Top Marijuana Penny Stocks to Track Before September
As the cannabis industry grows rapidly, investors are looking for top marijuana penny stocks set for growth. With September fast coming, these possible jewels deserve special attention. The industry’s expected expansion, supported by solid facts, fuels hope for significant rewards.
Short-term traders can use technical indicators to determine optimal trade execution moments. Mastering these skills is required for identifying entry and exit points. In a volatile market, the efficient application increases the likelihood of profitable trades.
While the possibility of profit is appealing, understanding the inherent hazards of the cannabis industry is critical. Strategic risk management benefits from a detailed awareness of this changing environment. Navigating the complex interplay of market dynamics protects investments while maximizing the potential of marijuana stocks.
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Penny Plays: Cannabis Industry Stocks to Watch Before September 2023
- Jushi Holdings Inc. (OTC: JUSHF)
- Medicine Man Technologies, Inc. (OTC: SHWZ)
- Columbia Care Inc. (OTC: CCHWF)
Jushi Holdings Inc.
Jushi Holdings Inc. is an American hemp and cannabis company extending its market share 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 the quarter-end
JUSHF Stock Performance
JUSHF stock closed at $0.35 on August 28th, down 18.60% in the last month of trading. The stock has a 52-week price range of $0.350-$2.34 and is down 54.07% year to date. According to analysts at CNN Business, JUSHF stock has a 12-month average price target of $1.00 per share. In this case, this represents an upside of 185.71% from its last trading price of $0.35.
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Medicine Man Technologies, Inc.
Schwazze is establishing a leading vertically integrated regional cannabis company with assets in Colorado and New Mexico, and it plans to expand its operating system to other states where it can establish a distinct regional leadership position. Schwazze is the parent company of a diversified portfolio of top cannabis businesses and brands, from seed to sale.
Schwazze’s previous business name was Medicine Man Technologies, Inc. Medicine Man Technologies, Inc. is still the company’s name. Schwazze is named from a cannabis plant pruning technique to improve plant structure and encourage healthy growth.
Second Quarter 2023 Financial Highlights
- Total revenue in the second quarter of 2023 was $42.4 million compared to $44.3 million for the same quarter last year. The decrease was primarily due to lower wholesale revenue resulting from a 25% year-over-year decline in wholesale pricing and the proliferation of new licenses in key New Mexico markets, partially offset by growth from new stores compared to the prior year period.
- Gross profit for the second quarter of 2023 was $24.5 million or 57.9% of total revenue, compared to $25.2 million or 56.8% of total revenue for the same quarter last year.
- Operating expenses for the second quarter of 2023 were $19.6 million compared to $16.1 million for the same quarter last year.
- Income from operations for the second quarter of 2023 was $5.0 million compared to $9.0 million in the same quarter last year. Net loss was $6.6 million compared to net income of $33.8 million for the second quarter of 2022, primarily driven by a $35.2 million change in the non-cash accounting revaluation of the derivative liability related to the Company’s convertible note.
- Adjusted EBITDA for the second quarter of 2023 was $13.8 million or 32.6% of revenue, compared to $15.0 million or 33.9% of revenue for the same quarter last year.
- As of June 30, 2023, cash and cash equivalents were $19.9 million compared to $38.9 million on December 31, 2022, while operating working capital increased by $5.8 million to $10.0 million during this period. Total debt as of June 30, 2023, was $155.4 million compared to $127.8 million on December 31, 2022.
SHWZ Stock Performance
SHWZ stock closed on August 28th at $0.7250, down 15.70% in the last month of trading. In this case, the stock has a 52-week range of $0.6250-$2.10, down 48.79% year to date.
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Columbia Care Inc.
Columbia Care Inc.’s territory in New York should significantly expand. The business, one of the East Coast’s leading cannabis producers, just purchased a 34-acre Long Island facility. Columbia Care presently has 131 dispensaries and 33 growing and processing facilities in 18 cities across the United States. The business plans to open its first marijuana store in Missouri in October 2021. The third gLeaf dispensary in Virginia has notified the corporation of its location. The corporation announced corporate steps on July 31st to increase operational savings and cash flow generation.
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 August 28th at $0.4183, down 1.58% in the last month of trading. The stock has a 52-week range of $0.3550-$2.18, down 414.23% year to date. According to analysts at CNN Business, CCHWF stock has a 12-month average price target of $1.11 per share. In this case, this is an upside of 166.29% from its last trading price of $0.4183.
September Spotlight: Best Marijuana Penny Stocks to Keep an Eye On
Marijuana stocks under $1 grab attention in potential investments before September 2023. Short-term traders can take advantage of these chances by using technical indicators to find suitable entry and exit positions. Understanding the inherent volatility and adopting smart risk management measures is critical for success among the possible rewards. Navigating this volatile environment necessitates a balanced approach that capitalizes on potential advantages while limiting potential losses. As September approaches, knowledgeable investors can capitalize on the potential of these low-cost marijuana companies armed with market information and techniques.
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