Best Cannabis Stocks And July Upside
Are you trying to find the best marijuana stocks right now? In July, the majority of the cannabis sector saw new lows. We are now in the final week of July, and both the market as a whole and marijuana stock prices are on the rise. Even if this recovery might be followed by further drops once the results for the second quarter are released, it still shows the potential of the top cannabis stocks. Some have, on average, had big percentage gains during the past month.
Chuck Schumer’s proposed federal marijuana legalization measure gave the marijuana industry a boost. Prior attempts to pass federal cannabis law were supported by the cannabis industry, and there could be some progress in the coming months. Some cannabis investors are depending on short-term investing tactics to generate money this year since many cannabis investors are hesitant to make long-term investments in the current market.
Many analysts are already changing their minds and now think that a recession has already started. In this instance, this would imply that the broader market recovery may occur sooner than anticipated. Let’s take a look at three of the best marijuana stocks to add to your watchlist the following week as the cannabis industry starts to trend upward.
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Best Marijuana Stocks For Your Watchlist Before August
- Jushi Holdings Inc. (OTC: JUSHF)
- Planet 13 Holdings Inc. (OTC: PLNHF)
- GrowGeneration Corp. (OTC: GRWG)
Jushi Holdings Inc.
Jushi Holdings Inc. is a cannabis and hemp company that is growing its presence in the American medicinal and recreational marijuana sectors. The primary objective of the company is to create a line of branded cannabis and hemp-derived products for the US market. In the whole nation, 33 Jushi-run dispensaries employ the BEYOND/HELLO brand. Additionally, Jushi has 31 retail licenses in the US, and Beyond/Hello, its national cannabis dispensary brand, is growing both online and offline. With the acquisition of NuLeaf Inc. in April, the company was able to extend its vertically integrated operations into Nevada.
Jushi’s first-quarter revenue for 2022 climbed by 48.5 percent to $61.9 million when compared to the same time in 2021. Additionally, the business saw a rise in adjusted gross profit, which climbed by 33.1 percent year over year to $25.5 million. The company reported a net loss for the first quarter of $14.3 million. The company had $76.2 million in cash and cash equivalents at the end of the quarter, and Adjusted EBITDA was $1.1 million, or 1.7 percent of revenue. Beginning with the flower brands The Bank and Sèchè, the company introduced a range of cannabis brands and products in Massachusetts throughout the first quarter of 2022. Jushi expanded its selection of The LabTM vape and concentrate choices on June 29th by releasing a range of products employing hydrocarbon extraction. In July the company opened its 33rd Beyond Hello in Palm Springs, California.
JUSHF Stock Performance
JUSHF stock closed at $2.15 on July 22nd up 24.28% in the last five days of trading. Currently, the stock has a 52-week price range of $1.31-$5.69 and is down 33.85% year to date. According to analysts at Tip Ranks JUSHF stock has a 12-month average price target of $3.99 per share. In this case, this represents an upside of 85.48% from its last trading price of $2.15.
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Planet 13 Holdings Inc.
The Planet 13 megastore, the largest cannabis dispensary complex in California, debuted in Orange County in 2021. The Nevada-based business is well known for its cultivation, production, and dispensary activities near the Las Vegas Strip. On the Las Vegas Strip, Planet 13 is well-known for its 112,000-square-foot Superstore dispensary. Planet 13 is home to two of the world’s largest superstore dispensaries. The Medezin shop, which combines a more compact dispensary retail area, is a scaled-down version of the business’s main location. On March 2, the business finished the vertically integrated acquisition of Next Green Wave in California.
Sales for the first quarter of 2022 were $25.7 million, up 8% from the prior quarter, according to business figures published in May. Additionally, the business had an Adjusted EBITDA of $2.6 million in the first quarter of 2022. As a result, instead of losing $6.0 million in the same period last year, the company lost $2.1 million in the first quarter of 2022. The gross profit dropped by $12.9 million, or 50.2 percent, from the prior year’s gross profit of $13.0 million, or 54.7 percent. According to Planet 13, it has secured a lease for its second and third dispensaries, which will open in May and June in Florida. On July 5th, the company completed the purchase of a 23-acre Florida site with a 10,500-square-foot facility. In addition, Planet 13 is drafting an application to add a consumption lounge to its SuperStore in Vegas.
PLNHF Stock Performance
PLNHF stock closed on July 6th at $1.62 down 23.66% in the last five trading days. Currently, the stock has a 52- week price range of $1.08-$6.04 and is down 45.27% year to date.
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GrowGeneration Corporation
In the US, the company GrowGeneration Corp. is well-known for being a supplier and manager of hydroponic and organic growing facilities. The company sells a range of materials for cannabis growers, including organics, lighting, and hydroponic equipment. GrowGen now owns and runs 64 organic garden shops across the US. The company has concentrated on increasing its internet presence ever since GrowGeneration.com launched. The website has evolved into a one-stop e-commerce destination with over 10,000 goods, spanning from nutrition to lighting technology. Over the next five years, the business intends to open more than 100 locations around the US. During the third quarter of 2021, the company constructed the largest hydroponic garden facility in Los Angeles County.
According to the company’s May reports, GrowGen’s net sales for the first quarter of 2022 decreased to $81.8 million as a result of reduced industry demand. Additionally, comparable store sales dropped 35.5 percent in the third quarter. The results for the quarter were a net loss of $5.2 million, or a loss of $0.09 per share. The company’s overall adjusted EBITDA loss was $0.7 million. In May, GrowGeneration unveiled Drip Hydro, a selection of liquid fertilizer blends made for industrial planters. Revenue estimates for 2022 were formerly $415 to $445 million, but they have now been lowered to $340 to $400 million. The business obtained agreements to extend GrowGen into Virginia and Missouri in June, and it also launched a new store in Mississippi. On August 4 after the closing, the corporation is slated to release its 2022 second quarter financial results.
GRWG Stock Performance
On July 22nd, the shares of GRWG finished at $4.93, up 17.38% in the past five trading days. GRWG stock is down 62.22% year to date, with a 52-week price range of $3.42-$48.07. According to CNN Business analysts, GRWG stock has a 12-month median price target of $6.25 per share. This would forecast a 26.65 percent increase over the last transaction price of $4.93.
Before Investing In Pot Stocks
The top US marijuana stock prices have decreased dramatically in the first half of 2022, so it would be a good idea to keep a watch on them. You may determine whether stocks are appropriate for your portfolio and trading style by looking at a company’s financial statements and press releases. Making better trading decisions may be possible if you are able to analyze technical indicators and chart patterns. The current market instability for cannabis might provide active traders with an opportunity in July and August.
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