Best Marijuana Stocks Mid October
Are you trying to find the best marijuana stocks for October? Delays in US federal cannabis legislation have frequently resulted in major losses for the cannabis industry. In general, the intensified efforts to achieve legislation abolishing federal cannabis prohibition are what has caused the current rise in the top cannabis stocks. Given the stock market’s severe volatility in 2022, making long-term investments will be increasingly difficult.
One strategy used by many investors to generate money during these difficult times is short-term trading. Generally, marijuana penny stocks are some of the cannabis market’s most volatile stocks. For those who don’t know, a penny stock is any stock that trades for less than $5. Particularly these cannabis penny stocks have a reputation for having significant daily and monthly price volatility. Some of these stocks have recently had double-digit percentage returns, which have benefited cannabis investors who are prepared to make these high-risk/high-reward investments.
New Developments In Congress
In addition, as the battle to regulate and legalize the US cannabis industry continues, it appears that some wins have been made in Congress. Sen. Cory Booker has said that he would be willing to support a SAFE Financing measure if it included provisions for marijuana industry banking and criminal justice reform. The SAFE Banking Act has received two votes of support from the House, but the Senate cannot move forward with it. Legal cannabis businesses would be able to deal with the American banking system thanks to this regulation.
Numerous professional traders are currently opening positions in some of the greatest penny marijuana stocks by taking advantage of the cheaper price points. As it stands, the cannabis sector may be planning for a potential increase in October. Let’s look more closely at 2 of the top marijuana penny stocks on your list this week while the markets as a whole experience a downturn.
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Best Cannabis Penny Stocks To Watch Now
- OrganiGram Holdings Inc. (NASDAQ: OGI)
- Red White & Bloom Brands Inc. (OTC: RWBYF)
OrganiGram Holdings Inc.
OrganiGram Holdings Inc., a Canadian business, is well recognized for its cannabis- and cannabis-derived products. The business is recognized for creating high-quality marijuana that can be smoked for both leisure and medical purposes. Organigram is expanding its most important international contacts in order to solidify its position in the global cannabis sector. The organization is seeing rapid growth in the wholesale cannabis distribution market. SHRED’ems Gummies, the premium addition to Organigram’s SHRED product line, are currently available. The Edison JOLTS are also the first tasty, powerful THC edible extracts in the country.
In July, the company released its financial 2022 third-quarter results. From Q3 F2021 to Q3 F2021, the gross revenue climbed by 90% to $55.2 million. The business’s net sales have likewise been rising at a record rate; they are currently at a record-high level of about $38.1 million. This represents a 20% increase over Q2 Fiscal 2022 and an 88% increase over the same quarter of the previous year’s $20.3 million and $31.8 million. As a result, in the third quarter of fiscal 2022, the company rose to third place among Canada’s licensed producers with a 7.8% market share. In June 2022, the Company will hold an 8.5% share of the adult recreational usage market.
OGI stock closed at $0.8853 on October 13th down 19.52% in the past month of trading. The stock has a 52-week price range of $0.8520-$2.55 and is down 49.41% year to date. According to analysts at CNN Business OGI stock has a 12-month median price target of $1.77 per share. In this case, this would represent an upside of 99.73% from its last trading price of $0.8853.
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Red White & Bloom Brands Inc.
With operations in numerous states, Red White & Bloom Brands Inc. hopes to rank among the greatest cannabis businesses in the nation. The company, which has retail sites in Michigan, Illinois, Massachusetts, Arizona, Florida, and California, is primarily focused on the legal cannabis and hemp industries. RWB has bought the Florida branch of Acreage Holdings Inc. RWB now operates eight retail locations, a 114,000-square-foot warehouse, and an office of 400 square feet in Florida. The company invested in a 45,000-square-foot greenhouse on 4.7 acres of land in Florida in August 2021. The company may have access to temporary cultivating capacity as a result of the purchase while constructing its 114,000-square-foot facility in Sanderson, Florida.
RWB released financial statistics for Q2 2022, showing an increase in revenue of 225%, from CDN $12.2 million to CDN $27.4 million. Sales rose overall by 235% to CDN $55.4 million from CDN $23.6 million for the six months that ended on June 30th, 2022. A gross margin of $16.1 million excluding biological assets. The top vape cartridge brand will be distributed to Missouri and Massachusetts in 2022. Thanks to the cooperation between RWB and C3 Industries, which was announced on June 15. In January RWB stated that it has been given the go-ahead to start building a 15,000-square-foot marijuana facility in Michigan.
RWBYF stock closed on October 12th at $0.09 down 10.98% in the past five days of trading. The stock has a 52-week price range of $0.064-$0.70 and is down 73.19% year to date.
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Pot Stocks For Short-Term Gains In 2022
Given the current market unpredictability, it can be challenging for investors to begin making long-term investments. Cannabis penny stocks are thought to have a higher risk-to-reward ratio. You should conduct your own research on the firm before investing. Press releases and financial reports from a corporation may contain details about the leading companies in each industry. Using technical indicators and learning more about chart patterns could improve your trading performance. These marijuana stocks may be the ones to watch right now as investors brace themselves for greater volatility in 2022.
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