Best Cannabis Stocks For April
In March, the cannabis and top marijuana stocks sector fell to new lows after rallying to start 2023. Financial challenges exist in the cannabis sector due to supply chain issues, industry consolidation, stringent laws, and inflationary pressures. The industry’s resilience will be tested by a lack of qualified workers and insurer interest in providing coverage for the market. The profitability of cannabis companies was seriously threatened in 2023 by rising costs and issues with the supply chain in 2022.
One way to benefit from the negative trend in the market is to make short-term investments in cannabis penny stocks. Penny stocks are any shares of stock that are sold for less than $5. Opportunities may occur due to the penny stocks that trade in cannabis’ well-known high daily and monthly price volatility. The recent double-digit percentage returns on several of these stocks have benefited cannabis investors prepared to participate in these high-risk/high-reward transactions.
Many of the most significant cannabis companies in both the US and Canada are currently trading at penny stock prices. Let’s examine the four best marijuana penny stocks to add to your watchlist for April.
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Best Cannabis Stocks To Watch Last Week In March
- Glass House Brands Inc. (OTC: GLASF)
- TPCO Holding Corp. (OTC: GRAMF)
- TILT Holdings Inc. (OTC: TLLTF)
- Neptune Wellness Solutions Inc. (NASDAQ: NEPT)
Glass House Brands Inc.
Glass House Brands Inc., a vertically integrated cannabis and hemp company, serves one of the nation’s fastest-growing industries. The business focuses on the California market, developing innovative, eco-friendly brands to meet customers’ needs in numerous 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.
Glass House Latest Results
Glass House reported its fourth quarter and full year 2022 results with record quarterly revenue of $32.2 million, up 14% sequentially. In addition, gross profit was $10.2 million compared to $(0.4) million in Q4 2021 and $8.7 million in Q3 2022. The gross margin was 32%, compared to (2)% in Q4 2021 and a gross margin of 31% in Q3 2022. Net revenues for 2022 were $90.9 million, an increase of 31% from 2021, primarily due to incremental wholesale biomass production/sales from the Company’s new SoCal Farm and expansion of the Company’s retail footprint. Adjusted EBITDA was $(2.6) million, compared to $(9.1) million in Q4 2021 and $(2.7) million in Q3 2022.
Net revenues for 2022 were $90.9 million, an increase of 31% from 2021, primarily due to incremental wholesale biomass production/sales from the Company’s new SoCal Farm and expansion of the Company’s retail footprint. Retail revenue reached $26.7 million and increased by 23% versus 2021, driven by incremental revenues from the four retail locations we acquired in Q3. The company gave guidance for Q1 2023, expecting revenue to be between $27 million and $29 million. The decline vs. Q4 22 is being driven by the seasonal reduction in the production of biomass due to lower sunlight levels in Q1 relative to Q4, and we assume that CPG sales will decline up to 20% due to the continued challenging retail environment and shipping holds being placed on non-paying retailers.
GLASF Stock Performance
GLASF stock ended at $2.81 on March 24th, down 3.10% 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 47.12% year to date.
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TPCO Holding Corp.
TPCO Holding Corp. is one of the largest cannabis enterprises in California. The TPCO brand comprises artist and entrepreneur Shawn Jay-Z Carter, hemp farmer Left Coast Ventures, and direct-to-consumer marketplace Caliva. Generally speaking, the company grows, transports, distributes, and extracts marijuana throughout California. The company distributes cannabis products worth 250 stock holding units under 17 owned and authorized brands. Following the incorporation of Coastal Holdings Company, LLC, in October, 11 retail stores and delivery locations were opened.
The business recorded net revenues from ongoing operations of $19.6 million for the third quarter of 2022. Continuous operations produced a gross profit of $6.6 million, or 34% of net sales, in the third quarter of 2022. The Parent Company’s reported adjusted Q3 2022 net loss of $31.3 million was partially offset by non-cash tax recovery of $24.5 million, losses from discontinued operations of $13.4 million, and non-cash impairments of goodwill and intangible assets of $127.8 million. For the third quarter of 2022, the company reported an Adjusted EBITDA loss from continuing operations of $15.9 million. The effects of modifications to the fair value of financial instruments, impairment charges, and other non-cash items are deducted from adjusted EBITDA.
TPCO reported a redesigned structure and projected future payment savings of $33.5 million in January. The company committed to market Monogram only in California for eight years. To preserve shareholder value, the corporation has announced plans to return 7.1 million previously issued ordinary shares to the general public. On February 22, The Parent Company and Gold Flora will merge to create the world’s largest vertically integrated operator and cannabis market.
GRAMF Stock Performance
GRAMF stock closed at $0.1979 on March 24th, down 31.76% in the last month of trading. Currently, the stock has a 52-week price range of $0.13-$1.40 and is up 35.55% year to date.
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TILT Holdings Inc.
TILT Holdings Inc., a company specializing in international markets, may assist cannabis entrepreneurs in developing a global brand. The companies’ primary markets include the European Union, the United States, Canada, Israel, Mexico, and South America. To be clear, TILT has a huge portfolio of businesses that provide manufacturing, production, hardware, and software to other top cannabis businesses. The business normally provides the best inhalation apparatus for cannabis-based medicines to the American and European markets.
According to data from TILT, revenue rose 11% sequentially in the second quarter of 2022. The amount of revenue received was $47.1 million as opposed to $48.5 million. In addition, the gross profit decreased from $12.9 million the previous year, or nearly 27% of total revenue, to $10.9 million this year, or roughly 23%. In contrast to the preceding year’s net profit of $1.0 million, the company’s net loss for the quarter was $7.1 million. The main cause of the drop was a $6.7 million non-cash goodwill impairment during the quarter. In Q1 2022, TILT and Timeless Refinery, a client that also uses inhalation technology, established a new brand agreement to market the company’s products in Ohio.
TLLTF Stock Performance
TLLTF stock is trading at $0.0664 on March 24th, down 12.63% in the past month. The stock has a 52-week price range of $0.029-$0.3390 and is up 64.76% year to date.
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Neptune Wellness Solutions Inc.
Neptune Wellness Solutions Inc. completely merged with a business that makes consumer items last year. In the US, the company will provide a variety of CBD-infused beverages, such as flavored teas and lemonades. From a major consumer goods corporation to a B2B hemp and cannabis extraction business, Neptune is currently in transition. The company currently sells cannabis, nutraceuticals, cosmetics, personal care items, organic food, beverages, and cannabis to its consumers. The company elevated Jessica Adkins to Senior Vice President of Corporate Communications in October. Pre-rolls were added to Neptune’s December Mood Ring product range in Ontario and Alberta.
Net sales fell from $12.5 million for the same time in 2018 to $12 million during the fiscal second quarter of 2023. However, the second quarter of the fiscal year witnessed a gross profit of $1.1 million as opposed to a loss of $(1.2) million in the corresponding quarter the year before. The company’s net loss climbed to $37.3 million in the second quarter from $12.1 million in the comparable first quarter of fiscal 2022. Vital Sprout’s annual revenue rose by 19% to $8.4 million.
NEPT Stock Performance
NEPT stock closed at $0.49 on March 24th, down 16.65% in the last month of trading. The stock has a 52-week price range of $0.23-$10.85 and is up 58.71% year to date.
Top Pot Penny Stocks For April 2023
In general, it could be easier to identify the top cannabis companies on the market by looking at their financials and press releases. To capitalize on the current market volatility, a number of seasoned investors are actively trading short-term holdings in the top cannabis companies. Use technical indicators and chart patterns to identify the best entry points and take-profit areas before establishing a position. By diligently looking for suitable setups, you can increase your ability to execute lucrative trades. The top marijuana stocks may be among the best to watch in 2023 because of their reputation for volatility.
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