Best Marijuana Stocks For Trading In 2023
Are you looking for top marijuana stocks to watch in April? The marijuana industry has financial difficulties due to supply chain problems, industry consolidation, strict regulations, and inflationary pressures. The lack of qualified workers and insurer interest in offering market coverage will test the industry’s resiliency. Increasing prices and problems with the supply chain in 2022 substantially jeopardized the profitability of cannabis businesses in 2023.
Making brief investments in cannabis penny stocks is one strategy to profit from the market’s downward trend. Any share of stock that is sold for less than $5 is referred to as a penny stock. Investors that want to make quick profits by buying and selling stocks quickly utilize both short-term trading and day trading tactics. Due to the penny stocks that deal in cannabis’ well-known high level of daily and monthly price volatility, opportunities may arise.
Cannabis investors willing to participate in these high-risk/high-reward transactions have benefited from the recent double-digit percentage returns on several equities. Many of the largest American cannabis businesses are currently trading for pennies on the dollar. Examining the top 3 marijuana penny stocks to add to your watchlist for April will be helpful.
3 Top US Cannabis Stocks To Watch Before April
- Green Thumb Industries Inc. (OTC: GTBIF)
- Columbia Care Inc. (OTC: CCHWF)
- Glass House Brands Inc. (OTC: GLASF)
Green Thumb Industries Inc.
Green Thumb Industries Inc. is a major player in the cannabis consumer packaged goods (CPG) industry in the United States. The company currently operates 77 stores throughout 15 states. GTI will soon have 111 retail licenses, with more on the way. In accordance with the conditions of the first agreement with the privately held Cookies Brand, GTI will open a Cookies on the Las Vegas Strip in 2021. After successfully acquiring Dharma Pharmaceuticals, Green Thumb has announced the opening of its marijuana business in Virginia. In addition, the business entered the Minnesota market by acquiring Leafline Industries. The business unveiled its 77th Rise location in April.
Green Thumb Latest Earnings Results
Green Thumb released its results for the fourth quarter and the entire 2022 year at the end of February. A 6.4% rise over the fourth quarter of 2021’s $243.6 million brought the overall revenue for the fourth quarter of 2022 to $259.3 million. For 2022, total revenue increased by 13.9% to $1.0 billion. The leading causes of the revenue rise in the fourth quarter were revenue from acquisitions completed throughout 2021 and the legalization of adult-use sales in New Jersey, which went into effect on April 21, 2022. Total retail revenue climbed by 14.2% in the fourth quarter of 2021 and by 24.1% in the entire year of 2022. On a base of 65 locations, fourth quarter 2022 comparable sales (stores open at least 12 months) gained 3.4% over the previous year.
Compared to the fourth quarter of 2021, when the gross profit was $128.6 million or 52.8% of revenue, the fourth quarter of 2022 saw a gross profit of $124.0 million, or 47.8% of revenue. Gross margin for the entire year was $504.0 million, or 49.5% of revenue, as opposed to $491.9 million, or 55.1% in 2021. In comparison to the prior year’s fourth-quarter net gain of $22.8 million, or $0.10 per basic and diluted share, the company’s fourth-quarter 2022 net loss was $51.2 million, or ($0.22) per basic and diluted share. In 2022, net income reached $12.0 million, or $0.05 per basic and diluted share.
GTBIF Stock Performance
On March 28th, GTBIF shares finished at $8.00, down 3.16% in the trading month. Currently, the stock has a 52-week price range of $7.40-$19.51 and is down 7.41% year to date. According to analysts at CNN Business GTBIF stocks has a 12-month average price target of $15.44 per share. In this case, this would represent an increase of 92.97% from its last trading price of $8.00.
[Read More] Top Marijuana Stocks To Watch Right Now In 2023
Columbia Care Inc.
The territory of Columbia Care Inc. should dramatically expand in the New York area. The company, which is one of the biggest cannabis growers on the East Coast, just bought a 34-acre Long Island facility. There are presently 131 locations for Columbia Care, including 33 growing and processing facilities, 95 dispensaries, and 18 US cities. In October 2021, the company unveiled a marijuana dispensary at its first site in Missouri. The site of Virginia’s third gLeaf dispensary has been disclosed to the corporation. On March 23, Columbia Care was purchased by Cresco Laboratories Inc. (OTC: CRLBF), the largest MSO in the US, for a $2 billion total enterprise value.
Corporate forecasts suggest that revenue will rise 2.4% annually to $133 million in the third quarter of 2022. In addition, the company’s gross profit increased 2.5% QoQ to $52 million. Retail revenue only increased by 0.4% compared to Q2 2022, but wholesale revenue increased by 14% sequentially, significantly raising EBITDA. By June 2022, adult usage hours would be fully implemented in New Jersey’s retail establishments. More than 85% more market sales were generated over the preceding three months, and wholesale growth outpaced quarterly growth by a factor of more than five.
In Q3, no new retail establishments were inaugurated. Also, the company added Carytown, its fifth retail facility in Virginia, at the end of the quarter, bringing the total number of dispensaries to 85. Columbia Care welcomed the beginning of marijuana sales for adult use in Missouri on February 6. Also, the business released a brand-new line of specially crafted cannabis tablets in February under PRESS 2.0.
CCHWF Stock Performance
CCHWF stock closed on March 28th at $0.5473, down 10% in the last month of trading. Currently, the stock has a 52-week range of $0.5360-$3.35, down 10.27% year to date. According to analysts at CNN Business, CCHWF stock has a 12-month average price target of $2.57 per share. In this case, this is an upside of 369.34% from its last trading price of $0.5473.
Glass House Brands Inc.
One of the fastest-growing sectors in the country is served by Glass House Brands Inc., a vertically integrated hemp and cannabis corporation. The company concentrates on the California market, where it creates cutting-edge, environmentally friendly brands to satisfy the demands of clients across several industries. Specifically, some of the company’s well-known goods include Forbidden Flowers, Glass House Farms, and Mama Sue Wellness. The business will invest in a 5.5 million square foot greenhouse in Southern California in September 2021. Mark Vendetti is the new company’s chief financial officer. A well-known California edibles company, PLUS, was acquired for $25.6 million in December.
Glass House Latest Earnings Results
With record fourth-quarter revenue of $32.2 million, up 14% sequentially, Glass House revealed its full-year 2022 results. Furthermore, gross profit was $10.2 million, from $8.7 million in Q3 2022 to $(0.4) million in Q4 2021. In Q3 2022, the gross margin was 31%, and in Q4 2021, it was only 2%. Also, in comparison to 2021, net revenues for 2022 increased by 31% to $90.9 million, principally due to increased wholesale biomass production and sales from the company’s new California Farm and the growth of its retail reach. In comparison to the $(9.1) million in Q4 2021 and the $(2.7) million in Q3 2022, adjusted EBITDA came in at $(2.6) million.
In comparison to 2021, net revenues for 2022 increased by 31% to $90.9 million, principally due to increased wholesale biomass production and sales from the company’s new California Farm and the growth of its retail reach. The four retail stores we bought in Q3 contributed additional revenue, which helped our retail revenue reach $26.7 million and rise by 23% compared to 2021. The business provided guidance for Q1 2023, anticipating revenue of $27 million to $29 million. Due to lower sunlight levels in Q1 compared to Q4 and our assumption that CPG sales will fall by up to 20% as a result of the ongoing challenging retail environment and shipping holds being placed on non-paying retailers, the decline vs. Q4 22 is being driven by the seasonal reduction in biomass production.
GLASF Stock Performance
GLASF stock ended at $2.69 on March 28th, down 7.88% in the last month’s trading. Currently, the stock has been trading in a 52-week range of $1.78-$5.26. GLASF stock is up 40.84% year to date.
Trading Pot Stocks For Short Term In 2023
In general, both day trading and short-term trading can be risky since they call on investors to make quick decisions based on limited information and are susceptible to changes in the market or unexpected news. These trading techniques also need substantial experience and knowledge, access to real-time market data, and trading platforms.
By studying their financials and press releases, it may be simpler to determine which cannabis companies are the best on the market. A number of seasoned investors are actively trading short-term positions in the leading cannabis companies to take advantage of the present market volatility. Prior to opening a position, use technical indicators and chart patterns to pinpoint the ideal entry points and take-profit zones. You can improve your capacity for profitable trade execution by systematically hunting for favorable setups. In conclusion, due to their potential for volatility, the top marijuana stocks may be among the most interesting to watch in 2023.
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