Best Cannabis Stocks With Momentum To Start 2023
Are you interested in purchasing the best marijuana stocks for 2023? Long-term investing becomes challenging when even greater losses always follow market gains. Trading short-term is one way to profit from the current market volatility. The risk-to-reward ratios of cannabis penny stocks are the highest of any cannabis stock.
One method cannabis investors are benefiting from the current downturn in the sector is by trading cannabis penny stocks. Any stock traded for less than $5 is referred to as a penny stock. For short-term investors, these cannabis companies, known for their high market volatility, could yield significant rewards.
The international cannabis market is one area of the industry that will experience tremendous growth. The market for freshly legalized cannabis will still be growing in 2023. At present, statistical records could continue to be broken, and this trend is likely to continue until most countries have approved legalization legislation and launched their regulated industries. Ultimately, this might present a chance for marijuana investors to purchase quality companies at lower market prices. Let’s examine two of the top marijuana stocks that grew in 2023.
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Best Marijuana Penny Stocks With Gains In January 2023
- IM Cannabis Corp. (NASDAQ: IMCC)
- Clever Leaves Holdings Inc. (NASDAQ: CLVR)
IM Cannabis Corp.
IMC operates in Israel, Germany, and Canada and is a world leader in the medical and adult-use recreational cannabis industry. According to the company, the IMC brand has apparently helped the Israeli medical cannabis sector pass a critical milestone. The variety of medical marijuana products offered by IMC is expanding. Adjupharm, a subsidiary of the business with a German headquarters and an EU-GMP-certified medicinal cannabis distributor, represents the company throughout Europe. The company has made significant announcements regarding opening a cutting-edge logistics facility in Germany. With the aid of this facility, Adjupharm will be able to optimize its supply chain going forward by repackaging cannabis in a sizable volume.
In November, IMC announced third-quarter sales of $14.2 million, a 78% increase over the $8.0 million recorded in the previous quarter and a 12% organic growth rate. Additionally, the gross profit increased 39% between the third quarters of 2021 and 2022 ($2.8 million vs. $2.0 million). The gross margin for Q3 2022 was 20% higher than Q3 2021. The primary factor behind the drop is the write-off of out-of-date local non-premium inventory. In comparison to a net profit of $0.8 million in Q3 2021, the company reported a net loss from continuing operations of $4.5 million in Q3 2022.
IMCC Stock Performance
IMCC stock closed at $1.32 on January 25th, up 25.71% in the past month of trading. The stock has a 52-week price range of $0.821-$26.70 and is up 35.41% year to date. According to analysts at CNN Business, IMCC stock has a median price target of $7 per share. In this case, this would represent an upside of 430.30% from its last trading price of $1.32.
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Clever Leaves Holdings Inc.
Clever Leaves Holdings Inc. cultivates, extracts, produces and sells marijuana. Currently, the company operates in a number of nations, including Colombia, Portugal, Germany, the United States, and Canada. The business creates, produces, markets, sells, and distributes a range of homeopathic remedies and health and detoxification products. Clever Leaves aims to radically disrupt the cannabis manufacturing market as it currently exists by implementing industrial-scale, affordable, ESG-friendly, cost-effective production methodologies. These techniques combine the strictest medical-grade certifications that are currently available on a global scale.
Revenue for the company’s third quarter in 2022 was $3.3 million rather than $4.0 million. Sales unrelated to cannabis increased by 12%, from $0.9 million to $1.0 million, while non-cannabis-related sales fell by 12%, from $3.2 million to $2.3 million. A $0.7 million inventory reserve caused the overall profit to fall from $1.9 million to $0.3 million. A $1.7 million inventory reserve was to blame for this. The net loss was $20.2 million instead of a net income of $1.0 million. This was primarily brought on by a $19.0 million charge for the impairment of intangible assets made during the quarter. This was only partly offset by a liability for unpaid taxes totaling $6.7 million.
Clever Leaves announced on January 23 that its activities in Portugal would be shut down as part of ongoing restructuring efforts. In order to maximize current operational efficiencies, the Company will also concentrate on all marijuana cultivation and production operations in Colombia.
CLVR Stock Performance
CLVR stock is trading at $0.4511 on January 25th, up 42.30% in the past month of trading. Currently, the stock has a 52-week price range of $0.29-$3.98 and is up 46.94 year to date. According to 2 analysts at CNN Business, CLVR stock has a consensus price target of $2.28 per share. This forecast represents an increase of 398.90% from its last trading price of $0.46.
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Making The Best Of Market Volatility In Penny Pot Stocks
As 2023 begins, some of the top cannabis stocks are surging. Examining their financials and press releases may make it easier to identify the best cannabis businesses on the market. In an effort to capitalize on the current market volatility, a select group of seasoned traders is actively placing short-term wagers in the largest cannabis companies. Before starting a position, choose the proper parameters using technical indicators and chart patterns. You can improve your capacity for completing successful trades by actively seeking out favorable positions. Given how volatile the top marijuana stocks were last year, these may be some of the best stocks to keep an eye on.
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