Last Week’s Cannabis Winners: Top Marijuana Stocks to Track in September 2023
As we approach the final week of September 2023, the emphasis remains on the expanding US cannabis industry and top marijuana stocks. With an expanding number of states legalizing both medical and recreational marijuana, the industry has become a magnet for investors looking for possibilities in a quickly changing market. According to recent figures, the US cannabis business will experience extraordinary development, with forecasts estimating a possible market worth of $41 billion by 2025. This astounding increase can be linked to the current wave of legalization sweeping across the country, which provides an appealing backdrop for investors eager to capitalize on the green revolution.
In this article, we’ll look at some of the top US marijuana stocks to keep an eye on this week, as well as the necessity of employing technical indicators and risk management when navigating this volatile market. The continuous growth of the cannabis sector in the United States can be ascribed to the slow but steady march toward legalization. As of the last week of September 2023, a considerable number of states had legalized recreational marijuana, with an even greater number supporting medicinal marijuana programs.
To properly navigate this market, investors should use technical indicators such as moving averages, the relative strength index (RSI), and the moving average convergence divergence (MACD) to find probable entry and exit positions. Given the inherent volatility of the cannabis industry, prudent risk management methods are also essential. Staying knowledgeable and prepared to respond to shifting market conditions will be critical to maximizing gains while reducing risk in the fascinating world of US marijuana stocks as the green wave continues to surge.
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Top Marijuana Stocks for Your Radar in September’s Final Week
- Planet 13 Holdings Inc. (OTC: PLNH)
- Jushi Holdings Inc. (OTC: JUSHF)
- Verano Holdings Corp. (OTC: VRNOF)
Planet 13 Holdings Inc.
Planet 13 (www.planet13holdings.com) is an award-winning cannabis company with cultivation, production, and dispensary activities. Its offices are located in Las Vegas and Orange County, California. Planet 13 also has a Florida medical marijuana treatment center license and a preliminary Illinois Social-Equity Justice Involved dispensary license. Planet 13 strives to be a globally recognized brand known for high-quality cannabis retail operations and cutting-edge product development.
Financial Highlights – Q2 – 2023
Operating Results
- All comparisons below are to the quarter ended June 30, 2022, unless otherwise noted
- Revenue was $25.8 million as compared to $28.4 million, a decrease of 9.1%. The decline in revenue was driven by a decline in the average price of cannabis in Nevada, partially offset by an increase in wholesale revenue in Nevada.
- Gross profit was $11.9 million or 46.0% as compared to $13.8 million or 48.7%. The decline in gross profit was driven by a decrease in the average price of cannabis in Nevada and a greater percentage of revenue coming from lower-margin wholesale revenue.
- Total expenses were $15.4 million as compared to $15.6 million, a decrease of 1.6%. The decline in total expenses was driven by lower share-based compensation offset by higher professional fees associated with potential M&A.
- Net loss of $4.3 million as compared to a net loss of $2.0 million. The increase in net loss was driven by lower gross profit dollars as well as high one-time costs associated with potential M&A.
- Adjusted EBITDA of $3.0 million as compared to Adjusted EBITDA of $2.9 million. The higher Adjusted EBITDA margin was primarily due to improvement in the Company’s operating costs.
PLNH Stock Performance
PLNH stock closed on September 22nd at $0.7767, up 61.11% in the last month of trading. In this case, the stock has a 52-week price range of $0.451-$1.74 and is up 27.33% year to date.
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Jushi Holdings Inc.
Jushi Holdings Inc. is an American hemp and cannabis company extending its market position in the medical and recreational marijuana sectors. The company’s major purpose is to sell branded marijuana and hemp-derived products to the US market. The BEYOND/HELLO brand is used by 34 Jushi-owned and managed dispensaries nationwide. Furthermore, Jushi has 31 retail licenses in the United States, and Beyond/Hello, its national cannabis dispensary brand, is expanding both online and offline. By acquiring NuLeaf Inc. in April, the company expanded its vertically integrated operations into Nevada.
Second Quarter 2023 Financial Highlights
- Total revenue of $66.4 million
- Gross profit margin was 46.0%, compared to 36.7% in the second quarter ended June 30, 2022 (“Q2 2022”) and 42.9% in the first quarter ended March 31, 2023 (“Q1 2023”)
- Net Loss of $14.0 million, compared to net income of $12.1 million in Q2 2022 and net loss of $12.4 million in Q1 2023
- Adjusted EBITDA1 of $12.6 million, an improvement of $12.1 million year-over-year and $5.0 million sequentially
- Cash, cash equivalents, and restricted cash of $32.1 million as of quarter end
JUSHF Stock Performance
JUSHF stock closed at $0.745 on September 22nd, up 86.25% in the last month of trading. In this case, the stock has a 52-week price range of $0.350-$2.34 and is down 2.23% year to date.
[Read More] Best Cannabis & Marijuana Stocks For Q3 2023
Verano Holdings Corp.
Verano Holdings Corp. is a multi-state, vertically integrated cannabis company based in the United States. The company sells high-end cannabis products under a variety of brand names. Verano has 14 manufacturing and processing units, 129 dispensaries, and 13 states. Regardless, the company operates 63 locations in Florida and is well-known across the state. Zen LeafTM and MÜVTM, two of the company’s retail brands, run dispensaries serving medicinal and recreational clientele. The business opened its 68th facility in Florida, in Miami Kendall, on June 1st.
Second Quarter 2023 Financial Highlights
- Revenue of $234 million increased 5% year-over-year and increased 3% versus the prior quarter.
- Gross profit of $115 million or 49% of revenue.
- SG&A expense of $85 million or 36% of revenue.
- Net loss of $(13) million.
- Adjusted EBITDA2 of $72 million or 31% of revenue.
- Cash flow from operations of $24 million for the quarter.
- Capital expenditures of $8 million for the quarter.
- Free Cash Flow1 of $16 million for the quarter.
VRNOF Stock Performance
VRNOF shares closed at $4.70 on September 22nd, up 72.79% in the past month of trading. In this case, the stock has a 52-week price range of $2.53-$6.1770 and is up 50.64% year to date.
Top Marijuana Stocks to Keep Tabs on in the Last Week of September 2023
In conclusion, the final week of September 2023 promises to be an exciting time for investors eyeing the US marijuana industry. With a market projected to reach a staggering $41 billion by 2025, the momentum behind cannabis legalization and innovation is undeniable. As we’ve explored in this article, staying informed about the top marijuana stocks and employing sound technical analysis and risk management, strategies are essential for those looking to seize the opportunities within this dynamic sector.
Whether you’re a seasoned investor or a newcomer to the cannabis market, the growth potential and evolving landscape of the US marijuana industry make it a captivating space to watch and participate in. So, as the green wave continues its ascent, keep a watchful eye on these top marijuana stocks and be ready to ride the currents of change in this flourishing sector.
As you prepare to delve into cannabis stocks, remember that due diligence and a long-term perspective are key. The journey may come with its ups and downs. Still, with proper research and strategic planning, investors can position themselves to potentially reap the rewards of the US marijuana market’s remarkable growth. Stay informed, cautious, and open to the possibilities that the final week of September and beyond may bring to those who dare to explore top marijuana stocks for investment.
MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | new@marijuanastocks.com
