Best US Cannabis Stocks And The Cannabis Market In 2023
Marijuana stocks have seen modest gains as the market has gained momentum. Many marijuana penny stocks have seen significant percentage gains. In May, bipartisan US House and Senate senators revived the SAFE Banking Act, revitalizing the cannabis sector. Cannabis penny stocks are one sector where new investors may see short-term gains. In general, a penny stock is one that is worth less than $5 per share. Despite the industry’s well-known high level of market volatility, short-term investors might expect to make significant profits.
Marijuana penny stock trading can be an interesting and possibly lucrative endeavor, but it is not without risks and challenges. It’s crucial to remember that the cannabis sector in the United States is still in its early stages, and investing in marijuana stocks comes with inherent risks. Regulatory uncertainty, shifting public perception, and ongoing legal battles can all have an impact on the industry’s direction and individual stock performance. When considering investing in this area, thorough study, solid analysis, and a clear grasp of your individual risk tolerance are required.
Through a closer look at top marijuana stocks, we aim to provide insights and perspectives that will help investors navigate this exciting and ever-evolving market with confidence and strategic know-how.
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Top Marijuana Stocks For June List
- Ayr Wellness Inc. (OTC: AYRWF)
- Jushi Holdings Inc. (OTC: JUSHF)
- Verano Holdings Corp. (OTC: VRNOF)
Ayr Wellness Inc.
Ayr Wellness Inc. is a well-known cannabis company in Florida. Florida is home to 60 of the company’s 70 marijuana-related businesses. In order to expand in Illinois, the company acquired Herbal Remedies Dispensaries, LLC. Adult marijuana use could boost its popularity in Ayr, Massachusetts-based businesses. The company has established its sixth linked dispensary in Pennsylvania. After getting regulatory approval from Arizona, Ayr planned to begin its 86,000-square-foot processing and growing facility in December. In 2022, the corporation made a substantial investment in the beverage industry by acquiring Levia Cannabis Infused Seltzer.
According to AYR data, revenue climbed 18% year on year to $117.7 million in the first quarter of 2023, up 3% sequentially. In addition, Adjusted EBITDA climbed 64% year on year to $26.3 million, while increasing 9% sequentially (GAAP loss from operations was $21.7 million, compared to $21.0 million in Q1/22). Since the beginning of 2023, the company has opened seven new locations in Florida, bringing the state’s total number of dispensaries to 60. The company plans to open ten additional stores in 2023, bringing the total number of locations to 70 by the end of the year.
The Company expects revenue and Adjusted EBITDA1 to expand in accordance with Q1 sequential growth patterns in the second quarter. AYR also reiterates its estimate of generating positive operating cash flow for 2023. However, operational cash flow trends will not be linear due to the timing of tax payments.
AYRWF Stock Performance
AYRWF stock closed on June 2nd at $0.84, up 17.01% in the last month of trading. Currently, the stock has a 52-week price range of $0.5660-$6.24 and is down 30% year to date. According to analysts at CNN Business, AYRWF stock has a 12-month average price target of $7.18 per share. In this case, this would represent an upside of 754.43% from the last price of $0.84.
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Jushi Holdings Inc.
Jushi Holdings Inc. is a hemp and cannabis company that is expanding its market position in the US medical and recreational marijuana sectors. The primary goal of the company is to provide a variety of branded marijuana and hemp-derived products to the US market. Nationally, 34 Jushi-owned and -operated dispensaries employ the BEYOND/HELLO brand. Furthermore, Jushi has 31 retail licenses in the United States, and its national cannabis dispensary brand, Beyond/Hello, is expanding both online and offline. The company was able to expand its vertically integrated operations into Nevada by acquiring NuLeaf Inc. in April.
Revenue in the first quarter of 2023 climbed 12.9% to $69.9 million from $61.9 million in the first quarter of 2022 (“Q1 2022”). In addition, the year-over-year revenue rise may be ascribed to a 7.5% increase in retail revenue, or $4.4 million, mostly attributable to new dispensary openings from build-outs and acquisitions. In March and April of 2022, the Company bought Apothecarium and NuLeaf in Nevada, respectively, and opened new Beyond HelloTM dispensaries in Ohio, Pennsylvania, and Virginia.
Gross profit in Q1 2023 was $29.9 million, up from $19.1 million in Q1 2022, representing a year-over-year gain of $10.8 million, or 56.7%. Gross profit margin climbed to 42.9%, up from 30.9% year on year and 28.6% quarter on quarter. The net loss for the first quarter of 2023 was $12.4 million, compared to a net loss of $19.8 million in the first quarter of 2022. Adjusted EBITDA1 in Q1 2023 was $7.6 million, up from $(0.9) million in Q1 2022 and $6.0 million in Q4 2022, a $8.5 million year-over-year and $1.6 million quarter-over-quarter improvement.
JUSHF Stock Performance
JUSHF stock closed at $0.4598 on June 2nd, down 9.94% in the last month of trading. Currently, the stock has a 52-week price range of $0.414-$2.34 and is down 39.66% year to date. According to analysts at CNN Business, JUSHF stock has a 12-month average price target of $1.05 per share. In this case, this represents an upside of 129.31% from its last trading price of $0.4598.
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Verano Holdings Corp.
Verano Holdings Corp. is a multistate, vertically integrated cannabis company based in the United States. The company sells high-end cannabis products under a variety of brand names. Verano has 14 manufacturing and processing plants, 129 dispensaries, and 13 states. Despite this, the company has 63 sites and is well-known throughout Florida. Zen LeafTM and MÜVTM, two of the company’s retail brands, run dispensaries that cater to both medicinal and recreational clientele. The company opened its 68th location in Florida in Miami Kendall on June 1st.
Revenue for the first quarter of 2023 was $227 million, a 12% increase from $202 million in the first quarter of 2022 and a 1% increase from $226 million in the fourth quarter of 2022. Revenue increased in the first quarter of 2023 compared to the first quarter of 2022, mostly due to improvement in retail and wholesale adult-use sales in New Jersey and Connecticut, offset slightly by retail decreases in Pennsylvania.
Gross profit was $109 million or 48% of revenue in the first quarter of 2023, up from $99 million or 49% of revenue in the first quarter of 2022 and $103 million or 46% of revenue in the fourth quarter of 2022. The first-quarter net loss in 2023 was $(9) million, compared to a modest loss in the first quarter of 2022 and $(216) million in the fourth quarter of 2022. The company reiterates its Free Cash Flow1 guidance of $50-75 million and reduces its Capital Expenditure guidance range to $35-50 million.
VRNOF Stock Performance
VRNOF shares closed at $2.90 on June 2nd, down 2.68 in the past month of trading. Currently, the stock has a 52-week price range of $2.58-$8.587 and is down 7.05% year to date. According to analysts at Tip Ranks, VRNOF stock has a 12-month average price target of $8.50 per share. This would represent an increase of 193.10% from its last trading price of $2.90.
Investing In Top Penny Pot Stocks For 2023
In general, reviewing financials and press releases can assist you in identifying the best cannabis companies on the market. To profit from current market volatility, many seasoned investors are actively trading short-term holdings in the biggest cannabis businesses. Before entering a trade, examine technical indicators and chart patterns to discover the best entry and exit positions. In addition, you can increase your odds of profitable trade execution by constantly looking for suitable setups. The most well-known marijuana stocks in the United States may be among the greatest pot stocks to watch in 2023 due to their volatility.
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