market where new investors may enjoy short-term benefits. A penny stock is one that is valued at less than $5 per share. Despite the industry’s well-known high level of market volatility, short-term investors might expect to generate big returns.
Marijuana penny stock trading can be a profitable and enjoyable business, but it is not without risks and challenges. This article goes into the world of cannabis penny stocks, discussing the prospects, problems, and critical considerations for traders looking to enter this volatile market.
According to projections, the marijuana industry will continue to expand in the coming years, as it has in recent years. Many people believe marijuana has multiple therapeutic and recreational applications and has the potential to be a very profitable industry. The marijuana market will expand at a compound annual growth rate of at least 25% until 2030. As a result, many investors are interested in exploring opportunities in this area.
As more nations and states legalize or decriminalize cannabis, the commercial potential for new and existing companies grows. The cannabis market in the United States will grow dramatically. Investors that capitalize on the sector’s resurgence could profit from the market’s momentum. The following are the top marijuana stocks to watch in June.
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Marijuana Penny Stocks Take Off in June 2023
- Curaleaf Holdings, Inc. (OTC: CURLF)
- Cresco Labs Inc. (OTC: CRLBF)
- StateHouse Holdings Inc. (OTC: STHZF)
Curaleaf Holdings, Inc.
Curaleaf Holdings, Inc., a multi-state cannabis merchant with 148 retail locations around the country, manufactures packaged cannabis products. In addition, Curaleaf International’s wholly-owned subsidiary Adven GmbH legally markets medical marijuana products in Germany. Curaleaf’s Select is one of the most well-known brands in the country. Curaleaf acquired Tryke Companies in November in order to expand into three other states. The corporation now controls Arizona, Nevada, and Utah. On December 7, the Cannabis Sommelier Certification Program, Ganjier, and the Grassroots brand launched a new cannabis education collaboration.
Curaleaf reported first-quarter 2023 financial highlights of $336.5 million in net revenue, a 14% increase over Q1 2022 revenue of $296 million excluding ceased operations. Furthermore, a gross profit of $160.8 million, with a gross margin of 48%, and an Adjusted gross profit net of add-backs of $162 million, with an adjusted gross margin of 48%. The company lost $54.4 million, including discontinued operations, for a net loss of $0.07 per share. Curaleaf Holdings, Inc.(1) had an adjusted net loss from continuing operations of $46 million, or a $0.05 adjusted net loss per share1.
CURLF Stock Performance
On June 16th, CURLF shares closed at $3.06, up 20.07% in the past month of trading. The stock is currently trading in a 52-week range of $2.19-$7.90 and is down 28.79% year to date. According to analysts at CNN Business, CURLF stock has a 12-month average price target of $5.10 per share. In this case, this would represent an upside of 66.60% from its last trading price of $3.06.
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Cresco Labs Inc.
Cresco Laboratories is a cannabis corporation with a vertically integrated corporate structure established in the United States. The company is currently leading the way in the country’s development of branded cannabis products. The company has 63 retail locations and 20 industrial sites spread throughout 11 states. In March, the company established its 28th dispensary in Florida, with outlets in Palm Harbor and Lake Worth.
Cresco’s sales were $194 million in the first quarter of 2023, a 3% decrease from the previous quarter. Furthermore, branded equalized unit volume was 32% higher year on year at 17.6 million. The company’s adjusted gross profit was $89 million, accounting for 46% of revenue. Cresco reported a net loss of $28 million in the first quarter. Sunnyside acquired eight new locations in Florida and Pennsylvania, bringing the total number of locations to 63. In addition, Cresco’s online retail sales through the Company’s e-commerce platform have topped $1 billion.
CRLBF Stock Performance
CRLBF shares finished on June 16th at $1.69, up 10.46% in the last month of trading. The stock is presently trading in a 52-week price range of $1.30-$4.45, showing a 6.11 percent decrease year to date. According to analysts at CNN Business, CRLBF stock has a 12-month median price target of $2.39 per share. In this case, this represents an upside of 41.30% from its last trading price of $1.69.
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StateHouse Holdings Inc.
StateHouse was founded by the combination of four forward-thinking legacy firms with a long history in California cannabis: Harborside, Loudpack, Urbn Leaf, and Sublime. Harborside was one of the first six corporations in the United States to obtain a cannabis license. Harborside, as it was formerly named, now has 13 locations throughout Oregon and California. StateHouse began extending its presence in California in 2021, and this trend is expected to continue. StateHouse’s Salinas growing facility has expanded, allowing for year-round production and more than doubling crop capacity.
Q1 2023 Highlights
- Q1 2023 net revenues were $24.7 million, an increase of 42.8% compared with $17.3 million in Q1 2022.
- Retail revenues were $14.4 million, representing 58.5% of total sales for Q1 2023, an increase of $2.8 million compared to Q1 2022.
- Gross profit before adjustments for biological assets increased 98% to $10.9 million in Q1 2023, compared with $5.5 million in Q1 2022.
- Consolidated gross margins improved to 44.3% in Q1 2023, compared to 31.9% for Q1 2022.
STHZF Stock Performance
STHZF stock closed at $0.0459 on June 16th and has a 52-week price range of $0.03-$0.68. In this case, 1 one analyst from CNN Business has given the stock a median price target of $0.19 per share. This would represent a 304.23% increase from its last trading price of $0.459.
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Ranking the Best US Marijuana Stocks for June 2023: A Deep Dive into Profitable Investments
To summarize, the US marijuana industry remains a good opportunity for short-term investments in 2023. Top US marijuana stocks have proved their potential for significant profits as regulatory landscapes change and acceptance of cannabis grows. Investors can leverage the industry’s growth trajectory by focusing on respectable companies with excellent fundamentals.
However, before making any financial decisions, it is critical to approach short-term investments with prudence and undertake thorough research. To make informed decisions, keep up with the latest news, market trends, and regulatory developments. Remember that any stock investment includes risks, and the marijuana industry, while promising, is not immune to volatility.
Investors can navigate the dynamic landscape of US marijuana stocks in 2023 and potentially benefit from short-term investing opportunities by taking a planned and knowledgeable approach. Stay proactive, remain vigilant, and seize the potential rewards offered by this growing industry.
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