August 2023’s Top 3 Marijuana Penny Stocks with Explosive Potential
Welcome to the intriguing world of marijuana penny stocks! As we approach August 2023, the cannabis sector is witnessing rapid growth and drawing investors looking to cash in on the green revolution. Penny stock trading can be exciting and risky; therefore, it is critical to approach these investments with caution and sound risk management measures.
When trading penny stocks, it’s critical to recognize the hazards of these low-priced, frequently volatile securities. Penny stocks can be exposed to huge price volatility due to their small market capitalization and low trading volume, rendering them vulnerable to manipulation and pump-and-dump scams. To reduce risk, investors should diversify their portfolios, never invest more than they can afford to lose, and do extensive research on the firms they are interested in.
Technical analysis is crucial in determining the best trade settings among marijuana penny stocks. Traders can identify probable entry and exit points by evaluating historical price data, chart patterns, and numerous technical indicators. Moving averages, the relative strength index (RSI), and Bollinger Bands can assist in identifying trends and potential turning points. However, it is necessary to combine technical and fundamental study to acquire a thorough picture of a company’s financial health and growth prospects.
Several top marijuana penny stocks are worth watching in August 2023. Companies engaged in this area could benefit significantly from the industry’s continued expansion and legislative improvements favoring cannabis legalization. However, remember that trading penny stocks necessitates a disciplined and cautious approach, and it’s critical to stay updated on the newest news and market trends to make informed selections.
[Read More] The Best 3 Marijuana Stocks For Investors To Watch
August 2023 Watchlist: Marijuana Penny Stocks to Keep an Eye On
- IM Cannabis Corp. (NASDAQ: IMCC)
- MariMed Inc. (OTC: MRMD)
- MedMen Enterprises Inc. (OTC: MMNFF)
IM Cannabis Corp.
IMC is a global pioneer in the medical and adult-use recreational cannabis industries, operating in Israel, Germany, and Canada. According to the business, the IMC brand has helped the Israeli medicinal cannabis sector reach a vital crossroads. IMC’s medical marijuana product line is growing. Adjupharm, an EU-GMP-certified medicinal cannabis distributor based in Germany, represents the company throughout Europe. The corporation has made grandiose claims regarding establishing a cutting-edge logistics hub in Germany. Adjupharm will be able to optimize its supply chain in the future with the help of this facility by repackaging cannabis in huge numbers.
IMC is a global pioneer in the medical and adult-use recreational cannabis industries, operating in Israel, Germany, and Canada. According to the business, the IMC brand has helped the Israeli medicinal cannabis sector reach a vital crossroads. IMC’s medical marijuana product line is growing. Adjupharm, an EU-GMP-certified medicinal cannabis distributor based in Germany, represents the company throughout Europe. The corporation has made grandiose claims regarding establishing a cutting-edge logistics hub in Germany. Adjupharm will be able to optimize its supply chain in the future with the help of this facility by repackaging cannabis in huge numbers.
IMCC Stock Performance
IMCC stock closed at $1.03 on August 3rd, up 11.45% in the past month of trading. The stock has a 52-week price range of $0.59-$8.30 and is up 5.66% year to date. According to analysts at CNN Business, IMCC stock has a median price target of $1.11 per share. This would represent an increase of 7.18% from its last trading price of $1.03.
[Read More] Keep an Eye on These US Cannabis Stocks in August 2023
MariMed Inc.
MariMed Inc., a multi-state cannabis operator, works daily to enhance people’s lives through high-quality goods, actions, and ideals. From seed to sale, the Company develops, owns, and operates state-licensed cannabis facilities that are models of excellence in horticultural concepts, cannabis production, cannabis-infused products, and dispensary operations. MariMed has an experienced management team, which has resulted in the continuous expansion and success of the Company and its managed business divisions. Betty’s Eddies, Nature’s Heritage, InHouse, Bubby’s Baked, K Fusion, Kalm Fusion, and Vibrations: High + Energy are just a few of the top-selling and award-winning products and brands from the Company. After the markets close on August 2, 2023, the company will reveal its financial results for the second quarter of 2023.
First Quarter 2023 Financial Highlights
- Revenue: The Company generated $34.4 million in revenue in 2023, showing a growth from $31.3 million in 2022.
- GAAP Gross Margin: The GAAP gross margin for 2023 was 45%, a decrease from the 54% recorded in 2022.
- Non-GAAP Gross Margin: The non-GAAP gross margin for 2023 was 46%, also lower than the 54% achieved in 2022.
- GAAP Net (Loss) Income: In 2023, the Company reported a net loss of $0.7 million, whereas, in 2022, they had a net income of $4.2 million.
- Non-GAAP Net Income: The non-GAAP net income in 2023 was $0.3 million, a decrease from $6.9 million in 2022.
- Non-GAAP Adjusted EBITDA: The Company’s non-GAAP adjusted EBITDA was $7.1 million in 2023, down from $10.4 million in 2022.
- Non-GAAP Adjusted EBITDA Margin: The non-GAAP adjusted EBITDA margin for 2023 was 21%, compared to the 33% margin in 2022.
2023 FINANCIAL GUIDANCE
MariMed remains committed to its proven strategic growth plan and continues to operate some of the best facilities in the cannabis industry. The Company’s guidance for the full-year 2023 is unchanged:
- Revenue of at least $150 million;
- Gross margin in line with the full year 2022, which was about 48%;
- Non-GAAP Adjusted EBITDA of at least $35 million;
- Capital expenditures of $30 million.
MRMD Stock Performance
MRMD stock closed at $0.3660 on August 3rd, down 10.73% in the past month of trading. The stock has a 52-week price range of $0.28-$0.72 and is up 10.89% year to date. According to analysts at CNN Business, MRMD stock has a 12-month average price target of $1.00 per share. In this case, this represents an upside of 173.22% from its last trading price of $0.366.
[Read More] Top Ancillary Cannabis Stocks to Watch: Q3 2023’s Potentially Lucrative Opportunities
MedMen Enterprises Inc.
MedMen is a large cannabis retailer in the United States, with stores in California, Nevada, Illinois, Arizona, Massachusetts, and New York. The company offers high-quality merchandise through its premium retail locations, proprietary delivery service, and curbside and in-store pickup, including MedMen-owned brands MedMen Red, Moss, and LuxLyte. Members of MedMen Buds, an industry-first loyalty program, have access to special promotions, product drops, and content. Legalizing and regulating cannabis, according to MedMen, will make the world a safer, healthier, and happier place.
In February, MedMen continued restructuring efforts, emphasizing successes to date, and announced the subsequent phases, which include a strategic examination of sites in Arizona, Illinois, and Nevada. In the most recent reported quarter, the company made significant efforts, resulting in a return to positive adjusted EBITDA and a 34% decrease in staff costs across its retail shops, cultivation facilities, and corporate offices. Along with cutting costs, the Company aims to localize store assortments and improve its cultivation facilities’ product quality and profitability. Implementing a new POS system and loyalty program later this spring will result in increased store efficiencies and consumer involvement. In May, the company expanded its reach by opening a Morton Grove, Illinois, location.
MMNFF Stock Performance
MMNFF stock closed at $0.022 on August 3rd, down 8.75% in the last month of trading. The stock has a 52-week price range of $0.012-$0.075 and is up 51.03% year to date.
[Read More] August 2023 Spotlight: Top US Marijuana Stocks for Short-Term Traders
Investing In Penny Pot Stocks In Q3 2023
Investors can uncover the most potential trade opportunities among marijuana penny stocks by combining technical analysis with fundamental research. Chart patterns, technical indicators, and historical price data provide useful information about probable entry and exit positions. Nonetheless, penny stocks are inherently volatile and prone to market manipulation, so rigorous research and due diligence are essential.
Remember that this market can be volatile as you analyze the top marijuana penny stocks to watch in August 2023. Overall, diversification and disciplined trading habits are essential for navigating market swings and increasing your chances of success. Stay informed, stay updated on industry developments, and be cautious in your investment decisions. By doing so, you may position yourself to possibly embrace the benefits of the green revolution while adequately managing the accompanying dangers.
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