July 2023’s Top Performing US Marijuana Stocks – Analyzing Their Market Momentum
As the cannabis industry in the United States continues to grow and expand quickly, investors are keeping a close eye on the top marijuana stocks dominating the market. Overall, the values and potential of these companies have increased significantly since July 2023, as legal changes and greater public acceptability boost the cannabis market to new heights. In this article, we look at the top US marijuana stocks and analyze their current market momentum, highlighting the significant elements fueling their success and providing insights into their prospects.
In recent years, the cannabis legalization scene has seen significant changes. Subsequently, with an expanding number of states legalizing medicinal and recreational marijuana, the business has drawn significant interest from investors looking for profitable prospects. In addition, policymakers are realizing the economic and social benefits of a regulated cannabis industry, fueling the movement for federal legalization.
Certain marijuana stocks in the United States have established themselves as industry leaders, capturing the market and providing amazing results. Additionally, these businesses have successfully navigated the complex web of regulations, embraced technological improvements, and created strong business models to gain market share and deliver value to their shareholders.
Against this backdrop, the top US marijuana stocks will reach an important milestone in July 2023 as they demonstrate exceptional momentum. As a result, these companies have managed to stay at the forefront of the sector, establishing themselves as the go-to investment options for individuals wanting exposure to the cannabis market, thanks to positive regulatory changes, expanding product portfolios, and growing consumer demand.
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Exploring the Top US Marijuana Stocks: July 2023 Edition
- Trulieve Cannabis Corp. (OTC: TCNNF)
- Curaleaf Holdings, Inc. (OTC: CURLF)
- Ascend Wellness Holdings, Inc. (OTC: AAWH)
Trulieve Cannabis Corp.
Trulieve Cannabis Inc., which operates in eleven states, controls the majority of the Florida market. In general, the company dominates the cannabis sector in America, with 186 retail locations. The facility’s processing and expansion space totals 4 million square feet. Trulieve’s position in the Southeast cannabis business has benefited from the most recent Georgia production license. The company opened its first dispensary in Massachusetts, laying the framework for future expansion. In early February, the business purchased a 64,00 square foot growing facility near Phoenix to expand its manufacturing capacity in the southwest. In April, the company bought Greenhouse Wellness West Virginia Dispensaries LLC, increasing its geographic footprint into West Virginia.
The corporation produced $289 million in revenue in the first quarter of 2023, with retail sales accounting for 95% of total income. Trulieve also had a 52% GAAP gross margin and a gross profit of $150 million. As a result, the company suffered a $64 million financial loss. The adjusted net loss of $21 million* excludes non-recurring charges, asset impairments, disposals, and discontinued activities. Trulieve now operates 186 retail locations in the United States and a growing processing capacity of over 4 million square feet.
Trulieve has taken proactive steps to reduce cash and margin-diluting assets, streamline operations, and reallocate resources into promising areas with long-term growth potential since mid-2022. In order to satisfy customer demand across various locations, efforts have included the shutdown of certain California retail assets, withdrawal from the Nevada wholesale market, and idle manufacturing capacity.
TCNNF Stock Performance
TCNNF stock closed on July 7th at $4.87, up 18.78% in the last month of trading. Currently, the stock has a 52-week price range of $3.73-$16.11 and is down 35.67% year to date. According to analysts at Tip Ranks, TCNNF stock has a 12-month average price target of $12.09 per share. In this case, this represents an upside of 148.33% from its last trading price of $4.87.
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Curaleaf Holdings, Inc.
Curaleaf Holdings, Inc. is a prominent international provider of cannabis consumer products to better people’s lives by cultivating, sharing, and celebrating the plant’s power. As a high-growth cannabis company known for quality, knowledge, and dependability, the Company and its brands, including Curaleaf, Select, and Grassroots, provide industry-leading service, product range, and accessibility across the medical and adult use sectors. Curaleaf is in 19 states, has 152 dispensaries, and nearly 5,500 staff members in the United States. Curaleaf International is Europe’s largest vertically integrated cannabis company, with a specialized supply and distribution network that spans the whole European market, combining cutting-edge cultivation, extraction, and production with cutting-edge science and research.
The company reported $336.5 million in net revenue in the first quarter of 2023, a 14% increase over $296 million in revenue in the first quarter of 2022, excluding suspended operations. Furthermore, a gross profit of $160.8 million with a gross margin of 48% and an Adjusted gross profit net of add-backs of $162 million with an adjusted gross margin of 48%. Including discontinued operations, the company lost $54.4 million, or $0.07 per share. Curaleaf Holdings, Inc.(1) reported an adjusted net loss from continuing operations of $46 million, or $0.05 per share.
CURLF Stock Performance
On July 7th, CURLF shares closed at $4.00, up 32.45% in the past month of trading. The stock is currently trading in a 52-week range of $2.19-$7.90 and is down 6.92% year to date. According to analysts at CNN Business, CURLF stock has a 12-month average price target of $5.63 per share. In this case, this would represent an upside of 40.70% from its last trading price of $4.00.
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Ascend Wellness Holdings, Inc.
AWH facilities exist in Massachusetts, New Jersey, Ohio, Illinois, Michigan, and Michigan. AWH’s key commercial activities include owning and operating facilities that produce well-known strains and having an extensive product portfolio. The company usually makes and distributes its items under the brand name Ozone. Among the cannabis-related items sold at the shop are candy, concentrates, pre-rolls, flowers, and vape pens. AWH operates 17 retail outlets and provides products to licensed marijuana businesses. As agreed upon by Ascend Wellness and MedMen Enterprises Inc., the purchase price of MedMen NY Inc. will rise.
Ascend Latest Financial Results
According to Ascend’s financial highlights for the first quarter of 2023, overall revenues increased 39.5% year on year and 4.9% quarter on quarter to $141.2 million. Furthermore, net revenue climbed 34.2% year over year and 1.9% quarter over quarter to $114.2 million, excluding intercompany wholesale goods sales. In addition, retail revenue climbed 30.7% year on year but was down 1.8% quarter on quarter to $82.7 million. Gross wholesale revenue climbed 54.0% year on year and 16.3% quarter on quarter to $58.4 million.
Wholesale sales climbed 44.2% year on year and 13.0% quarter on quarter to $31.4 million. As a result, Ascend’s net loss for the quarter was $18.5 million, down from $27.8 million in Q1 2022 and $15.1 million in Q4 2022. Adjusted EBITDA1 was $23.3 million, representing a margin of 20.4%. Adjusted EBITDA climbed by 42% year on year, while margins increased by 118 basis points. Margins fell 473 basis points from quarter to quarter. Also, Cash and cash equivalents totaled $73.3 million as of March 31, 2023, with net debt2 totaling $250.8 million.
AAWH Stock Performance
AAWH stock closed on July 7th at $0.7032, up 13.42% in the past five days of trading. Currently, the stock has a price range of $0.60-$2.91, down 38.85% year to date. According to analysts at CNN Business, AAWH stock has a 12-month median price forecast of $3.93 per share. In this case, it would represent an increase of 458.16% from its last trading price of $0.7032.
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Unlocking the Potential: US Marijuana Stocks in July 2023
Overall, the US marijuana sector has entered a new period of expansion and acceptance, and the top marijuana stocks are leading the drive. With the legalization of cannabis spreading across the country, these marijuana stocks have taken advantage of the expanding market potential. In addition, they have proved their capacity to adapt to changing rules, capitalize on technological breakthroughs, and create viable business models that appeal to consumers and investors.
While the cannabis sector in the US remains dynamic, many top marijuana stocks have established themselves as industry leaders. These companies are poised for further development and profitability. Consequently, investors seeking exposure to the cannabis market can see these companies as potential opportunities for long-term success.
Also, staying updated on the latest innovations and market trends is critical as the industry evolves. Overall, watching these top US marijuana companies will provide insights into the cannabis industry’s ever-changing landscape and inform investing decisions.
Disclaimer: Investing in marijuana stocks is risky, and investors should do their homework and speak with financial advisors before making any decisions.
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