Top Marijuana Stocks To Keep Your Eyes On 2023
The cannabis industry is still facing many obstacles that when sorted could have a good turnout for marijuana stocks. Much of what goes on inside the industry can have a direct impact on how cannabis stocks perform. Currently, there are legislators working on passing better laws to help with how the industry is run. Most times when news on passing cannabis reform is released it acts as a strong catalyst for better trading. Often resulting in a short recovery for most cannabis stocks.
Even with the sector seeing more red than green days finding marijuana stocks to buy in preparation for the future is key. With how volatile the sector has become there are more buying opportunities. Whenever there is a pullback back in the sector this is the obvious sign of a buying opportunity. But even when there is the signal to buy make sure you have conducted some type of research prior to investing.
The future of the cannabis industry is showing to be in a progressive position even with no federal reform in place. Yet currently there is the continued fight to pass some type of federal reform. Once passed it would be one of the biggest victories since states have granted to ability to legalize the plant. Below are several cannabis stocks.
Marijuana Stocks To Watch In This Year
Columbia Care Inc.
Columbia Care Inc. engages in the cultivation, manufacture, and provision of cannabis products and related services in the United States and internationally.
The company offers spanning flower, edibles, oils, and tablets under the Seed & Strain, Triple Seven, Hedy, gLeaf, Classix, Press, and Amber brand names. Recently the company released its 2023 first-quarter financial report.
2023 First Quarter Highlights
- 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%
Charlotte’s Web Holdings, Inc.
Charlotte’s Web Holdings, Inc. is involved in the farming, manufacture, marketing, and sale of hemp-derived cannabidiol (CBD) wellness products. On May 12th the company reported its 2023 first quarter financial results.
Q1 2023 Highlights
- Net cash of $61M
- Net revenue of $17M decreased 12.1% YoY
- 14% YoY reduction in operating expenses
Words From The Company
“In the first quarter, we maintained prudent cost controls to balance softness in the CBD category due to the unregulated environment. We successfully reduced operating expenses by 14% on a year-over-year basis and ended the first quarter with a cash balance of $61 million. This provides ample working capital to support growth plans, including the launch of ReCreate,™ our new NSF Certified for Sport® lifestyle brand,” said Jessica Saxton, Chief Financial Officer.”
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