Best Cannabis Stocks To Watch In April

Are you interested in investing in marijuana stocks in 2023? Throughout the past few years, there have been major decreases in the cannabis industry. Many of the top cannabis companies are now trading at penny stock prices following a rise from the end of 2020 to February 2021. A penny stock is any stock that is traded for less than $5. Despite the marijuana industry’s well-known high level of market volatility, short-term investors can still consider making large profits.

Companies that provide cannabis-related goods or services without having a direct relationship with the marijuana plant are known as ancillary cannabis companies. By providing farmers, processors, distributors, and retailers with access to essential infrastructure, technology, and services, these companies significantly help the cannabis industry. These businesses are ideally positioned to prosper alongside the cannabis industry as it grows in various ways. Investors may be able to profit from the market’s present momentum by utilizing the sector’s rebound. Below is a list of the top two ancillary cannabis stocks to watch before April.

[Read More] 2 Top Marijuana Stocks For Cannabis Investing 2023

Top Ancillary Cannabis Stocks Online To Watch In April

  1. WM Technology, Inc. (NASDAQ: MAPS)
  2. Leafly Holdings, Inc. (NASDAQ: LFLY)

WM Technology, Inc.

Weedmaps is an online retailer for the cannabis industry and a user and business directory. The business owner is WM Technology, Inc. Cannabis retailers frequently employ the cloud-based SaaS solutions from WM Business as their operating system. The goods and services WM Business offers frequently make it less difficult to abide by the complex and ever-changing legislative regulations governing the cannabis industry. WM Technologies launched a digital payment option in Ontario to broaden its product line in May. Because curbside pickup, delivery, and cashless transactions were becoming increasingly required, this benefited small enterprises.Weedmaps_Logo_Kit_Primary_Mark_Teal_Text_Blk_Smile_3x

In 2021, the company purchased Sprout, a well-known cannabis CRM and marketing platform. The business revealed its results for the fourth quarter and the entire 2022 year on March 16. Revenue for Q4 2022 was $49.3 million as opposed to $54.2 million for Q4 2021. Notably, the average number of monthly paying customers increased to 5,689 from 4,766 at the same time last year. Weedmaps saw a net loss of $60.8 million as opposed to a net profit of $78.4 million during the same period last year.

Revenue for the fiscal year that concluded on December 31, 2022, was $215.5 million as opposed to $193.1 million the year before. In addition, there were 5,457 paying customers on average each month, up from 4,337 the year before. The corporation experienced a net loss of $82.7 million in 2022 as opposed to a net income of $152.2 million the year before. Weedmaps’ Adjusted EBITDA decreased to $(9.6) million from $31.7 million in the previous year.

MAPS Stock Performance

MAPS stock closed at $0.8046 on March 29th, down 27.19% in the last month of trading. Currently, the stock has a 52-week price range of $0.77- $8.35 and is down 20.34% year to date. According to analysts at CNN Business, MAPS stock has a 12-month average price target of $1.50 per share. In essence, this would represent an upside of 87.50% from its last trading price of $0.8046.

[Read More] Top Cannabis Stocks To Watch Now? 3 For April

Leafly Holdings, Inc.

Leafly Holdings Inc. owns and operates a platform that connects customers with cannabis brands, licensed merchants, and educational resources. The company is the most reliable website for locating and purchasing cannabis goods from licensed vendors worldwide. Each year, more than 125 million individuals use Leafly to learn about cannabis and purchase it from nearby shops online. Customers can make wise purchase decisions because of the company’s enormous resources, which include technology and advertising services. This encourages customer retention and draws in new clients for cannabis businesses. Customers may purchase cannabis directly from the business website thanks to the online cannabis delivery service the company built when it began operating in California in May.

Full-year sales of $47.4 million, up 10% from full-year 2021, were revealed in the company’s fourth quarter and full-year 2022 reports. Total sales for Q4 2022 were $12.1 million, which was in line with Q4 2021. In comparison to Q4 2021, the company’s net loss for the quarter was $5.1 million, or $5.8 million. Moreover, the adjusted EBITDA loss was $4.2 million as opposed to $4.1 million in the fourth quarter of 2021. Full-year 2022 net income was $5.1 million, compared to a net loss of $12.0 million in FY 2021. This difference was principally attributable to non-cash adjustments in derivative liabilities totaling $36.8 million, which were somewhat offset by an increase in operating costs. Leafly issued first quarter 2023 guidance expecting revenue to be between $11.0 million and $11.3 million and adjusted EBITDA loss to be in the range of $4.3 million to $4.0 million.

LFLY Stock Performance

LFLY stock closed on March 29th at $0.3809, down 29.59%% in the past month of trading. Currently, the stock has a range of $0.3651-$11.48 and is down 41.57% year to date. According to analysts at CNN Business, LFLY stock has a median price target of $2.50 per share. In this case, this would represent an upside of 556.17% from its last trading price of $0.3809.

[Read More] Top Marijuana Penny Stocks For April 2023

Best Ancillary Pot Stocks For April 2023

Finding the top cannabis companies on the market may be made more efficient by examining their financial records and press releases. To benefit from the current market volatility, many seasoned investors are actively trading short-term stakes in the top cannabis companies. Use technical indicators and chart patterns to identify the best entry points and take-profit areas before opening a position. You can increase your ability to close winning trades by putting yourself in favorable setups. The most well-known US marijuana companies may be among the top ancillary pot stocks to watch in 2023 due to their extraordinary volatility.


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