Cannabis Winners: Best-Performing Marijuana Stocks in the Last 6 Months
In the past six months, several marijuana stocks have emerged as top performers in the rapidly evolving cannabis industry. Companies like Canopy Growth Corporation (CGC), Curaleaf Holdings (CURLF), and Tilray, Inc. (TLRY) have seen remarkable growth, driven by various factors such as increasing legalization, growing consumer acceptance, and promising forecasts for the cannabis sector. The cannabis industry has been experiencing a surge in demand as more states and countries legalize marijuana for medical and recreational use. This expanding market is attracting both investors and traders, making it a fertile ground for those looking to capitalize on the industry’s growth potential.
For day traders seeking to navigate the volatile cannabis market, technical indicators can be invaluable tools. Indicators like the Relative Strength Index (RSI), Moving Averages, and Bollinger Bands can help identify potential entry and exit points. By analyzing price charts and these indicators, traders can make more informed decisions and improve their chances of profiting from short-term price movements. However, it’s important to exercise proper risk management. Given the inherent volatility of marijuana stocks, setting stop-loss orders and defining risk-reward ratios are essential strategies to protect capital. Diversification is also key, as investing in multiple stocks within the sector can help spread risk. As the cannabis industry evolves, staying informed about regulatory changes, market sentiment, and industry trends is crucial for traders and investors.
Marijuana Momentum: The Top Stocks Lighting Up the Market in the Last 6 Months
- Jushi Holdings Inc. (OTC: JUSHF)
- WM Technology, Inc. (NASDAQ: MAPS)
- Verano Holdings Corp. (OTC: VRNOF)
Jushi Holdings Inc.
Jushi Holdings Inc. is a hemp and cannabis business with headquarters in the US, expanding its market share in the medical and recreational marijuana industries. The company aims to supply the US market with branded cannabis and hemp-derived products. 34 Jushi-owned and -managed dispensaries nationwide employ the BEYOND/HELLO brand. Additionally, Jushi maintains 31 retail licenses across the country, and its leading national cannabis dispensary brand, Beyond/Hello, is growing both online and offline. The business was able to extend its vertically integrated operations into Nevada in April by purchasing NuLeaf Inc.
Second Quarter 2023 Financial 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
JUSHF Stock Performance
JUSHF stock closed at $0.7750 on October 20th, up 68.48% in the last six months of trading. The stock has a 52-week price range of $0.350-$2.34 and is up 1.71% year to date. In this case, CNN Analysts forecast a stock median price target of $1.00. This would represent a 29.03% increase from its last trading price of $0.7750.
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WM Technology, Inc.
Weedmaps is a user and company directory and an online cannabis marketplace. WM Technology, Inc. is the company’s owner. Cannabis retailers frequently employ the cloud-based SaaS solutions from WM Business as their operating system. The solutions and services provided by WM Business frequently make it easier to comply with the intricate and dynamic regulatory requirements for the cannabis industry. WM Technologies offered a digital payment option in Ontario in May to broaden its product line. Small businesses benefited from the popularity of cashless transactions, curbside pickup, and deliveries.
Second Quarter 2023 Financial Highlights
- Revenue was $50.9 million as compared to $58.3 million in the second quarter of 2022 (“prior year period”).
- Average monthly paying clients(1) was 5,609, as compared to 5,537 from the prior year period.
- Average monthly revenue per paying client(2) was $3,022, as compared to $3,509 from the prior year period.
- Net income was $2.0 million as compared to net income of $19.8 million from the prior year period.
- Adjusted EBITDA(3) was $10.2 million as compared to $(0.6) million from the prior year period.
- Basic and diluted net income per share were both $0.01 based on 92.9 million and 93.6 million of Class A Common Stock weighted average shares outstanding, respectively.
- Total shares outstanding across Class A and Class V Common Stock were 148.9 million as of June 30, 2023.
- Cash totaled $24.6 million as of June 30, 2023, with no debt.
MAPS Stock Performance
MAPS stock closed at $1.15 on October 20th, up 66.57% in the last six months of trading. The stock has a 52-week price range of $0.596- $2.12 and is up 13.86% year to date. According to analysts at CNN Business, MAPS stock has a 12-month average price target of $2.06 per share. In essence, this would represent an upside of 83.48% from its last trading price of $1.15.
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Verano Holdings Corp.
Verano Holdings Corp. is a vertically integrated, multi-state cannabis company with offices in the US. For its high-end cannabis products, the company has a variety of brand names available. There are 129 dispensaries in Verano, along with 14 factories and 13 states. Despite this, the company is well-known in Florida and has 63 locations there. Zen LeafTM and MÜVTM, two of the company’s retail brands, run dispensaries that serve both medical and non-medical clients. The business opened its 68th store in Florida on June 1st in Miami Kendall.
Second Quarter 2023 Financial Highlights
- 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.
VRNOF Stock Performance
VRNOF shares closed at $4.4250 on October 20th, up 61.18% in the past six months of trading. In this case, the stock has a 52-week price range of $2.53-$6.08 and is up 41.83% year to date.
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