Best Cannabis Stocks For May 2023
Are you interested in purchasing the best marijuana stocks for 2023? Long-term investing becomes challenging when market gains are always followed by noticeably larger losses. Trading short-term is one way to profit from the current market volatility. The risk-to-reward ratios of cannabis penny stocks are among the highest of any cannabis stock.
Cannabis investors benefit from the current business downturn by trading cannabis penny stocks, among other strategies. Any stock traded for less than $5 is called a penny stock. These cannabis businesses, known for their high market volatility, might offer short-term investors significant gains. Studying and comprehending the hazards before investing in penny stocks or launching a short-term trading strategy is critical. Having a solid trading strategy and sticking to it is also essential because emotions can frequently lead to impulsive and foolish trades.
The global cannabis market is one industry area that will experience tremendous growth. The newly legalized cannabis industry will keep growing in 2023. Records are currently being broken in terms of statistics, and this trend is anticipated to continue until most countries have legalized marijuana and established their own regulated industries. Ultimately, this might offer marijuana investors an opportunity to buy top companies for less money. Let’s look at three of the top marijuana stocks to watch in May on the global market.
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Best Marijuana Stocks To Watch In May 2023
- Clever Leaves Holdings Inc. (NASDAQ: CLVR)
- IM Cannabis Corp. (NASDAQ: IMCC)
- Charlotte’s Web Holdings, Inc. (OTC: CWBHF)
Clever Leaves Holdings Inc.
Clever Leaves Holdings Inc. is a marijuana company that grows, extracts, manufactures, and distributes marijuana. Currently, the company operates in numerous nations, including Colombia, Portugal, Germany, the US, and Canada. The business creates, produces, markets, sells, and distributes a range of homeopathic remedies in addition to health and detoxification products. Clever Leaves aims to radically disrupt the cannabis manufacturing industry as it currently exists by adopting industrial-scale, affordable, ESG-friendly, cost-effective production technologies. These techniques combine the most stringent certifications of the highest medical caliber available worldwide.
The company reported its fiscal year 2022 fourth quarter and annual results in March. In particular, Q4 2022 revenue climbed by 10% to $4.6 million from Q4 2021’s $4.2 million. Revenue from cannabinoids climbed 71% to $1.9 million from $1.1 million, whereas revenue from non-cannabinoids decreased to $2.8 million from $3.1 million. Including a $0.9 million inventory provision, gross profit increased to $0.7 million from $(0.3) million in the same quarter last year, including $3.0 million inventory provision. Compared to the prior quarter, the company’s net loss increased to $28.8 million from $24.0 million due to a $23.1 million restructuring charge.
Revenue for Clever Leaves’ full fiscal year 2022 climbed by 16% to $17.8 million from $15.4 million in 2021. Revenue from cannabinoids climbed by 90% to $6.1 million from $3.2 million, while non-cannabinoids brought in $11.7 million instead of $12.1 million. In contrast to a loss of $45.7 million, the company’s net loss was $66.2 million. This was mainly caused by a $26.9 million restructuring expense, which was primarily caused by the charge mentioned above related to the Company’s winding down its operations in Portugal, as well as the $19.0 million intangible asset impairment charge the Company recorded on its cannabis-related licenses in Colombia during the third quarter of 2022.
CLVR Stock Performance
CLVR stock is trading at $0.3099 on April 20th, down 6.09% in the past month of trading. Currently, the stock has a 52-week price range of $0.29-$1.63 and is up 0.94% year to date. According to 2 analysts at CNN Business, CLVR stock has a consensus price target of $0.80 per share. This forecast represents an increase of 149.38% from its last trading price of $0.3099.
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IM Cannabis Corp.
IMC is a global leader in the medical and adult-use recreational cannabis industries and has operations in Israel, Germany, and Canada. The Israeli medical cannabis market has reportedly reached a significant milestone thanks to the IMC brand, claims the business. IMC’s selection of medical marijuana products is growing. The company is represented throughout Europe by Adjupharm, a subsidiary with a German headquarters and an EU-GMP-certified medicinal cannabis distributor. The corporation has made significant announcements regarding the debut of a state-of-the-art logistics facility in Germany. Adjupharm will be able to optimize its supply chain, moving ahead with the help of this facility by repackaging cannabis in a substantial volume.
The company reported its 2022 full-year and fourth-quarter results in March. For the fiscal year ending on December 31, 2022, revenues from continuing operations increased by 60% to $54.3 million from $34.1 million in 2021. Revenues from Continuing Operations increased by 46% to $14.5 million in Q4 2022 from $9.9 million in Q4 2021. Additionally, gross profit from continuing operations increased by 46% to $9.2 million for the fiscal year ending on December 31, 2022, from $6.3 million in 2021. In comparison to 2021, when it was 25%, the gross margin from continuing operations in 2022 was 21%. In Q4 2022, the gross margin increased to 19% from Q4 2021’s 11%. Compared to $0.7 million in 2021, the company’s net loss from continuing operations in 2022 was $24.9 million. In comparison to Q4 2021, the Net Loss from Continuing Operations in Q4 2022 was $9.7 million, or $8.4 million.
IMCC Stock Performance
IMCC stock closed at $0.6770 on April 20th, down 2.70% in the past month of trading. The stock has a 52-week price range of $0.6649-$16.55 and is down 30.55% year to date. According to analysts at CNN Business, IMCC stock has a median price target of $1.11 per share. In this case, this would represent an upside of 65.45% from its last trading price of $0.6770.
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Charlotte’s Web Holdings, Inc.
In the US, Charlotte’s Web Holdings, Inc. is a market leader for hemp-derived CBD health products. While dominating the US CBD market for years, the corporation has primarily grown. Notably, Charlotte’s Web offers high-end hemp goods made from genetic material from American farms. This particular business transforms this into hemp extracts and is the proprietor of the top CBD brand in the US. Items from Charlotte’s Web are available at more than 22,000 retail locations nationwide. The Brightfield Group claims that Charlotte’s Web runs the largest e-commerce business in the CBD sector. With a 40% market share, e-commerce is also the dominant channel in the sector.
The company released the fourth quarter and full-year 2022 results in March. Specifically, gross profit was negative $10.5 million due to non-cash inventory provisions of $21.5 million in the quarter. This compares to a gross profit of $4.2 million in the fourth quarter of 2021, which included inventory provisions of $9.7 million. In addition, consolidated net revenue for the fourth quarter ended December 31, 2022, was $18.9 million, a decrease of 23.8% year-over-year from $24.8 million in the fourth quarter of 2021, primarily due to lower retail and online sales through the company’s website. On a sequential quarterly basis, Q4 2022 net revenue increased by 10.7% versus $17.0 million in Q3 2022.
CWBHF Stock Performance
CWBHF stock is trading at $0.3555 on April 20th, up 10.13% in the past month. The stock has a 52-week price range of $0.2910-$1.01 and is down 31.41% year to date. According to analysts at CNN Business, CWBHF stock has a 12-month average price target of $0.74 per share. In this case, this would represent an increase of 107.39% from its stated trading price.
Top Pot Stocks To Watch Before May 2023
Examining their financials and press releases may make it easier to identify the best cannabis companies. To benefit from the recent market turmoil, several seasoned traders are actively placing short-term wagers on the leading cannabis companies. Before opening a position, select the optimum settings utilizing technical indicators and chart patterns. By aggressively seeking out promising possibilities, you might improve your capacity for closing profitable deals. Given the volatility of the major cannabis stocks this month, these might be some of the industry’s top penny stocks to watch.
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