Best Marijuana Stocks Right Now
In 2023, do you plan to invest in the top US marijuana stocks? In 2023, more expansion of the cannabis market in the United States is anticipated. There will probably be more cannabis companies operating in the US as more states legalize cannabis for medical and recreational purposes. As competition intensifies, established businesses will try to increase their market share, and new startups will probably appear to satisfy the rising demand for cannabis products.
The industry may experience further consolidation as more prominent companies buy smaller ones to get their technology, patents, and expertise. Furthermore, the industry can become more regulated, which could be advantageous for cannabis entrepreneurs as well as challenging. Nevertheless, it is predicted that the US cannabis sector will expand over the coming years due to a shift in public perception, more legalization, and the potential for significant profits.
It is crucial to remember that various factors, such as adjustments to governmental laws and regulations, changes in consumer tastes, and shifting market dynamics, could impact the industry’s future. Grand View Research estimates that the US cannabis market could be worth $ 10.8 billion in 2021 and will increase at a CAGR of 14.9% between 2022 and 2030. Investors may profit from the recent market dip by utilizing the sector’s broad rebound. These three US marijuana stocks may appear on your list in 2023.
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Best Marijuana Stocks To Watch Last Week Of April
- Planet 13 Holdings Inc. (OTC: PLNHF)
- Jushi Holdings Inc. (OTC: JUSHF)
- Glass House Brands Inc. (OTC: GLASF)
Planet 13 Holdings Inc.
Planet 13’s Superstore is a well-known 112,000-square-foot dispensary on the Las Vegas Strip. Once Planet 13 builds a sizable store in Orange County in 2021, it will surpass all other marijuana retailers in the state. On planet 13, there are two of the biggest cosmic superstore dispensaries. The Medezin facility provides a retail dispensary and a condensed version of the business’s main website. Vertical integration successfully allowed the company to acquire California’s Next Green Wave in March.
The company reported in March that Q4 2022 revenue for Planet 13 was $24.8 million as opposed to Q3 2022’s $25.6 million. The company incurred a $32.8 million impairment charge, which was a factor in its $38.6 million Q4 2022 net loss. Planet 13’s Q4 2022 Adjusted EBITDA loss was $0.8 million. Moreover, the total revenue for 2022 was $104.6 million as opposed to $119.5 million for 2021. A proposal for the SuperStore extension in Vegas that incorporates a consumption lounge is also being developed by Planet 13. Nevada quickly expanded, so the company’s first harvest occurred in September.
The news that a consumption lounge would soon be a part of the renowned Las Vegas SuperStore experience was announced by Planet 13 in December to much anticipation. The company debuted Port Orange, Florida’s “Fun Coast,” in January as the fourth location in their intended network of marijuana stores. Port Orange is a component of the well-known vacation area, which also includes Deltona, Daytona Beach, and Ormond Beach, and it has a population of over 600,000.
PLNHF Stock Performance
PLNHF stock closed on April 21st at $0.6976, down 20.73% in the last month of trading. Currently, the stock has a 52-week price range of $0.603-$2.12 and is up 14.36% year to date. According to analysts at CNN Business, PLNHF stock has a 12-month forecast median target of $1.02 per share. In this case, this would represent an increase of 45.85% from its last trading price of $0.6976.
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Jushi Holdings Inc.
Jushi Holdings Inc. is a hemp and cannabis company growing its market share in the American medical and recreational marijuana markets. The company’s primary objective is to offer a variety of branded marijuana and hemp-derived products to the US market. 34 Jushi-owned uses the BEYOND/HELLO brand and -operated dispensaries nationwide. Additionally, Jushi has 31 retail licenses in the US, and Beyond/Hello, its national cannabis dispensary brand, is growing both online and offline. By acquiring NuLeaf Inc. in April, the company was able to extend its vertically integrated operations into Nevada.
According to preliminary figures released by Jushi’s, revenue for the fourth quarter of 2022 climbed by 16.6% year over year to $76.8 million and for the entire fiscal year by 35.8% to a record $284.3 million. Additionally, the business expanded its retail network in 2022 by launching seven additional stores and operating 35 dispensaries nationally. The business experienced a net loss of $202.3 million in FY 2022.
JUSHF Stock Performance
JUSHF stock closed at $0.43 on April 21st, down 20.15% in the last month of trading. Currently, the stock has a 52-week price range of $0.4250-$2.8580 and is down 43.43% year to date. According to analysts at CNN Business, JUSHF stock has a 12-month average price target of $1.11 per share. In this case, this represents an upside of 157.75% from its last trading price of $0.43.
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Glass House Brands Inc.
Glass House Brands Inc., a vertically integrated hemp and cannabis firm, caters to one of the country’s most rapidly developing industries. The business focuses on the California market, developing innovative, eco-friendly brands to meet customers’ needs in various industries. Forbidden Flowers, Glass House Farms, and Mama Sue Wellness are a few of the company’s well-known products. In September 2021, the company will invest in a 5.5 million square foot greenhouse in Southern California. The new company’s chief financial officer is Mark Vendetti. PLUS, a well-known California edibles business, was bought for $25.6 million in December.
In its full-year 2022 results, Glass House reported record fourth-quarter revenue of $32.2 million, up 14% sequentially. Also, gross profit increased to $10.2 million from $8.7 million in Q3 2022 to $(0.4) million in Q4 2021. The gross margin was 2% in Q4 2021 and 31% in Q3 2022. Net revenues for 2022 climbed by 31% to $90.9 million from 2021 as a result of the company’s new California Farm’s increased wholesale biomass production and sales, as well as the expansion of its retail reach. Adjusted EBITDA was $(2.6) million as opposed to $(9.1) million in Q4 2021 and $(2.7) million in Q3 2022.
Net revenues for 2022 climbed by 31% to $90.9 million from 2021 as a result of the company’s new California Farm’s increased wholesale biomass production and sales, as well as the expansion of its retail reach. Our retail revenues increased by 23% from 2021 to $26.7 million as a result of the additional revenue from the four retail stores we purchased in the third quarter. The company anticipated $27 million to $29 million in first-quarter revenue.
GLASF Stock Performance
GLASF stock ended at $2.90 on April 21st, down 2.36% in the last month’s trading. Currently, the stock has been trading in a 52-week range of $1.78-$4.86. GLASF stock is up 51.83% year to date.
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Short-Term Trading Top Pot Stocks In Q2 2023
Examining their financials and press releases may help you discover the best cannabis companies. To take advantage of the current market volatility, several seasoned investors are actively trading short-term holdings in the top cannabis businesses. Use technical indicators and chart patterns to identify the best entry points and take-profit areas before opening a position. Your potential for profitable trade execution can be increased by continually looking for favorable positions. The most well-known marijuana stocks in the US may be among the best pot stocks to watch in 2023 due to their volatility.
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