Top Ancillary Marijuana Stocks For March List Now? 2 To Watch

Best Cannabis Stocks For March Traders

Which marijuana stocks should you invest in March? The stock market for ancillary cannabis stocks was one in 2022 that suffered significant losses. Cannabis ancillary companies support the cannabis sector but don’t deal with the plant itself. The cannabis industry usually receives assistance from several corporations. Businesses that provide lighting and cultivation equipment can benefit the cannabis industry.

Congress is now delaying the federal cannabis reform and SAFE Banking regulations, which has negatively impacted the cannabis market. Day traders and swing traders often profit the most when trading in a market like this. Some long-term investors also opt to use short-term trading tactics in addition to their large long-term investments in the cannabis sector.

In 2023, the stock market has been rising. Investors can currently purchase several of these marijuana stocks at substantial discounts. Several of these stocks may prove to be the best starting points for long-term investments for future cannabis investors or may present an opportunity to profit from current market swings. Here are the top 2 ancillary marijuana stocks to watch in 2023.

[Read More] 3 Marijuana Stocks To Watch In Stock Market Today 2023

Top Ancillary Marijuana Stocks March

  1. GrowGeneration Corp. (NASDAQ: GRWG)
  2. Hydrofarm Holdings Group, Inc. (NASDAQ: HYFM)

GrowGeneration Corp.

GrowGeneration Corp. is renowned for operating and supplying hydroponic and organic growing facilities in the US. The business offers a variety of hydroponic, organic, and lighting alternatives to cannabis growers. GrowGen currently owns and operates 60 organic gardening enterprises across the US. GrowGeneration.com’s internet presence has always been developed and expanded as a major priority. The website has evolved into a one-stop e-commerce destination with over 10,000 products, spanning from nutrition to lighting technology. During the next five years, the company plans to add more than 100 more locations in order to expand across the nation. In the third quarter of 2021, the company will construct the largest hydroponic garden facility in Los Angeles County.GRWG

GrowGeneration’s earnings during the third quarter of 2022 exceeded expectations. The third quarter’s revenue was $70.9 million, a 39% drop from the prior year’s period. Grow Gen’s third-quarter profit dropped by 279%, from $4.3 million in 2021 to a net loss of $7.2 million. Sales exceeded analyst expectations by 24%. In addition, EPS rose 7.7%, higher than forecast by analysts. The updated forecast for revenue in 2022 falls between $250 million and $275 million and between $270 million and $280 million. In November, GrowGen inaugurated its 60th location in New Jersey. The business appointed Aaron Hook as vice president of sales on January 9.

GRWG Stock Performance

On February 27th, the shares of GRWG finished at $4.18, down 9.91% in the last month of trading. GRWG stock is up 6.63% year to date, with a 52-week price range of $2.92-$10.79. According to CNN Business analysts, GRWG stock has a 12-month median price target of $5.13 per share. This would forecast a 22.61 percent increase over the last transaction price of $4.18.

[Read More] Top Marijuana Stocks To Buy? 3 To Watch In March

Hydrofarm Holdings Group, Inc.

Hydrofarm Holdings Group, Inc. is a well-known producer of agricultural supplies and equipment for hydroponic and controlled settings. The company frequently provides a wide range of cannabis-growing supplies. The company produces various products, such as temperature control systems, high-intensity grow lights, and growth boosters. The business said on November 1st that it had acquired New Growers Equipment, Inc., a business with several innovative items and a well-known brand. In order to offer cutting-edge reverse osmosis water filtration technology and solutions, the company partnered with AXEON Water Technologies in January.hyfm

Hydrofarm recorded net sales of $74.2 million in the third quarter of 2022 as opposed to $123.8 million in the same quarter of 2021. In addition, the gross profit was further decreased, falling from $30.0 million to $5.9 million. Gross profit was $7.8 million as opposed to $33.0 million after adjustments. In contrast to its net income of $17.3 million, or $0.37 per diluted share, the firm recorded a net loss of $(23.5) million, or $(0.52) per diluted share. The business also projects that its net revenues for the 2022 fiscal year would be in the $330-to-347 million range.

HYFM Stock Performance

HYFM Stock closed on February 27th at $2.09, up 12.97% in the past month of trading. The stock has a 52-week price range of $1.18-$20.38 and is up 34.84% year to date. According to analysts at CNN Business, HYFM stock has a 12-month average price target of $2.58 per share. In this case,, this would increase 23.80% from its last trading level of $2.09.

[Read More] 2 Marijuana Stocks To Watch During March 2023

Ancillary Pot Stocks For Traders In March

A number of potential developments in the next months may boost the value of these marijuana stocks in 2023. Finding the top cannabis companies on the market might be made simpler by looking at their financials and press releases. In an effort to benefit from the current market volatility, many seasoned investors are actively trading short-term holdings in the top cannabis companies. Use technical indicators and chart patterns to identify the best entry points and take-profit areas before establishing a position. Persevering in your search for advantageous opportunities will enable you to increase your ability to close profitable deals. The most well-known US marijuana companies may rank among the top stocks to watch in 2023 due to their notable volatility.

 


MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | new@marijuanastocks.com
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