Best Cannabis Stocks To Watch Before August
Are you trying to find the best cannabis stocks for 2022? The cannabis industry as a whole has experienced a sharp downturn in 2022, reaching new lows by the beginning of July. The ancillary marijuana stock market is one sector that has experienced sharp drops to start the year. For those who don’t know, ancillary cannabis enterprises are organizations that support the cannabis industry without really working with the plant. In general, many different businesses support the cannabis sector.
The cannabis industry’s ancillary companies offer a range of services, including as growing equipment and lighting, real estate investment, and internet services. Several of these businesses are prepared for significant growth as the cannabis sector is expected to more than quadruple over the next five years.
Throughout the first half of 2022, the value of a number of cannabis-related stocks with Nasdaq listings significantly decreased. Investors may currently buy several of these marijuana stocks at considerably lower prices as a consequence. Some of these stocks can give investors a place to start when making long-term cannabis investments or a chance to benefit from current price swings. The stock market, in the opinion of many analysts, has finally struck its bottom and will soon begin to climb once more. Below are the top two marijuana stocks for July, which you can add to your watchlist.
[Read More] Top 2 Ancillary Marijuana Stocks To Watch Before August
Top Marijuana Stocks To Watch Before August
- Leafly Holdings, Inc. (NASDAQ: LFLY)
- Power REIT (NASDAQ: PW)
Leafly Holdings, Inc.
A well-known online cannabis marketplace and consumer resource, Leafly Holdings Inc., announced in February that trading in its common stock, LFLY, had started on the NASDAQ. Leafly is the most trusted website for finding and purchasing cannabis goods from licensed vendors all around the world. More than 125 million people use Leafly every year to learn about cannabis and make online purchases from neighboring businesses. The company’s extensive resources, which include technology and advertising services, let clients make knowledgeable buying decisions and enable cannabis companies to draw in and keep loyal customers. Due to the online cannabis delivery service that the company introduced in California in May, customers may make purchases straight on the company’s website.
When Leafly announced its results in May, revenues for the first quarter of 2022 were up 40% year over year to $57.5 million. In addition, there are currently 16.4 million active users per month, an increase of 52% from the previous year. Gross profit for the company was $53.7 million, or a 93 percent profit margin. In addition, the company lost $31.2 million in the quarter after posting a net income of $7.7 million the year before. According to an analysis of cannabis employment published by the business on February 23, the legal cannabis industry is the largest employer in the US. According to the prediction, the cannabis industry would provide over 100,000 new jobs and $25 billion in revenue by 2021. In June Leafly was added to the Russel 3000 and 2000 indexes.
LFLY Stock Performance
LFLY stock closed on July 20th at $5.10 up 10.43% in the past five trading days. Currently, the stock has a range of $4.00-$11.58 and is down 53.35% 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 135.76% from its last trading price of 5.10.
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WM Technology, Inc.
Weedmaps is an online retailer as well as a user and company directory for the cannabis industry. It belongs to WM Technology, Inc. as a subsidiary. Cannabis stores frequently employ cloud-based SaaS solutions from WM Business as their operating system. The services and goods offered by WM Business often make it easier to comply with the complex and ever-changing laws governing the cannabis industry. WM Technology enhanced its product offering in Ontario in May by including an integrated digital payment process in order to aid small companies in meeting the rising need for delivery, curbside pickup, and cashless transactions. In 2021, the company purchased Sprout, a well-known cannabis CRM, and marketing platform.
Weedmaps currently has more than 18,000 business listings in the US, with an estimated 13.9 million monthly active users. It now only generates $3789 on average per month from each paying subscriber. When Weedmaps released its first-quarter 2022 financial results in May, the company stated that revenues rose by 40% year over year to $57.5 million. In addition, there were 16.4 million more new monthly active users from one year to the next. The company made $53.7 million in gross profit or a profit margin of 93%. In addition, the third quarter saw the corporation post a $31.2 million loss as opposed to a $7.7 million profit during the same period the previous year.
MAPS Stock Performance
MAPS stock closed at $3.76 on July 20th up 6.03% in the last five trading days. Currently, the stock has a 52-week price range of $3.34- $16.02 and is down 44.15% year to date. According to analysts at Tip Ranks MAPS stock has a 12-month average price target of $9.08 per share. In essence, this would represent an upside of 141.49% from its last trading price of $3.76.
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Finding The Top Trades In Pot Stocks
The leading marijuana stocks have reached new lows during this month’s trading sessions. So when they start to recover, investors could find value in the stocks. You may determine if an asset is appropriate for your trading strategy and portfolio by looking at a company’s earnings and press releases. You can make better trading judgments if you can decipher technical indicators and chart patterns. For active traders in July, the current market volatility in cannabis may offer the opportunity for short-term gains.
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