Best Cannabis Stocks To Watch For Next Week
Are you looking for the best marijuana stocks to buy in mid-February? Beginning in 2023, the cannabis industry has seen some gains because of a rise in the markets as a whole. Ancillary cannabis equities are one segment of the cannabis industry that saw large decreases in 2022.
Generally speaking, ancillary cannabis companies are those that help the industry without really dealing with the plant. Delivery services, lighting equipment producers, grow technologies, point-of-sale systems, extraction technology, and industry consulting are all examples of ancillary cannabis businesses. These businesses are well-positioned to thrive alongside the cannabis sector as it develops in numerous ways.
Federal cannabis reform delays have had an influence on the US cannabis sector, which has an annual market worth billions of dollars. By taking advantage of the sector’s recovery, investors may benefit from the market’s current momentum. The top three cannabis ancillary stocks to watch this week in February are mentioned below.
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Best Ancillary Marijuana Stocks For Penny Stocks Investors
- Leafly Holdings, Inc. (NASDAQ: LFLY)
- WM Technology, Inc. (NASDAQ: MAPS)
- Agrify Corporation (NASDAQ: AGFY)
Leafly Holdings, Inc.
Leafly Holdings Inc. owns and operates a platform that links users to cannabis brands, licensed stores, and educational resources. The most trustworthy website for finding and buying cannabis products from authorized sellers throughout the globe is Leafly. More than 125 million people use Leafly every year to learn about cannabis and buy it online from nearby stores. The company’s extensive resources, which include technology and advertising services, enable customers to make informed purchasing decisions. This promotes customer loyalty and draws new customers to cannabis businesses. Thanks to the online cannabis delivery service that the business established when it started doing business in California in May, customers may now buy cannabis directly from the company website.
According to the corporation, overall sales for the third quarter of 2022 were $11.8 million, an 8.1% increase from the third quarter of 2021. Additionally, from Q3 2021 to Q3 2018, the gross margin decreased from 88.4% to 87.1%. Due to fair value accounting, the third quarter of 2021, which also included gains on derivative liabilities of $22.3 million, had a net loss of $4.5 million as opposed to a net income of $15.5 million. In the third quarter of 2021, the company lost $3.6 million in adjusted EBITDA, as opposed to $5.2 million in the comparable quarter in 2018. Additionally, owing to a partnership between Leafly and Uber Eats, cannabis dealers and customers in the Toronto region now have a third-party delivery choice.
LFLY Stock Performance
LFLY stock closed on February 9th at $0.5914, up 0.41%% in the past month of trading. Currently the stock has a range of $0.455-$11.58 and is down 9.28% year to date. According to analysts at CNN Business, LFLY stock has a median price target of $3.75 per share. In this case this would represent an upside of 540.59% from its last trading price of $0.5914.
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WM Technology, Inc.
Weedmaps is a user and company directory and an online shop for the cannabis market. The company’s owner is WM Technology, Inc. The cloud-based SaaS solutions from WM Business are widely used by cannabis retailers as their operating system. The products and services provided by WM Business frequently make it simpler to adhere to the intricate and constantly evolving legal requirements governing the cannabis sector. To diversify its product offering, WM Technology introduced a digital payment option in Ontario in May. This helped small businesses because curbside pickup, delivery, and cashless transactions became increasingly necessary. The business acquired Sprout 2021, a well-known cannabis CRM and marketing platform.
Weedmaps disclosed third-quarter 2022 data with revenue of $50.5 million, which was higher than the third quarter of 2021 ($50.9 million in revenue). Additionally, there are now 5,576 paying customers on average monthly, up from 4,444 clients at the same time period the previous year. The corporation lost $10.5 million, as opposed to net profits of $49.2 million at the same time the previous year. Adjusted EBITDA declined from $10.4 million in the same quarter last year to $9.6 million this quarter. Based on existing business trends and conditions, Weedmaps expects its revenue for the second half to be closer to the broad end of its projection. As a result, a low double-digit percentage decline in sales from the previous year is anticipated for the fourth quarter.
MAPS Stock Performance
MAPS stock closed at $1.16 on February 9th, up 4.50% in the last month of trading. Currently, the stock has a 52-week price range of $0.802- $8.35 and is up 14.85% year to date. According to analysts at CNN Business, MAPS stock has a 12-month average price target of $3.88 per share. In essence this would represent an upside of 235.50% from its last trading price of $1.16.
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Agrify Corporation
The US-based company Agrify Corporation offers dependable machinery and software to the indoor farming sector. The business offers vertical farming systems, integrated grow racks, and LED grow lights. Agrify’s cutting-edge software and technology solutions enable businesses to operate at the highest levels of dependability, effectiveness, and quality while only incurring minimal costs. The company’s services include consulting, engineering, and construction. Precision Extraction Solutions and Cascade Sciences, two well-known providers of tools and services for examining, processing, and extracting hemp and cannabis, were recently acquired by the business. The company acquired Lab Society in February, a pioneer in cannabis extraction, distillation, and solvent separation solutions, with a $10 million yearly revenue.
Agrify’s revenue declined from $15.8 million at the same time in 2021 to $7.0 million in the third quarter of 2022. Revenue climbed by 51.4% to $52.4 million from $34.6 million during the same period last year. The third quarter’s gross loss was $(4.1) million, or (58.6%) of revenue, compared to the same period last year, when it was $(380) thousand, or (2.4%). The most recent quarter’s gross profit (loss) was $1.7 million, or 3.2% of revenue, as opposed to the prior year-to-date quarter’s gross profit (loss), which was $393 thousand, or (1.1%)% of revenue. For the forthcoming fiscal year 2022, Agrify anticipates adjusted sales of between $65 million and $70 million.
AGFY Stock Performance
AGFY stock closed on February 9th at $0.4399, up 2.30% in the past month of trading. Currently the stock has a range of $0.246-$86.35 and is up 32.10% year to date. According to analysts at CNN Business, AGFY stock has a median price target of $1.68 per share. In this case this would represent an upside of 280.68% from its last trading price of $0.4399.
Top Ancillary Pot Stocks And Trading Current Volatility
By examining their financial accounts and press announcements, you might determine which cannabis companies are the best on the market. Some seasoned traders are aggressively putting short-term bets on well-known cannabis companies in an effort to profit from the present market volatility. Before starting a position, use technical indicators and chart patterns to help locate the finest market opportunities. Your chances of succeeding in trading will rise if you look for profit-taking opportunities. Due to the volatility of major marijuana companies, these may be some of the best marijuana stocks to watch this month.
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