3 Marijuana Stocks To Buy In Today’s Cannabis Sector
Marijuana stocks and the cannabis industry as a whole have seen tremendous growth. This ranges from more states and global regions legalizing cannabis. To companies flourishing through new products and strategic partnerships and collaborations. All of which could create better investment opportunities for those interested in the legal cannabis industry. Another factor to consider with the industry being so young is identifying early market opportunities.
For example, being able to invest in an emerging company at a relatively early stage, could be beneficial in the long run. Especially if any type of success or future expansion takes place. With most investments being able to get involved before things take off is a key way to see the most gains. The cannabis industry is growing day by day. This growth goes beyond just plant cultivation, with companies developing a wide range of cannabis-related products. This innovation could drive interest and potential returns. That is why if are looking to invest in top cannabis stocks make sure you do your homework.
The more information you have about a company product or service the better your chances of making money. Now most of the companies in the cannabis sector are volatile. What this means is most marijuana stocks can change the way they trade without warning. But by having a watchful eye and good strategy you may be able to take advantage of any market changes. Below are several marijuana stocks to watch for those looking to get invested in legal cannabis.
Marijuana Stocks To Trade In 2023
- Greenlane Holdings, Inc. (NASDAQ:GNLN)
- Jushi Holdings Inc. (OTC:JUSHF)
- Planet 13 Holdings Inc. (OTC:PLNHF)
Greenlane Holdings, Inc.
Greenlane Holdings, Inc. develops and distributes cannabis accessories, vape solutions, and lifestyle products in the United States, Canada, and Europe. In recent news, the company announced it will host a second-quarter 2023 conference call.
This call is set for August 14th at 4:30 p.m. ET. The call will be webcast with an accompanying slide deck, which will be accessible by visiting the Financial Results page of Greenlane’s investor relations website.
Jushi Holdings Inc.
Jushi Holdings Inc. a vertically integrated cannabis company, engages in the cultivation, processing, retail, and distribution of medical and adult-use products.
It focuses on building a portfolio of cannabis assets in various jurisdictions around the United States. Recently the company reported its Q2 2023 financial results.
Second Quarter 2023 Financial Highlights
- Total revenue of $66.4 million
- The 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
Planet 13 Holdings Inc.
Planet 13 Holdings Inc. an integrated cannabis company, engages in the cultivation, production, distribution, and marketing of cannabis and cannabis-infused products for medical and retail cannabis markets in Nevada, the United States. On August 9th the company reported its Q2 2023 financial results.
Financial Highlights – Q2 – 2023
- Revenue was $25.8 million as compared to $28.4 million, a decrease of 9.1%. The decline in revenue was driven by a decline in the average price of cannabis in Nevada, partially offset by an increase in wholesale revenue in Nevada.
- Gross profit was $11.9 million or 46.0% as compared to $13.8 million or 48.7%. The decline in gross profit was driven by a decrease in the average price of cannabis in Nevada and a greater percentage of revenue coming from lower-margin wholesale revenue.
- Total expenses were $15.4 million as compared to $15.6 million, a decrease of 1.6%. The decline in total expenses was driven by lower share-based compensation offset by higher professional fees associated with potential M&A.
- Net loss of $4.3 million as compared to a net loss of $2.0 million. The increase in net loss was driven by lower gross profit dollars as well as high one-time costs associated with potential M&A.
- Adjusted EBITDA of $3.0 million as compared to Adjusted EBITDA of $2.9 million. The higher Adjusted EBITDA margin was primarily due to an improvement in the Company’s operating costs.
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