Top US Cannabis Stocks to Monitor in the Fourth Quarter of 2023

Best US Cannabis Stocks For November

Do you want to buy the best marijuana stocks in November? Numerous experts think that US MSOs will be the most important cannabis enterprises to watch in 2022. Since the pandemic, the US cannabis market has developed dramatically and has eclipsed Canadian limited partnerships as the industry’s primary revenue generator. Marijuana stocks in the United States are extremely volatile right now because the market has just plummeted, with fresh lows set this month.

In October, President Joe Biden said that he would begin the process of forgiving everyone who had previously gotten federal convictions for acts involving trace amounts of cannabis. In addition, Biden indicated that he is requesting that other governors take similar steps to remove marijuana possession charges at the state level. Senator Schumer’s confidence in passing cannabis banking reform legislation boosted cannabis stocks yesterday.

When trading in a market like this, day traders and swing traders often make the most money. Some long-term investors choose to use short-term trading tactics in addition to their substantial long-term investments in the cannabis sector. As a result, they stand to benefit from daily price fluctuations in the stock. Delays in the implementation of federal cannabis legislation have affected the US cannabis industry, which earns billions of dollars every year. Using the sector’s slump, investors may be able to profit from the market’s current trend. The 2 marijuana stocks to watch in November are as follows.

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Best US Marijuana Stocks On Watch November 2022

  1. Trulieve Cannabis Corp. (OTC: TCNNF)
  2. Green Thumb Industries Inc. (OTC: GTBIF)

Trulieve Cannabis Corp.

Trulieve Cannabis Corp., which has operations in eleven states, is the marijuana business with the most market share in Florida. The business rules the US cannabis market with 175 retail locations. Processing and expansion space for the business totals 4 million square feet. The position of Trulieve in the Southeast cannabis industry has improved thanks to a production license from Georgia. In Massachusetts, the company launched its first dispensary, laying the framework for future expansion. By purchasing a 64,00 square foot growing facility close to Phoenix in February, the company boosted its capacity for production in the southwest. The business expanded its geographic reach in West Virginia by finalizing the acquisition of Greenhouse Wellness West Virginia Dispensaries LLC in April.

In its second quarter 2022 results, the firm reported revenue growth of 1% sequentially and 49% yearly, from $215.1 million to $320,3 million. While wholesale, licensing, and other sales were down 22% sequentially to $21.7 million, retail revenue was up 3% to $298.6 million. The company’s second-quarter 2022 gross profit was $182.2 million with a GAAP gross margin of 57%, compared to $178.2 million with a GAAP gross margin of 56% in the first quarter. It is worth noting that Trulieve’s net loss decreased by 30% from the previous quarter to $22.5 million. The business reduced its 2022 outlook to $1.25-$1.3 billion, with an adjusted EBITDA range of $415-450 million.

TCNNF Stock Performance

TCNNF stock closed on October 31st at $11.65 up 37.06% in the last month of trading. Currently, the stock has a 52-week price range of $8.29-$34.75 and is down 55.21% year to date. According to analysts at Tip Ranks TCNNF stock has a 12-month average price target of $32.21cper share. In this case, this represents an upside of 176.48% from its last trading price of $11.65.

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Green Thumb Industries Inc.

Green Thumb Industries Inc. is a major player in the cannabis consumer packaged goods (CPG) business in the United States. The company now has 77 locations in 15 states. GTI already holds 111 retail licenses, with more expected in the future. GTI will open a Cookies on the Las Vegas Strip in 2021 as part of a unique cooperation with the privately held Cookies Brand. Green Thumb has announced the launch of its marijuana company in Virginia, following the successful acquisition of Dharma Pharmaceuticals. By acquiring Leafline Industries, the company entered the Minnesota market. In April, the company opened its 77th Rise location.

Green Thumb’s second-quarter 2022 results were released on August 3. Revenue increased by 14.6% overall and 4.8% in a single quarter to reach $254.3 million. Total sales in the first half of 2022 increased by 19.4% over the same period the previous year, reaching $496.9 million. As of this writing, the company has generated $24.4 million, or $0.11 per basic share and $0.10 per diluted share, for the ninth straight quarter of positive GAAP net income. Retail sales increased by 11.7% in the third quarter. On a base of 56 locations, comparable sales growth (stores open at least a year) fell by 1.5%. On a base of 73 sites, sequential quarter-over-quarter comparable sales increased by 9.9%. Circle K and Green Thumb teamed up in October to introduce marijuana to Florida’s gas stations.

GTBIF Stock Performance

On October 31st GTBIF shares finished at $11.88, up 26.36% in the month of trading. Currently, the stock has a 52-week price range of $7.72-$28.56 and is down 46.57% year to date.  According to analysts at Tip Ranks GTBIF stocks has a 12-month average price target of $23.89 per share. In this case, this would represent an increase of 101.09% from its last trading price of $11.88.

[Read More] Best Marijuana Stocks To Buy? 3 With Upside Before November

Top Pot Stocks For November 2022

Examining a company’s financials and press releases can be incredibly valuable when looking to identify the companies with the most potential. Before investing in a firm, it should be thoroughly examined. If you learn to employ technical indicators and chart patterns, your investing results will increase. Short-term traders may profit from current market conditions due to the cannabis industry’s rapid local and international expansion. During a downturn, you may find it useful to become familiar with a variety of trading tactics. These are the cannabis stocks to watch in November.

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