Top Marijuana Stocks To Buy In August? 2 Ancillary Plays To Watch Now

Best Cannabis Stocks For Gains In August

Are you looking for the top marijuana stocks to buy in 2022? The cannabis market as a whole has declined dramatically in 2022 and just experienced new lows at the beginning of July. One industry that has seen significant declines to start the year is the ancillary marijuana stock market. For those who don’t know, ancillary cannabis companies are businesses that provide support to the marijuana sector without actually touching the plant. In general, a wide range of businesses assists the cannabis industry.

Several ancillary cannabis stocks that list on the Nasdaq have had a considerable decline in value throughout the first half of 2022. As a result, investors may presently purchase some of these marijuana stocks at much better prices. Some of these stocks could provide a starting point for long-term cannabis investment or an opportunity to profit from significant short-term losses. Many analysts believe that the stock market has finally reached its bottom and will shortly rise again. The best 2 marijuana stocks for August are listed below for you to add to your watchlist.

[Read More] Will These Marijuana Stocks Begin To See A Rise In Trading Any Time Soon?

Top Ancillary Marijuana Stocks For Your List Next Month

  1. Leafly Holdings, Inc. (NASDAQ: LFLY)
  2. WM Technology, Inc. (NASDAQ: MAPS)

Leafly Holdings, Inc.

Leafly Holdings Inc., a well-known online cannabis marketplace and consumer guide declared in February that trading in its common stock, LFLY, had begun on the NASDAQ. The most reliable website for locating and buying cannabis products from authorized sellers worldwide is Leafly. Every year, more than 125 million individuals use Leafly to research cannabis and make online purchases from nearby merchants. The business’s comprehensive resources, which include technology and advertising services, let customers make informed purchasing decisions and help cannabis businesses attract and retain devoted customers. Customers may make purchases directly on the business website thanks to the online cannabis delivery service that the corporation launched in California in May.

Revenues for the first quarter of 2022 were up 40% year over year to $57.5 million when Leafly released their results in May. Additionally, there are 16.4 million active users monthly right now, up 52% from the prior year. The business made $53.7 million in gross profit or a profit margin of 93%. Additionally, after reporting a net income of $7.7 million the year before, the corporation lost $31.2 million in the quarter. The legal cannabis sector is the biggest employer in the US, according to an analysis of cannabis employment issued by the company in February.  In June Leafly was added to the Russel 3000 and 2000 indexes. The company will release its second quarter 2022 financials on August 11th after the market close.

LFLY Stock Performance

LFLY stock closed on July 27th at $5.52 up 16.46% in the past five trading days. Currently, the stock has a range of $4.00-$11.58 and is down 44.74% year to date. According to analysts at CNN Business LFLY stock has a median price target of $12 per share. In this case, this would represent an upside of 117.39% from its last trading price of 5.52.

[Read More] Top Canadian Cannabis Stocks To Watch Before August

WM Technology, Inc.

Weedmaps is a user and business directory for the cannabis industry in addition to being a web store. It is a subsidiary of WM Technology, Inc. The cloud-based SaaS solutions from WM Business are widely used by cannabis retailers as their operating systems. The products and services provided by WM Business frequently make it simpler to adhere to the intricate and constantly evolving legal requirements governing the cannabis sector. In May, WM Technology expanded the range of products they offered in Ontario by integrating a digital payment system. This helped small businesses meet the growing need for curbside pickup, delivery, and cashless transactions. The business acquired Sprout in 2021, a well-known cannabis CRM and marketing platform.Weedmaps_Logo_Kit_Primary_Mark_Teal_Text_Blk_Smile_3x

With an estimated 13.9 million monthly active users, Weedmaps now has more than 18,000 business listings in the United States. Currently, it only makes an average of $3789 a month from each paying member. Weedmaps said that revenues increased by 40% year over year to $57.5 million when it revealed its first-quarter 2022 financial results in May. The number of new monthly active users increased by 16.4 million from one year to the next. Gross profit for the business was $53.7 million, or a 93 percent profit margin. Additionally, the company reported a $31.2 million loss for the third quarter as opposed to a $7.7 million profit for the same period last year.

MAPS Stock Performance

MAPS stock closed at $3.30 on July 27th down 2.65% in the last five trading days. Currently, the stock has a 52-week price range of $3.005- $16.02 and is down 44.82% year to date. According to analysts at Tip Ranks MAPS stock has a 12-month average price target of $8.77 per share. In essence, this would represent an upside of 165.76% from its last trading price of $3.30.

[Read More] Top Ancillary Cannabis Stocks To Buy? 2 Helping Cannabis Grow

Investing In Ancillary Pot Stocks In Q3 2022

During this month’s trading sessions, the top marijuana stocks hit new lows; thus, when they begin to rebound, investors may find value in the stocks. You can check a company’s financial statements and news releases to see if an asset is suitable for your trading strategy and portfolio. If you can interpret technical indicators and chart patterns, you’ll be able to make better trading decisions. The current cannabis market volatility may present a chance for short-term gains for active traders in August.


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