Top Cannabis Stocks For Your List Next Year
Do you want to make an investment before 2023 in the top marijuana stocks? The value of the worldwide cannabis market is anticipated to be $27.7 billion in 2022 and to rise to $82.3 billion by 2027, with a CAGR of 24.3%. The increase in cannabis use for recreational and medical purposes is driving the industry.
Trading cannabis penny stocks is one method cannabis investors leveraging the present expansion of the cannabis industry. For the ease of those who are unsure, any stock that trades for less than $5 is referred to as a penny stock. These marijuana-related enterprises, infamous for their extreme market volatility, may present significant returns for short-term investors. In the next five years, it’s expected that the cannabis market will more than double. One industry that will grow significantly is the international cannabis market. Many companies are now expanding outside the US and setting up shops abroad.
The SAFE Banking measure was removed from a budget package this month, which caused a downturn in the cannabis business. In view of this, this may present a second opportunity for marijuana investors to purchase expensive companies at lower trading rates. As 2023 draws near, let’s look at three of the top marijuana stocks that have increased this month.
[Read More] US Marijuana Stocks To Add To Your List In 2023
Top Cannabis Penny Stocks To Watch In January 2022
- IM Cannabis Corp. (NASDAQ: IMCC)
- Clever Leaves Holdings Inc. (NASDAQ: CLVR)
- HEXO Corp. (NASDAQ: HEXO)
IM Cannabis Corp.
IMC is a global leader in the medical and adult-use recreational cannabis industries and operates in Israel, Germany, and Canada. According to the company, the IMC brand has apparently helped the Israeli medical cannabis market attain a critical milestone. IMC is expanding the goods it offers for medical marijuana. Adjupharm, a business subsidiary with a German headquarters and an EU-GMP-certified medicinal cannabis distributor, represents the company throughout Europe. The company has made significant announcements regarding opening a cutting-edge logistics facility in Germany. With the help of this facility, Adjupharm will be able to optimize its supply chain by repackaging cannabis in a sizable volume.
IMC reported third-quarter 2022 revenues of $14.2 million in November, a 78% increase and 12% continuous organic growth over the $8.0 million reported in the prior quarter. In addition, the gross profit increased by 39% between the third quarters of 2021 and 2022 ($2.8 million vs. $2.0 million). In comparison to Q3 2021, the gross margin for Q3 2022 was 20% higher. An expired local non-premium inventory write-off is primarily to blame for the decline. In comparison to Q3 2021, when it had a net profit of $0.8 million, the company’s net loss from continuing operations in Q3 2022 was $4.5 million.
IMCC Stock Performance
IMCC stock closed at $0.99 on December 29th, down 48.17% in the past month of trading. The stock has a 52-week price range of $0.821-$34.50 and is down 97.04% year to date. According to analysts at CNN Business, IMCC stock has a median price target of $7 per share. In this case, this would represent an upside of 608.86% from its last trading price of $0.99.
[Read More] Top Canadian Marijuana Stocks Under $1 For 2023
Clever Leaves Holdings Inc.
Clever Leaves Holdings Inc. is a marijuana cultivation, extraction, manufacturing, and distribution company. Currently, the company operates in a number of nations, including Colombia, Portugal, Germany, the United States, and Canada. The business creates, produces, markets, sells, and distributes a range of homeopathic remedies in addition to health and detoxification products. Clever Leaves aims to revolutionize the cannabis manufacturing sector as it currently exists by adopting industrial-scale, affordable, ESG-friendly, cost-effective production techniques. These techniques combine the strictest medical-grade certifications available anywhere else in the globe.
The company’s third-quarter revenue in 2022 was $3.3 million instead of $4.0 million. Cannabinoid-related revenue increased by 12% to $1.0 million from $0.9 million, while non-cannabinoid-related sales fell by 12% to $2.3 million from $3.2 million. Additionally, gross profit was $0.3 million instead of $1.9 million, which included an inventory provision of $0.7 million. This was due to an inventory provision of $1.7 million. The net loss was $20.2 million instead of a net income of $1.0 million. This was primarily brought on by a $19.0 million charge for the impairment of intangible assets made during the quarter. This was only somewhat mitigated by a $6.7 million deferred tax obligation.
CLVR Stock Performance
CLVR stock is trading at $0.325 on December 29th, down 32.29% in the past month. Currently, the stock has a 52-week price range of $0.29-$3.98 and is down 89.52% year to date. According to 2 analysts at CNN Business, CLVR stock has a consensus price target of $2.28 per share. This forecast represents an increase of 610.49% from its last trading price of $0.325.
HEXO Corp., a Canadian company, produces cannabis products that have won numerous awards. The business now has a significant global presence because of its varied brand portfolio, which targets the recreational market in Canada. HEXO primarily sells medical supplies in Israel, Malta, and Canada. The business has also been expanding its position in the US marijuana market. Truss CBD USA, a joint venture between HEXO and Molson Coors, serves Colorado. Zenabis Global Inc., a licensed grower of cannabis for both medical and recreational uses in Canada, was recently bought by the business. Both transactions will support HEXO’s future expansion in Canada, Europe, and the US.
The net revenue for HEXO increased to $191.1 million in FY22 from $123.8 million in the fiscal year that concluded on July 31, 2021. The company reported an Adjusted EBITDA loss of ($7,467) in the fourth quarter of FY22, an improvement of $10,870 from the third quarter and $3,281 from the same period in FY21. In order to reduce the associated liquidity and dilution challenges under the prior debt structure, HEXO completed the Tilray deal by changing the terms of the Senior Secured Convertible Notes. HEXO reported net revenue of $42.5 million for the fourth quarter of FY22, up 10% from the third quarter’s net revenue of $38.8 million and down 7% from the third quarter’s net revenue of $45.6 million.
HEXO used a fully owned subsidiary to buy its first production facility in the United States. High-quality Powered by HEXO products will be produced at the 50,000-square-foot Fort Collins, Colorado, facility and shipped across the country.
HEXO Stock Performance
On December 29th, HEXO closed at $1.02, down 56.11% in the last trading month. The stock is presently trading in a 52-week price range of $0.901-$10.50, a drop of 89.57% year to date. According to CNN Business experts, HEXO stock has a 12-month average price objective of $2.04 per share. This would be a 96.61 percent increase from the last transaction price of $1.02.
Investing In The Global Cannabis Market For 2023
The most promising companies may be found using financial data and press releases. You should always conduct your due diligence before entering a position in a cannabis stock. Your investing performance may improve as you become more proficient at analyzing technical indicators and chart patterns. In general, the rapid local and global rise of the cannabis sector may provide short-term traders with favorable market circumstances. In a downturn, you could find it useful to familiarize yourself with a range of trading strategies. You should add the above penny pot stocks to your watchlist before January 2023.
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