Marijuana Penny Stocks Take Off in June 2023: Uncovering Lucrative Opportunities

Unlocking the Potential: How Marijuana Penny Stocks Soared in June 2023

Are you looking for marijuana stocks to buy in June? The cannabis sector in the United States is currently receiving a lot of attention. As the legal climate surrounding cannabis improves, investors are becoming more interested in the interesting prospects of this new sector. Despite marijuana’s growing popularity, financial institutions have found it difficult to provide banking services to cannabis-related firms. This problem prompted the creation of the SAFE Banking Act, ground-breaking legislation that addresses the issues that cannabis entrepreneurs face as well as the banking sector.

Cannabis penny stocks are one area where new investors might expect quick returns. A penny stock has a share price of less than $5. Despite the industry’s well-known high market volatility, short-term investors have a considerable opportunity to profit. Despite the market’s high volatility, these marijuana companies have the potential to create substantial gains for short-term investors. In the next five years, the cannabis market will more than triple. Let’s take a look at two of the top marijuana stocks that increased in value in June.

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  1. Cansortium Inc. (OTC: CNTMF)
  2. TPCO Holding Corp. (OTC: GRAMF)

Cansortium Inc.

Cansortium Inc., a cannabis company based in Florida, is committed to producing high-quality cannabis. Currently, the corporation has offices in Texas, Michigan, and Pennsylvania. Cansortium has expanded into Florida and Pennsylvania as a result of a $90 million loan and equity agreement signed the previous year. The company claims to have a dispensary in Fruitland Park, Florida. With 30 locations, Cansortium is one of Florida’s largest dispensary networks. Fluent’s Fluent brand offers a wide variety of high-end consumables, full-spectrum extracts, cartridges, and lotions.CNTMF

Cansortium reported a 12% increase in revenue to $22.1 million in Q1 2023, compared to $19.7 million in Q1 2022. Furthermore, Florida revenue grew 9.7% to $18.2 million from $16.6 million. Importantly, adjusted gross profit1 climbed 22% to $14.1 million, or 63.9% of revenue, from $11.5 million, or 58.6% of revenue, in 2017. Adjusted EBITDA increased 56% year on year to $9.7 million from $6.2 million. Cansortium presently operates 31 locations in Florida and plans to open an additional 3-5 new outlets by the end of 2023. Three of these are currently under contract and under construction.

CNTMF Stock Performance

On June 16th, CNTMF stock finished at $0.09, up 20% in the past month of trading. The stock is now trading in a 52-week price range of $0.065-$0.2550 and is down 19.50 percent year to date.

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TPCO Holding Corp.

TPCO Holding Corp. is one of the major marijuana enterprises in California. Shawn Jay-Z Carter, an artist, and entrepreneur is the company’s brand, as are hemp farmer Left Coast Ventures and direct-to-consumer marketplace Caliva. The firm, in general, cultivates, transports, distributes, and extracts marijuana throughout California. The firm distributes cannabis goods worth 250 stock-holding units through 17 owned and authorized brands. In October, Coastal Holdings Company, LLC established 11 retail shops and delivery locations.

Q1 2023 Financial Highlights

  • Q1 2023 net sales from continuing operations were $18.1 million (excluding bulk wholesale business which was disposed of during Q4 2022).
  • Gross profit from continuing operations grew 15.8% to $7.8 million, or 43% of net sales compared to $6.7 million, or 30% of net sales in Q1 2022.
  • Q1 2023 net loss from continuing operations was $16.5 million compared with a Q1 2022 net loss of $33.0 million.
  • Adjusted EBITDA loss from continuing operations was $9.3 million in Q1 2023, an 57% improvement from a loss of $21.7 million in Q1 2022. Adjusted EBITDA removes the effects of changes in the fair value of financial instruments, impairment charges, stock-based compensation, and other non-cash items.
  • Cash and cash equivalents totaled $76.1 million as of March 31, 2023.

GRAMF Stock Performance

GRAMF stock closed at $0.20 on June 16th, up 21.21% in the last five days of trading. Currently, the stock has a 52-week price range of $0.13-$1.04 and is up 36.99% year to date.

[Read More] Marijuana Market Movers: Identifying the Best US Stocks for Potential Growth

The June 2023 Surge of Marijuana Penny Stocks and How to Capitalize

In general, reviewing financials and press releases can help you discover the best cannabis companies on the market. A handful of experienced investors are aggressively trading short-term positions in the major cannabis companies in order to profit from market volatility. Use technical indicators and chart patterns to discover the best entry points and take-profit zones before opening a position. You can improve your ability to execute lucrative trades by diligently searching for ideal parameters. The top cannabis stocks may be among the best to watch in 2023 due to their proclivity for volatility.


MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | new@marijuanastocks.com
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