Key Cannabis Stocks To Watch for June Investors
The cannabis industry continues to thrive in 2024, making marijuana stocks a hot topic for investors. With the U.S. market valued at $30 billion and projected to reach $50 billion by 2028, there’s immense growth potential. Ancillary companies, which provide essential services and products to the cannabis sector, are also gaining traction. These companies, from packaging suppliers to technology firms, are crucial for the industry’s infrastructure. Recently, headlines have been dominated by discussions of federal legalization, which could open new markets and streamline operations. This regulatory shift could further boost stock values, making it a pivotal time to consider marijuana penny stocks.
When investing in these stocks, it’s essential to use technical analysis and proper risk management. Technical analysis involves studying price patterns and market trends to make informed decisions. This method helps investors identify potential entry and exit points. Additionally, managing risk is crucial, especially in a volatile market like cannabis. Diversifying investments and setting stop-loss orders can help mitigate potential losses. By staying informed and strategically managing investments, investors can capitalize on the growth of the cannabis industry while minimizing risks. Keeping an eye on these penny stocks as the sector evolves could yield significant returns.
The cannabis industry is rapidly evolving, with several companies making significant strides. This June, three companies stand out as top stocks to watch: High Tide Inc. (HITI), Greenlane Holdings, Inc. (GNLN), and Village Farms International, Inc. (VFF). Each of these companies has a unique position in the market, offering investors compelling opportunities.
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Best Cannabis Stocks to Watch This June
- High Tide Inc. (NASDAQ: HITI)
- Greenlane Holdings, Inc. (NASDAQ: GNLN)
- Village Farms International, Inc. (NASDAQ: VFF)
High Tide Inc.
High Tide Inc. is a leading retail-focused cannabis company with a significant presence in Canada and the United States. Founded in 2009, High Tide operates 126 retail cannabis stores in Canada, making it one of the largest chains in the country. The company has been expanding its presence through strategic acquisitions and partnerships in the United States, targeting key markets such as California and Nevada. High Tide’s success is driven by its diverse portfolio, which includes retail stores, online sales platforms, and wholesale distribution.
Financially, High Tide has shown strong performance. In its latest quarterly report, the company reported revenue of CAD 81 million, marking a 64% year-over-year increase. This growth was primarily driven by the acquisition of new stores and the expansion of its e-commerce platforms. High Tide’s gross profit also increased to CAD 27 million, reflecting a 55% year-over-year growth. However, the company reported a net loss of CAD 8.9 million, attributed to higher operating expenses and investments in growth initiatives. Despite this, High Tide remains optimistic about its prospects, focusing on cost management and revenue diversification to achieve profitability.
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Greenlane Holdings, Inc.
Greenlane Holdings, Inc. is a prominent cannabis accessory and vaporizer company with a strong presence in North America and Europe. Established in 2005, Greenlane distributes premium products to over 11,000 retail locations. Its extensive product line includes vaporizers, glass products, and other cannabis accessories. The company also operates a direct-to-consumer online platform, enhancing its reach and customer engagement. Greenlane’s strategic partnerships with leading brands and manufacturers have solidified its position as a market leader.
In recent financial reports, Greenlane Holdings demonstrated resilience amidst industry challenges. The company reported revenue of USD 34 million for the latest quarter, showing a slight decline from the previous year. This decrease was mainly due to supply chain disruptions and changing consumer preferences. Despite this, Greenlane achieved a gross profit of USD 6.8 million, representing a 20% gross margin. However, the company reported a net loss of USD 5.2 million, influenced by increased operating expenses and restructuring costs. Greenlane is focused on streamlining operations and enhancing its product offerings to drive future growth.
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Village Farms International, Inc.
Village Farms International, Inc. is a diversified agriculture and cannabis company with significant operations in North America. Founded in 1989, Village Farms initially focused on greenhouse-grown produce. The company has since expanded into cannabis production through its subsidiary, Pure Sunfarms. Village Farms operates one of the largest cannabis greenhouses in Canada, located in Delta, British Columbia. The company has also entered the U.S. hemp and CBD markets, capitalizing on the growing demand for these products.
Village Farms has shown robust financial performance, driven by its cannabis segment. In the latest quarter, the company reported revenue of USD 66 million, a 28% increase year-over-year. The growth was fueled by strong cannabis sales and the expansion of its product lines. Village Farms’ gross profit reached USD 18 million, reflecting a 27% gross margin. However, the company reported a net loss of USD 1.9 million, primarily due to expansion and market development investments. Despite these challenges, Village Farms remains committed to its growth strategy, focusing on increasing production capacity and market penetration.
June’s Highlighted Cannabis Investment Opportunities
High Tide Inc., Greenlane Holdings, Inc., and Village Farms International, Inc. are three cannabis stocks to watch this June. Each company has a unique market position and growth strategy, making them attractive investment opportunities. High Tide is focused on retail expansion and e-commerce growth. Greenlane is strengthening its product offerings and distribution network. Village Farms is leveraging its agricultural expertise to drive cannabis production. Investors should closely monitor these companies as they navigate the dynamic cannabis industry.
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