Best Cannabis Stock To Watch This Week
Which marijuana stocks should you buy in February 2023? In 2023, severe stock market volatility can make it more challenging to make long-term investments. In these challenging circumstances, investors frequently use short-term trading to make money. When the market picks up steam in February, cannabis stocks could gain from this recovery. In 2022, the cannabis market experienced mixed development. While some new markets saw substantial growth, many established markets saw a decline in sales, which slowed or even reversed growth there.
In general, some of the biggest cannabis companies have some of the most volatile penny stocks. A penny stock is any share of stock that is offered for sale for less than $5. These cannabis penny stocks are renowned for having high daily and monthly price volatility. Cannabis investors who are prepared to take part in these high-risk/high-reward transactions have benefited from the double-digit percentage returns that some of these stocks have recently experienced.
Federal banking and cannabis reform legislation may still be passed in 2023 after several setbacks in 2022. Taking advantage of the lower price points, many seasoned traders are currently opening positions in some of the greatest penny marijuana stocks. As we approach the end of February, let’s look at 2 of the top marijuana penny stocks on your list.
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2 Cannabis Stocks On Watch In February
- Greenlane Holdings, Inc. (NASDAQ: GNLN)
- Village Farms International, Inc. (NASDAQ: VFF)
Greenlane Holdings, Inc.
Greenlane Holdings, Inc., is a cannabis accessories company with an international reputation. Some of the main items from the company that can be purchased in the US and other countries include premium vaporizers, kid-safe packaging, and cannabis accessories. Currently, more than 11,000 stores around the world sell Greenlane products. AIn 2021, Greenlane and KushCo Holdings, Inc. completed their merger. In addition, the business purchased DaVinci, a renowned creator and producer of expensive portable vaporizers.
In the third quarter of 2022, same-store sales rose by 46% when compared to the same period the year prior and by 18% when compared sequentially, according to corporate statistics. Revenue increased by 98%, from $48.1 million in the third quarter of 2021 to $95.4 million in the same period of 2022. In addition, the company is also very near to having the most significant revenue of any cannabis company reporting in Canadian dollars, with a current yearly revenue run rate of over $400 million. A significant agreement was made between Greenlane and Universal Distribution regarding the distribution of Greenlane brands across Latin America. After the KushCo Holdings acquisition is complete, Greenlane might be among the most prominent global suppliers of support services.
GNLN Stock Performance
GNLN stock closed at $0.34 on February 22nd, down 19.39% in the past month of trading. In this case, the stock has a 52-week price range of $0.27-$16.20 and is up 18.26% year to date. According to analysts at Tip Ranks, GNLN stock has a 12-month average price target of $1.38 per share. In essence, this would represent an increase of 281.94% from its current trading price of $0.36.
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Village Farms International, Inc.
Village Farms International, Inc. and its affiliates cultivate, market, and distribute greenhouse-grown cucumbers, bell peppers, and tomatoes in North America. The business also conducts CBD and cannabis-related business in the US and Canada. One of the biggest cannabis businesses in North America is Pure Sunfarms, a fully-owned subsidiary of Village Farms. A delta 2 greenhouse with a cannabis production license has been granted to Pure Sunfarms, doubling its output capacity. At www.villagefarms.com, Village Farms introduced a brand-new website and logo last year.
Village Farms released its financial information for the third quarter of 2022 in November. Sales decreased by (2)%, from $72.4 million to $71.1 million. As opposed to a net income of $0.8 million, or $0.01 per share, the firm recorded a consolidated net loss of $8.7 million, or $0.10 per share. Compared to a favorable adjusted EBITDA of $6.9 million in the third quarter of 2021, Village Farms’ overall adjusted EBITDA was negative ($2.2 million). 50% of Village Farms’ total revenue, or $35.5 million, came from the cannabis sector, an increase of 14% from the previous year. In 2023, Village Fields International will start shipping marijuana to Israel.
VFF Stock Performance
VFF stock closed at $1.03 on February 22nd, down 36.02% in the last month of trading. Currently, the stock has a 52-week price range of $0.91-$6.55 and is down 23.13% year to date. According to analysts at CNN Business, VFF stock has a 12-month median price target of $3.00 per share. In this case, this would represent an upside of 194.12%.
[Read More] 2 Marijuana Stocks To Watch This Tuesday
Top Pot Stocks On Watchlist For March
In general, various things are projected to happen in the next few months that could increase the value of these marijuana stocks in 2023. Examining their financials and press releases may make it easier to identify the best cannabis businesses. To benefit from the recent market instability, several seasoned traders are actively putting short-term trades in the leading cannabis stocks. Before beginning a position, choose the best entry and exit criteria using technical indicators and chart patterns. You can improve your ability to close deals by actively seeking out advantageous agreements. Overall, with the volatility of the major cannabis companies this month, these might be some of the top penny stocks to watch in the industry.
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