Top Marijuana Penny Stocks Under $1: Explosive Gains and Future Prospects
In a fast-paced and ever-evolving market, marijuana stocks continue to capture the attention of investors seeking high-reward opportunities. This past week, the world of marijuana penny stocks saw incredible price surges, with several stocks priced under $1 experiencing remarkable percentage gains. These companies represent a dynamic segment of the booming US cannabis industry, poised for significant growth in the coming years.
As the cannabis industry in the United States gains momentum, it’s essential to recognize the potential of marijuana penny stocks under $1. These stocks have been making waves recently, showcasing some of the market’s most significant weekly percentage gains. As more states move towards legalization and regulatory frameworks evolve, the cannabis industry is projected to experience substantial growth. According to industry experts, the US cannabis market is set to expand rapidly, reaching an estimated value of $41 billion by 2025. This growth opens up opportunities for investors to explore the world of marijuana penny stocks, but it’s crucial to approach this market with caution and informed strategies.
Investing marijuana penny stocks for short-term gains can be a high-reward, high-risk endeavor. Using technical analysis and practicing proper risk management is essential to navigate this volatile sector successfully. Understanding price trends, patterns, and market sentiment can be invaluable in making informed decisions. Additionally, setting stop-loss orders and diversifying your portfolio can help mitigate the risks of penny stocks. As the cannabis industry in the US continues to evolve, opportunities in the penny stock market could offer exciting possibilities. Still, investors should approach with a keen eye and a well-thought-out trading strategy.
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Penny Pot Stocks on the Rise in October: Top Picks Under $1
- Acreage Holdings, Inc. (OTC: ACRHF)
- Cansortium Inc. (OTC: CNTMF)
- SLANG Worldwide Inc. (OTC: SLGWF)
Acreage Holdings, Inc.
Acreage Holdings, Inc. is a cannabis grower and retailer with sites around the United States. Acreage’s partnership with Canopy Growth Corporation (NASDAQ: CGC) could lead to an acquisition if the US prohibition is lifted. The economies of New York and New Jersey are anticipated to grow significantly during the following few years due to their expansive geographic boundaries. The state with the most merchants with licenses is New Jersey, where Acreage plans to finish building its development center.
Second Quarter 2023 Financial Highlights
- Consolidated revenue of $58.1 million, an increase of 3.8% compared to quarter ended March 31, 2023 (“Q1 2023”).
- Gross margin was 36%. Excluding the impact of non-cash inventory adjustments, gross margin for Q2 2023 was 44%.
- Adjusted EBITDA* was $6.8 million, and Adjusted EBITDA* as a percentage of consolidated revenue was 12%.
ACRHF Stock Performance
ACRHF stock closed at $0.30 on October 20th, up 30.43% in the last week of trading. The stock has a 52-week price range of $0.11-$1.25 and is down 41.18% year to date.
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Cansortium Inc.
Cansortium Inc., a Florida-based cannabis company, is focusing on manufacturing high-quality cannabis. The company currently has locations in Texas, Michigan, and Pennsylvania. A $90 million loan and equity agreement negotiated the year before allowed Cansortium to grow into Florida and Pennsylvania. According to the business, Fruitland Park, Florida, is home to a dispensary. Cansortium is one of Florida’s largest dispensary networks with 30 locations. Full-spectrum extracts, cartridges, lotions, and other high-end consumables are just a few products available under Fluent’s Fluent brand.
Q2 2023 Financial Highlights (vs. Q2 2022)
- Revenue increased 9% to $24.4 million compared to $22.4 million.
- Florida revenue increased 11% to $20.1 million compared to $18.2 million.
- Adjusted gross profit1 increased 5% to $15.8 million or 64.6% of revenue, compared to $15.0 million or 67.0% of revenue.
- Adjusted EBITDA was $8.6 million compared to $10.2 million, with the decrease primarily driven by increased SG&A related to new store openings that are still ramping.
- Cash flow from operations for the three months ended June 30, 2023 was $4.8 million compared to $5.8 million in the prior year.
- On June 30, 2023, the Company had approximately $8.8 million of cash and cash equivalents and $59.3 million of total debt, with approximately 298 million shares outstanding.
CNTMF Stock Performance
On October 20th, CNTMF stock finished at $0.10, up 18.89% in the past week of trading. In this case, the stock is now trading in a 52-week price range of $0.058-$0.2050 and is down 4.29 percent year to date.
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SLANG Worldwide Inc.
SLANG Worldwide Inc. is the market leader in branded cannabis consumer goods, with a varied portfolio of five distinct brands and products distributed throughout the United States. In general, SLANG focuses on acquiring and expanding market-proven regional brands in 13 legal cannabis jurisdictions around the country and building distinctive new brands to capitalize on global market potential and meet changing consumer preferences. The Company has more than a decade of operating expertise in the new and heavily regulated cannabis sector, and its partners benefit from that expertise by having access to the SLANG playbook for effective operations, sales, and marketing.
Second Quarter 2023 Financial Summary
- Revenue from continuing operations for the three months ended June 30, 2023, was $8.44 million, compared with $9.87 million in the three months ended June 30, 2022. The year-over-year decline was primarily driven by a reduction of $1.63 million in our Distribution sales and $0.96 million in our Emerging Market sales, partially offset by a $1.05 million increase in Core Market sales driven by growth in Vermont. For the six months ended June 30, 2023, revenue from continuing operations increased 5.6% to $19.3 million from $18.2 million in the prior year’s six-month period.
- Gross profit of $4.4 million (52% gross margin) in Q2 2023, compared with $4.5 million (43% gross margin) in Q2 2022. Adjusted gross profit1 was $4.5 million (54% adjusted gross margin) in Q2 2023, compared with $4.3 million (43% adjusted gross margin) in Q2 2022, representing a 6.3% increase year-over-year.
- EBITDA1 of $(1.2) million in Q2 2023, compared with $(1.1) million in Q2 2022.
- Adjusted EBITDA1 of $(0.76) million in Q2 2023, compared with $(0.70 million) in Q2 2022.
- $10.07 million in cash and restricted cash on June 30, 2023, compared to $11.67 million in cash and restricted cash on March 31, 2023. The Company received an additional $1.63 million in ERTC (Employee Retention Tax Credit) from the Internal Revenue Service post-quarter-end. As of August 15, 2023, SLANG had $11.23 million in cash and restricted cash compared to $11.92 million on December 31, 2022.
SLGWF Stock Performance
SLGWF stock closed at $0.0382 on October 20th, up 15.88% in the last week of trading. In this case, the stock has a 52-week price range of $0.014-$0.0605 and is up 47.64% year to date.
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Investor’s Radar: October’s High-Growth Marijuana Penny Stocks
In conclusion, the world of marijuana penny stocks under $1 has proven to be a dynamic playground for investors seeking swift gains in October. The recent surges in these stocks reflect the growing excitement surrounding the cannabis industry, with changing regulations and increased consumer demand paving the way for a potentially explosive market. However, investors should approach this arena cautiously, employing prudent risk management and technical analysis strategies to navigate the inherent volatility. As the US cannabis industry continues to flourish, these penny stocks offer a tantalizing glimpse of the opportunities available, but they are not without their challenges. By staying informed and employing innovative investment practices, individuals can potentially harness the momentum and capitalize on the growth in this thriving sector.
With the market dynamics in constant flux, October has showcased the potential for significant profits within the world of marijuana penny stocks under $1. Overall, investors must remain vigilant and adaptable in trading these stocks as they seek the next big opportunity. Keeping an eye on industry trends and practicing sound risk management will be instrumental in capitalizing on the momentum while mitigating potential losses. While penny stocks can offer short-term excitement, it’s important to remember that they come with a heightened level of risk. Therefore, it’s wise to approach this sector with a well-thought-out strategy that aligns with your investment goals and risk tolerance.
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