Best Cannabis Stocks To Watch In August 2022
As the first week of August comes to a close, are the best marijuana stocks on your radar? There appear to be some developments in Congress as the fight for the cannabis sector in the US continues, both in terms of reform and legalization. Sen. Cory Booker recently declared that he would be open to a SAFE Banking bill that includes a clause for marijuana business banking and criminal justice reform. The SAFE Banking Act has passed the House several times, but it is stuck in the Senate. The measure would enable legitimate cannabis businesses to interact with the American banking system.
Many experts are now forecasting a volatile market in August due to higher-than-expected employment data and some analysts’ continued belief that inflation has not yet peaked. Trading marijuana penny stocks is one-way cannabis investors are using the current rise in the cannabis industry. For those who are not acquainted, penny stocks are any equities that trade for less than $5. These cannabis stocks, which are well known for their high volatility, may provide potential rewards for short-term traders in the present market climate.
By taking advantage of the lower price points, many active traders are presently opening positions in some of the leading penny marijuana stocks. The cannabis sector is probably preparing for a potential rise in August. As the broader markets continue to show signs of life, let’s take a deeper look at four of the best marijuana penny stocks for your list next week.
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Top Marijuana Penny Stocks For 2nd Week Of August
- Agrify Corporation (NASDAQ: AGFY)
- Jushi Holdings Inc. (OTC: JUSHF)
- SNDL Inc.(NASDAQ: SNDL)
- Neptune Wellness Solutions Inc. (NASDAQ: NEPT)
Agrify Corporation
Agrify Corporation, located in the United States, provides precise equipment and software for the indoor farming industry. The company now sells integrated grow racks, LED grow lights, and vertical farming systems. Agrify’s state-of-the-art software and technology solutions enable businesses to perform with the highest levels of consistency, efficiency, and quality at the most affordable prices. Consulting, engineering, and construction are among the services offered by the business. The company recently purchased Precision Extraction Solutions and Cascade Sciences, two well-known suppliers of equipment and solutions for extracting, processing, and testing cannabis and hemp.
Due to a link with Olive El Mirage, the company declared its entry into the Arizona cannabis market last October. Lab Society, a pioneer in cannabis extraction, distillation, and solvent separation solutions with a $10 million annual turnover, was bought by the company in February. The business acquired Lab Society in February, a pioneer in cannabis extraction, distillation, and solvent separation solutions with a $10 million yearly revenue.
Agrify reported its first quarter 2022 results in May, with a $26 million rise in sales over the same period in the prior year. In addition, contract backlogs rose by $77 million in the first quarter. Additionally, the first quarter’s significant gross profit came in at $4.2 million, or 16% of sales. The business’s first-quarter net loss came to $8.9 million, or $0.36 per diluted share. In comparison to Q1 2021, adjusted EBITDA dropped by $6.1 million in the first quarter of 2022. As part of a $2 million arrangement, Boone Labs in Michigan will get the whole Agrify product line, which comprises of 72 VFUs running Agrify InsightsTM software, solventless extraction, hydrocarbon extraction, and ice water hash cleaning solutions. The company will release its second quarter 2022 results on August 10th before the market opens.
AGFY Stock Performance
AGFY stock closed on August 5th at $1.85 up 17.83% in the last five days of trading. The stock has a price range of $1.34-$35.94 and is down 79.89% year to date. According to analysts at CNN Business AGFY stock has a 12-month average price target of $11.00 per share. In this case, this would be an increase of 501.09% from its last trading level of $1.85.
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Jushi Holdings Inc.
Jushi Holdings Inc. is a cannabis and hemp company that is growing its market share in the American medicinal and recreational marijuana markets. The primary objective of the business is to provide a variety of branded marijuana and hemp-derived products for the US market. The BEYOND/HELLO brand is used by 34 Jushi-operated dispensaries around the nation. 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 rose by 48.5 percent to $61.9 million compared to the same time in 2021. Another encouraging development for the company was a rise in adjusted gross profit, which rose by 33.1 percent year over year to $25.5 million. The company’s net loss for the first quarter was $14.3 million. Adjusted EBITDA was $1.1 million, or 1.7 percent of revenue, at the end of the quarter, and the business had $76.2 million in cash and cash equivalents.
During the first quarter of 2022, the company introduced a variety of cannabis brands and products in Massachusetts, starting with the flower names The Bank and Sèchè. On June 29th, Jushi released a selection of goods using hydrocarbon extraction, expanding its offering of The LabTM vape and concentrate options. The company will release its second quarter 2022 results on August 29th before the market opens.
JUSHF Stock Performance
JUSHF stock closed at $2.0499 on August 5th up 10.22% in the last five days of trading. Currently, the stock has a 52-week price range of $1.31-$5.69 and is down 36.92% year to date. According to analysts at Tip Ranks JUSHF stock has a 12-month average price target of $3.98 per share. In this case, this represents an upside of 94.29% from its last trading price of $2.05.
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Neptune Wellness Solutions Inc.
Neptune Wellness Solutions Inc. has finished the transition into a fully integrated consumer packaged products business. The business will provide a variety of CBD drinks in the US, including flavored teas and lemonades with CBD included. Neptune is changing from a B2B hemp and cannabis extraction business to a large consumer goods business. The company currently offers products for consumers, including cannabis, nutraceuticals, cosmetics, and personal care, as well as organic food and beverages. Jessica Adkins was elevated by the organization to Senior Vice President of Corporate Communications in October. In December, Neptune’s added Pre-rolls to their lineup of Mood Ring products in Ontario and Alberta.
Neptune increased its presence in Canada to over 1600 shops earlier this year after acquiring a supply agreement with Alberta Gaming, Liquor, and Cannabis. Mood Ring and PanHash, two of the company’s brands, can now offer cannabis products for recreational use in British Columbia, Alberta, Ontario, and Quebec. Neptune announced its financial results for the fourth quarter and the entire fiscal year 2022. The revenue for the fiscal year 2022 was $48.8 million, up 37.8% over the previous year.
Particularly, revenue for the fourth quarter of the fiscal year came to $11.5 million, up 147 percent from $4.7 million for the same period the year before. Compared to a gross profit loss of $27.4 million for the fiscal year 2021, the firm recorded a gross profit loss of $7.5 million for the fiscal year 2022. Additionally, the Adjusted EBITDA (non-GAAP)1 loss for the fiscal year 2022 was $43.8 million as opposed to the fiscal year 2021’s loss of $39.4 million.
NEPT Stock Performance
NEPT stock closed at $1.37 on August 5th up 23.42% in the last five trading days. The stock has a 52-week price range of $1.00-$29.40 and is down 90.45% year to date. According to analysts at CNN Business NEPT stock has a 12-month median price target of $0.62 per share. In essence, this would be a decline of 54.74% from its current trading price of $1.37.
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Sundial Growers Inc.
Sundial Growers Inc., a Canadian company, cultivates and distributes marijuana for adult use. Currently, the business produces and distributes inhalable goods including flower, pre-rolls, and vapes. Under the Top Leaf brand, Sundial has introduced the first Canadian Caviar cone. The Forbidden Lemon Caviar Cones will be the first caviar cone product to reach the Canadian market, according to the business. In addition, Sundial’s specialized innovation pipeline for premium inhalables in the Canadian cannabis industry has grown as a result of this announcement. Sundial acquired Alcanna, the biggest privately held liquor retailer in Canada. ALso important, the business has been setting itself up to potentially generate large numbers in the future. Actually, Sundial, which has 354 retail locations, is the biggest distributor of cannabis and alcohol in Canada.
Sundial released its financial results for the first quarter of 2022 in May. According to these figures, net sales were $17.6 million, which included the cost of the Alcanna purchase for each day. If the merger had been finalized on January 1, Alcanna and Sundial’s first-quarter 2022 sales of $162.5 million with a gross margin of $36.3 million and theirs would have been combined. In the first quarter of 2022, Sundial’s gross margin increased from a loss of $3.5 million in the previous quarter to a profit of $3.4 million. The business lost $38 million in Q1 2022 as opposed to $134.4 million the prior quarter. On August 12 following the market close, Sundial will present its results for the second quarter of 2022.
SNDL Stock Performance
SNDL stock closed at $2.53 on August 5th up 12.44% in the past five trading days. The stock had a 10 to1 reverse split before trading on July 26th. The stock has a 52-week price range of $2.12-$9.60 and is down 56.22% year to date. According to analysts at CNN Business SNDL stock has a 12-month consensus price target of $4.97 per share. In this case, this would represent an increase of 102.83% from its last trading price of $2.53.
Making Better Trades With Top Pot Stocks In August
Examining a company’s financials and press releases might help you significantly when trying to identify the industries with the strongest potential. A thorough examination of a company is necessary before selecting a position. Your investing profits can increase if you improve your use of technical indicators and chart patterns. Short-term traders may profit from the present market conditions given the cannabis industry’s quick local and international development. You could find it useful to become familiar with a variety of trading tactics during a downturn. These might be some of the top marijuana stocks to add to your watchlist in August 2022.
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