Top Picks for Marijuana Penny Stocks, March 2024 Edition
Marijuana penny stocks are catching the eyes of investors before March. This sector is known for its volatility. But also for its potential high returns. With the U.S. cannabis industry expanding, penny stocks in this sector offer unique opportunities. Investors are drawn to these due to their low entry costs. However, due diligence is crucial. Researching these companies can uncover hidden gems.
The U.S. cannabis industry is on a rapid growth trajectory. Statistics show significant expansion in both medical and recreational markets. By 2025, the industry’s value is expected to exceed $30 billion. This growth is fueled by increasing legalization across states. Investors are using technical analysis to identify trends. They also employ proper risk management strategies. This approach minimizes losses while capitalizing on the sector’s growth potential.
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Marijuana Penny Stocks for Your March 2024 Watchlist
- Planet 13 Holdings Inc. (OTC: PLNH)
- Gold Flora Corporation (OTC: GRAM)
- Cansortium Inc. (OTC: CNTMF)
Planet 13 Holdings Inc.
Renowned cannabis company Planet 13 Holdings Inc. has its headquarters located in Las Vegas, Nevada. Planet 13, a business renowned for its creative and immersive approach to cannabis buying, is the operator of “Planet 13 Superstore,” one of the biggest cannabis stores in the world. The company’s primary objective is to provide a wide range of cannabis goods, including flower, edibles, extracts, and more. It serves both medical and recreational clients.
Currently, Nevada is home to Planet 13’s principal customer; the company’s headquarters are in Las Vegas. Due to the distinctive and immersive shopping concept of our flagship store, it has become a well-known cannabis attraction that attracts tourists from all over the world. Planet 13 is a prominent participant in the cannabis retail industry, emphasizing the provision of an elegant and pleasurable shopping experience.
The company’s standing as a pioneer in the cannabis retail industry can be attributed mainly to its dedication to offering a wide range of premium products and an outstanding customer experience. With its creative retail strategy, Planet 13 has cemented its status as a pioneer in the cannabis industry and established itself as a model for other dispensaries, hoping to improve the consumer experience.
Preliminary Fourth Quarter and Full Year 2023
Planet 13 has reported a solid quarter amidst a challenging economic environment and cannabis price compression. Co-CEO Larry Scheffler highlighted the company’s solid revenue and positive Adjusted EBITDA. These results stem from gross margin expansion and strong cost controls. Planet 13 continues to hold approximately 9% of Nevada’s retail market share. It also ranks in the top five brands across every category. This demonstrates the strength of its operations and brand value in Nevada. Despite recent hurdles, the company boasts a positive Adjusted EBITDA. It also maintains a strong balance sheet with over $17 million in cash and minimal debt. This positions it well for executing growth plans in Florida and Nevada.
Bob Groesbeck, the other Co-CEO, shared updates on expansion efforts. This includes opening a new Illinois location and progressing with the acquisition of VidaCann. Plus, there’s the upcoming opening of a consumption lounge in Las Vegas. These moves are poised to drive the company’s next growth phase. Planet 13 has built an attractive operations portfolio in key states. Looking ahead to 2024, the company aims to leverage adult use in Florida. It also plans to enhance scale, efficiency, and operating leverage in core states. These strategies are designed to boost operating cash flow and enhance shareholder value.
PLNH Stock Performance
PLNH stock closed on February 28th at $0.7097, down 10.94% in the last month of trading. Currently, the stock has a 52-week price range of $0.451-$1.20 and is up 10.87% year to date.
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Gold Flora Corporation
Under the direction of a female executive team, Gold Flora Corporation is a pioneer in the cannabis sector. This creative company manages a wide range of operations, including eight distinct cannabis brands and fifteen retail locations around California. It oversees several other corporate endeavors as well. One of its main holdings, Stately Distribution, is in charge of several esteemed retail brands. They are Higher Level, Varda, Caliva, Coastal, Calma, King’s Crew, and Airfield Supply Company. This extensive product line demonstrates Gold Flora’s significant market dominance in the cannabis sector.
With its headquarters located in Desert Hot Springs, Gold Flora has a vast operational reach. The facilities are comprised of three buildings with a combined area of 72,000 square feet, all dedicated to indoor cultivation. The company is getting ready to expand significantly, adding about 240,000 square feet to its current location. This is an attempt to adjust to the changing needs of the market. In addition, the contemporary 200,000 square foot campus serves as the center for extraction, manufacturing, and Stately Distribution-related operations. The strategic location of these facilities ensures efficient logistics and superior security, both of which are critical for safeguarding their products.
Furthermore, Gold Flora Corporation plays a significant role in the cannabis industry’s distribution of well-known brands in California. In addition to its line of luxury brands, Gold Flora, Monogram, and Caliva, it has relationships with Roll Bleezy, Cruisers, and Mirayo by Santana as part of its distribution network. Some of its other well-known brands include Sword & Stoned, Jetfuel Cannabis, and Aviation Cannabis. Due to its stable supply chain and well-established distribution channels, Gold Flora is the go-to option for many outside organizations seeking to buy premium cannabis products.
Third Quarter 2023 Highlights
Gold Flora Corporation made a noteworthy financial achievement in the third quarter of 2023. With a $32 million overall revenue and a $11.3 million gross profit, the company reported. This indicates a healthy profit margin of 35%. Even more remarkable were the adjusted numbers, which showed an adjusted gross profit of $18.1 million, or a 57% margin. A noteworthy contributing element to these outcomes was a $23 million net income, reinforced by a $49 million non-cash benefit resulting from a merger with TPCO Holding Corp. Successful strategic initiatives, including cost-cutting measures, organizational reorganization, and an increase in cultivation capacity, are examples of operational highlights. These activities have set Gold Flora up for long-term growth and market domination.
GRAM Stock Performance
GRAM stock ended at $0.3375 on February 28th, down 6.25% in the last month of trading. Currently, the stock has been trading in a 52-week range of $0.005-$0.46. GRAM stock is up 110.94% year to date.
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Cansortium Inc.
One well-known participant in the cannabis market is Cansortium Inc. Based in Tampa, Florida, this vertically integrated business uses the Fluent TM brand to conduct business. They are employed in retail, manufacturing, distribution, and agriculture. In many US jurisdictions, Cansortium is a well-known brand thanks to its superior cannabis products. They had 33 locations as of the end of 2023, most of which were in the Florida region. With the anticipated launch of a second store in Florida before the end of the year, this figure is anticipated to increase.
The business has permits to operate in Pennsylvania and Texas in addition to Florida. Their growing and production methods are designed to provide premium goods with higher THC concentrations, demonstrating their dedication to operational excellence. Cansortium’s goal is to grow, especially in Texas, where they intend to establish a legitimate delivery center in Houston by the beginning of 2024. They want to maintain their existing growth trajectory and capitalize on their first-mover advantage in these markets, which is reflected in their expansion.
Q3 2023 Highlights
In Q3 2023, Cansortium Inc. demonstrated impressive financial growth, with revenue rising 14% to $25.3 million from $22.1 million in Q3 2022. Particularly profitable were their Florida businesses, where sales increased 17% to $21.3 million. However, adjusted gross profit decreased from $16.7 million, or 75.5% of revenue, to $16.1 million, or 63.9% of revenue. Furthermore, adjusted EBITDA dropped to $8.8 million, primarily due to increased labor and expense costs along with a lower average ticket per transaction. Despite these challenges, there was an improvement in operating cash flow to $7.1 million. The company continued to expand, opening a new site in Jacksonville, Florida, and planning to open another by the end of the year, for a total of 33 locations.
CNTMF Stock Performance
On February 28th, CNTMF stock finished at $0.20, down 42.05% in the past month of trading. The stock is now trading in a 52-week price range of $0.058-$0.29 and is up 124.82 percent year to date.
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The Marijuana Penny Stocks Poised for Growth in March 2024
As we wrap up our discussion on the top marijuana penny stocks for March, it’s clear these options are not just about the thrill of the chase. With the U.S. cannabis industry set to balloon over $30 billion by 2025, the stakes are high, and so are the potential rewards. These stocks offer a front-row seat to the booming market, presenting a unique chance for those ready to dive deep into research. Remember, though, this arena is as unpredictable as it is exciting. Treading carefully and staying well-informed are your best bets for navigating these waters successfully.
Turning to technical analysis can be a game-changer, giving you insights into market trends and stock behavior. Coupled with solid risk management strategies—like not putting all your eggs in one basket—you can better protect your investments from the industry’s notorious ups and downs. Keeping an eye on regulatory changes is also key, as they can swiftly turn the tide for cannabis stocks. In sum, the path to potentially profiting from marijuana penny stocks is paved with diligent research, strategic planning, and a dash of caution. It’s an adventurous journey, but for the savvy investor, it could be well worth the ride.
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