Best Cannabis Stocks To Watch Next Month
As the market falls, are you looking for the top marijuana stocks? Trading cannabis penny stocks is one method cannabis investors are leveraging the present expansion of the cannabis industry. For the ease of those who are unsure, any stock that trades for less than $5 is referred to as a penny stock. These marijuana companies, which are well recognized for their high volatility in the present market environment, could produce significant returns for short-term investors.
Over the next five years, the cannabis market is expected to more than double. One industry that will grow significantly is the international cannabis market. These days, a lot of companies have established themselves across many industries and are expanding outside of the US.
As the market has, the cannabis business has reached new lows. Given everything, this might offer marijuana investors another chance to purchase pricey businesses at cheaper trading prices. Let’s take a look at three of the top marijuana stocks that have declined this month as we head into November.
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Top Marijuana Penny Stocks For November Watchlist
- MariMed Inc. (OTC: MRMD)
- SNDL Inc. (NASDAQ: SNDL)
- High Tide Inc. (NASDAQ: HITI)
MariMed Inc.
MariMed Inc. has expanded into a multistate marijuana company with a well-established network of retail sites. The company builds and operates state-licensed cannabis facilities from seed to sale. The management team at MariMed has a track record of success in its managed business divisions. Some of the company’s best-selling and award-winning goods and brands include Betty’s Eddies®, Nature’s HeritageTM, Bourne Baking Co., and Kalm Fusion®. To celebrate the introduction of its Buddy Baked line, MariMed created the largest cannabis-infused brownie in history last year. The company received recognition in May for making the largest cannabis brownie ever. The business acquired a dispensary in Beverly in March, providing it with a second retail space in Massachusetts.
The business generated $33 million in revenue and had a 45% gross margin in the second quarter of 2022. The amount of $8.9 million in non-GAAP Adjusted EBITDA resulted in a non-GAAP Adjusted EBITDA margin of 27%. Additionally, the company reduced its initial sales projection from a range of $145 million to $150 million to $135 million to $140 million. The company also reduced its gross margin from an earlier range of 54% to 55% to about 50%. The business said in August that it had obtained a conditional dispensary license in the east-central region of Illinois, not far from the Indiana border. It will be the company’s sixth dispensary with an Illinois location operating under the Thrive brand when it opens. The business introduced award-winning brands to the Michigan adult-use cannabis market in September. The company will release its 3rd quarter 2022 results on November 7th after the close.
MRMD Stock Performance
MRMD stock closed at $0.53 on October 27th up 20.45% in the last month. The stock has a 52-week price range of $0.40-$0.975 and is down 38.73% year to date. According to analysts at CNN Business, the stock has a $1.05 average price target this would represent an upside of 98.11% from its last trading price of $0.53.
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Sundial Growers Inc.
The business generated $33 million in revenue and had a 45% gross margin in the second quarter of 2022. The amount of $8.9 million in non-GAAP Adjusted EBITDA resulted in a non-GAAP Adjusted EBITDA margin of 27%. Additionally, the company reduced its initial sales projection from a range of $145 million to $150 million to $135 million to $140 million. The company also reduced its gross margin from an earlier range of 54% to 55% to about 50%. The business said in August that it had obtained a conditional dispensary license in the east-central region of Illinois, not far from the Indiana border. It will be the company’s sixth dispensary with an Illinois location operating under the Thrive brand when it opens.
For the second quarter of 2022, Sundial reported its financial and operational successes, including record net sales of $223.7 million, up 2,344% from the second quarter of 2021’s $9.2 million. In place of SNDL’s second-quarter loss of $2.8 million in 2021, the company’s gross margin increased by 1,627% to a record-setting $43.1 million in Q2 2022. The company’s net loss increased to $74.0 million in the second quarter of 2022, up 41% from the second quarter of 2021. The first international shipment of premium dry flower from Canada to Israel has been completed by SNDL and IM Cannabis.
SNDL Stock Performance
SNDL stock closed at $2.24 on October 27th up 3.46% in the past five days of trading. The stock has a 52-week price range of $1.96-$9.60 and is down 61.27% year to date. According to analysts at CNN Business SNDL stock has a 12-month consensus price target of $3.75 per share. In this case, this would represent an increase of 67.36% from its last trading price of $2.24.
[Read More] Top Cannabis Stocks For Long-Term Investments In November 2022
High Tide Inc.
High Tide Inc. is a cannabis dispensary that also produces and markets cannabis-related goods. In addition to a well-known Canadian cannabis brand, High Tide’s portfolio also includes a reputable international manufacturer and distributor of cutting-edge smoking accessories. When the company was founded, the goal was to become the biggest accessories online marketplace. The High Tide brand is presently available at 127 retailers across Canada. Blessed CBD’s primary market is the UK, and High Tide acquired the business in October 2021. With the launch of its 66th retail cannabis store, the firm increased its market share and surpassed all competitors to become Alberta’s leading supplier. High Tide completed its largest purchase to date when it bought NuLeaf Naturals.
The business just concluded acquiring Smoke Cartel Inc. and developed the Grasscity brand, which sells hemp-derived CBD products. Known online shop Dankstop was acquired by the quickly growing High Tide in order to reach the US cannabis industry. Sales climbed by 98% and adjusted EBITDA improved for the ninth consecutive quarter in the second quarter of 2022, according to financial information released by High Tide. Sequentially from the most recent quarter to the previous one, same-store sales increased by 23%. Sales increased as well; they increased from $40.9 million at the same time in 2021 to $81.0 million in the second quarter of 2022.
From the previous quarter to the current one, revenue increased by 12% sequentially. Gross profit increased by 51% to $22.7 million in the second quarter of 2022 from $15.0 million in the corresponding quarter of 2021. In July, the company acquired nine operational retail cannabis outlets from Choom Holdings.
HITI Stock Performance
The shares of HITI finished at $1.36 on October 27th down 4.23% in the last month of trading. The stock is currently trading in a 52-week price range of $1.30 to $7.98, down 68% year to date. HITI stock has an average price target of $8.85 per share, according to Tip Ranks analysts. In this example, the upside would be 550.74% over the current market price of $1.36.
Trading Penny Pot Stocks In November 2022
In October, these top cannabis stocks hit new lows; as they begin to rebound, investors may find value in the stocks. You can examine a company’s financial statements and recent news releases to decide whether an asset is suitable for your trading strategy and portfolio. Understanding technical indicators and chart patterns can help you make better trading decisions. These equities may be among the finest cannabis-related ones to monitor before November.
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