Up in Smoke: Uncovering the Top US Cannabis Stocks for Profitable Investing
Are you looking for the best marijuana stocks to buy in June? Cannabis penny stocks are one market where new investors can make quick monetary gains. A penny stock has a market capitalization of less than $5 per share. Despite the industry’s well-known high level of market volatility, short-term investors have a considerable opportunity to profit.
Marijuana penny stocks, distinguished by their low share prices and potential for spectacular returns, provide an entry point into the green rush for seasoned and inexperienced investors. It is critical to navigating prudently and be updated about the industry’s shifting dynamics in this fascinating domain, where uncertainty and volatility mix with the promise of large gains.
Despite the tremendous volatility of the market, these marijuana companies have the potential to generate significant returns for short-term investors. The cannabis market might more than double in the next five years. Let’s look at two of the top marijuana penny stocks that benefited from gains in June.
Top US Marijuana Penny Stocks to Watch in 2023
Goodness Growth Holdings, Inc.
Goodness Growth Holdings, Inc. is a medical cannabis company in the United States. The company grows marijuana in environmentally friendly greenhouses, develops pharmaceutical-grade cannabis extracts, and distributes its goods under Goodness Growth and other brands through a retail and independent dispensaries network. As of March 11, 2022, it operated 18 dispensaries, including two in Maryland, eight in Minnesota, four in New Mexico, and four in New York. It also supplied wholesale cannabis goods through a number of organizations in Arizona, Maryland, Minnesota, and New York. The company changed from Vireo Health International Inc. to Goodness Growth Holdings, Inc. in June 2021. Goodness Growth Holdings, Inc.’s corporate offices are in Minneapolis, Minnesota.
In May, the company reported first-quarter 2023 results, which included a $21.9 million revenue increase year on year and a 30.5% increase excluding discontinued operations. As of March 31, 2023, total current assets were $115.2 million, comprising $10.3 million in cash on hand, excluding $1.7 million in net proceeds from the Company’s recently concluded convertible credit agreement. The entire current obligations were $96.4 million.
Words From The CEO
“Our first quarter results demonstrate a continuation of the trends we discussed last quarter, with revenue growth in each of our core markets and gross margin performance that has stabilized since the wind-down of our former outdoor operations in Arizona. Fundamentally, our strategy this year aims to produce better and more affordable products for patients and consumers in Maryland, Minnesota, and New York, and we believe we are off to a solid start toward achieving these goals. We were also pleased to close on a new $10 million convertible loan facility earlier this month. Although access to capital remains challenging and expensive for cannabis operators, this loan provides us the flexibility to execute our plans for the year, which rest upon delivering meaningful operational improvements, driving quality and efficiency within our cultivation and manufacturing facilities, with a priority on being prepared for adult-use transitions in our core markets.”
Interim Chief Executive Officer Josh Rosen
GDSNF Stock Performance
On June 14th, GDNSF stock closed at $0.14, down 12.60% in the last trading month. The stock is currently trading in a 52-week price range of $0.091-$1.57 and is down 6.59% year to date. GDNSF stock has a median price target of $0.20, representing a 33.82% increase from its last trading price of $0.14.
Columbia Care Inc.
Columbia Care Inc.’s territory in New York should expand dramatically. The company, one of the largest cannabis producers on the East Coast, just purchased a 34-acre Long Island facility. Columbia Care now has 131 locations distributed across 18 US cities, including 95 dispensaries and 33 growing and processing facilities. In October 2021, the company established its first marijuana dispensary in Missouri. The third gLeaf dispensary in Virginia has alerted the corporation of its location. Cresco Laboratories Inc. (OTC: CRLBF), the largest MSO in the United States, bought Columbia Care on March 23 for a total enterprise value of $2 billion.
First Quarter 2023 Results
- Quarterly Revenue of $125 Million, an Increase of 1% YoY
- Quarterly Gross Profit of Over $47 Million, an Increase of 13% QoQ
- Quarterly Adjusted EBITDA1 of Over $16 Million and Adjusted EBITDA Margin1 of Over 13%
- In Q1 2023, launched a new line of formulated cannabis tablets, Press 2.0, in Delaware, Massachusetts, New Jersey, Virginia, and West Virginia
- Retail share of internal brand sales increased to 46% in Q1 2023 compared to 45% in Q4 2022
- In-house brands accounted for 60% of all flower sold at Columbia Care dispensaries in Q1 2023
- There are now 35 Cannabist locations in the U.S., with additional openings planned in 2023
CCHWF Stock Performance
CCHWF stock closed on June 15th at $0.4706, up 27.36% in the last month of trading. Currently, the stock has a 52-week range of $0.3550-$2.23, down 37.12% year to date. According to analysts at Tip Ranks, CCHWF stock has a 12-month average price target of $1.17 per share. In this case, this is an upside of 147.54% from its last trading price of $0.4706.
Investing In Pot Penny Stocks For 2023
In general, examining their financial statements and press releases may help you find the top cannabis companies. Many seasoned investors are actively exchanging short-term stakes in the main cannabis companies in order to capitalize on the present market volatility. Use chart patterns and technical indicators to discover the optimum entry points and take-profit zones before establishing a position. You can actively increase your chances of closing profitable trades by seeking grade-A setup opportunities. Given the tremendous volatility of the most well-known marijuana businesses in the United States, these could be some of the best cannabis penny stocks to follow in 2023.
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