Here’s Why You Need These 3 Marijuana Stocks In Your Portfolio
Marijuana stock investors are continuously looking for new opportunities. Well luckily for them the cannabis industry is still fairly young and new investment opportunities may soon happen. As the sector continues to grow also comes new companies and the ability to get invested. As many know who are not able to start a cannabis company can own shares of one. When a company is publicly traded it allows anyone to own shares of an already existing cannabis company. With the level of volatile trading currently many are looking for the best marijuana stocks to buy. Especially with many companies just reporting earnings.
The earnings that companies have recently released give shareholders and investors a more in-depth look at the company. A way to build confidence for investors is when a company can show progress. This progress can be increased revenue or a new product or a strategic partnership. All of the above would help sway more people to invest in top cannabis stocks. Like always first do your research and develop a game plan to help have better odds at making money.
More and more states and global regions are joining the green rush which hopefully leads to better rules and regulations. Right now there is continued effort to establish federal reform for the US cannabis industry. If and when it is passed it will be a possible game changer with how most marijuana stocks trade. So with all of the above in mind, the companies below are several marijuana stocks to watch for short and long-term cannabis investing.
Top Marijuana Stocks To Watch Today
Ayr Wellness Inc.
Ayr Wellness Inc. operates as a vertically-integrated cannabis multi-state operator that cultivates, manufactures, and retails cannabis products and branded cannabis packaged goods. It owns and operates a chain of cannabis retail stores under AYR, Liberty Health Sciences, and The Dispensary brand names. On August 17th the company reported its Q2 2023 financial earnings.
Highlights And Key Mentions
- Opened the Company’s 86th retail location, subsequent to quarter end.
- Q2 retail sales increased 1% sequentially from Q1, with total transactions up 6%.
- The Company has opened 10 Florida stores thus far in 2023, bringing its Florida store total to 62 open locations to date. The Company plans to exit 2023 with a total of Florida 64 stores, compared to 52 to start the year.
- Completed re-brand of full fleet of Florida stores to AYR Cannabis Dispensary.
- Announced agreement to acquire third Ohio dispensary license.
- Announced an exclusive licensing and retail agreement in Florida with Kiva
- Confections, a global leader in cannabis edibles.
Verano Holdings Corp.
Verano Holdings Corp. operates as a vertically integrated multi-state cannabis operator in the United States. The company engages in the cultivation, processing, wholesale, and retail distribution of cannabis across the United States. The company has announced its Q2 2023 financial results.
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Q2 2023 Highlights And Key Mentions
- Revenue of $234 million increased 5% year-over-year and increased 3% versus the prior quarter.
- Gross profit of $115 million or 49% of revenue.
- SG&A expense of $85 million or 36% of revenue.
- Net loss of $(13) million.
- Adjusted EBITDA2 of $72 million or 31% of revenue.
- Cash flow from operations of $24 million for the quarter.
- Capital expenditures of $8 million for the quarter.
- Free Cash Flow1 of $16 million for the quarter.
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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. On August 11th the company reported its second quarter 2023 financial results.
Second Quarter 2023 Highlights
- Total revenue of $66.4 million
- 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 quarter end
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