Best Cannabis Stocks In 2023 This Week

3 Marijuana Stocks To Watch in December For Better Trading

This upcoming year marijuana stock investors await to see what will occur. There is a split between optimism and increased fears of what will go wrong. Many are still stuck in disbelief that there has been no advancement of any type of federal reform. You would think with over a billion dollars quarterly per legal state that federal reform would be a no-brainer. But it is not that simple however every time positive news on the matter is released the market begins to recover.

With how much money and success that has been happening it is a matter of time before federal reform becomes law. For now, investors are looking for more ways to invest without taking bad losses. This will take time and research to create a strategy that can produce returns with how most marijuana stocks trade. In 2024 it looks like people will play the long game when looking for the best marijuana stocks to buy.

Beyond reform companies are working on different projects that we hopefully get to see emerge this new year. Even in a volatile space, there is always a chance to make money. As mentioned above it takes time preparation to have better odds at seeing profits. The companies mentioned below could be marijuana stocks to watch if you are looking to invest in legal cannabis.

Top Marijuana Stocks To Watch Today

  1. High Tide Inc. (NASDAQ:HITI)
  2. Glass House Brands Inc. (OTC:GLASF)
  3. IM Cannabis Corp. (NASDAQ:IMCC)

High Tide Inc.

High Tide Inc. engages in the cannabis retail business in Canada, the United States, and internationally. The company operates two segments, Retail and Wholesale. In recent news, the company opened a new Canna Cabana store in Winnipeg, Manitoba.

HITI Stock

This opening will mark High Tide’s 159th Canna Cabana branded retail cannabis location in Canada, the 11th in Manitoba, and the 6th store in Winnipeg, the capital city of the province.

Glass House Brands Inc.

Glass House Brands Inc. through its subsidiaries, cultivates, manufactures, and distributes cannabis bulk flowers and trims to wholesalers in California.

GLASFIn recent news, the company reported record-breaking third-quarter 2023 financial results.

[Read More] Will Florida Cannabis Legalization Help Marijuana Stocks?

Q3 2023 Highlights And Key Mentions

  • Cash increased to $37.9 million from $22.7 million in Q2 2023, including about $5 million in capex spend and a $12.8 million inflow from Series D Preferred Equity Fund Raise
  • Operating cash flow reached a record $9.1 million versus $8.3 million in Q2 2023
  • Adjusted EBITDA1 was $10.7 million versus $9.5 million in Q2 2023
  • Revenue was a record $48.2 million, up 8% sequentially and 71% year-over-year
  • Gross margin was 54% versus 55% in Q2 2023 versus 31% in the prior year period
  • Q3 Biomass revenue increased 142% year-on-year and production was up 36% year-over-year
  • Cost per Equivalent Dry Pound of Production2,3 dropped to a record low $118 per pound, down 12% versus Q3 2022
  • Average selling price was $336 per pound, up 65% versus last year

[Read More] Marijuana Stocks To Buy And Add To Your 2024 Watchlist

IM Cannabis Corp.

IM Cannabis Corp. engages in the breeding, growing, and supplying of medical cannabis products in Israel and Germany. On November 27th the company announced a receipt of court action. A complaint was made in the Ontario Superior Court of Justice in Canada by Michael Wiener, 35 Oak Holdings Ltd., and MW Investments Ltd. Which was against IMC Cannabis Corp. and its board of directors and officers. IMC_logo_corp

A copy of this complaint was delivered to IMC on November 17, 2023. The complaint claims that IMC made misrepresentations in its disclosures before the IMC/MYM transaction in 2021. MYM Shareholder Plaintiffs are claiming damages that amount to approximately 15 million dollars. IMC has reviewed the complaint and believes that the allegations are without merit.

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