Best Cannabis Stocks Before Q2 2023
Do you plan to make investments in the top cannabis companies in 2023? In March, marijuana stocks shed some of the gains in January and February. In general, the US cannabis market will likely continue to develop in the coming years as more states allow medicinal and recreational cannabis use. As of February 2023, 19 states and 38 states, respectively, had legalized the use of cannabis for recreational purposes. As more states consider legalization policies, this trend is anticipated to continue.
One strategy used by cannabis investors to benefit from the current sector volatility is trading cannabis penny stocks. Penny stocks are any shares of stock that are traded for less than $5. For short-term investors, these marijuana enterprises, notorious for their severe market volatility, might produce substantial returns. In general, the cannabis market is anticipated to more than double during the following five years. Let’s examine the 3 top marijuana stocks whose value has risen in 2023.
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Top Marijuana Stocks Before Q2 2023
- Jushi Holdings Inc. (OTC: JUSHF)
- Cansortium Inc. (OTC: CNTMF)
- Ascend Wellness Holdings, Inc. (OTC: AAWH)
Jushi Holdings Inc.
Jushi Holdings Inc. is a hemp and cannabis business expanding its market share in the medical and recreational marijuana industries in the United States. The company’s main goal is to supply the American market with a selection of branded marijuana and hemp-derived products. 34 Jushi-owned and -operated dispensaries nationwide employ the BEYOND/HELLO brand. At the present time, Jushi also has 31 retail licenses in the US, and its national cannabis dispensary brand, Beyond/Hello, is expanding online and offline. The business was able to expand its vertically integrated operations into Nevada in April by purchasing NuLeaf Inc.
Jushi’s revealed preliminary financial information for the third quarter, showing that revenue climbed by 34.9% to $72.8 million from the same time the previous year. Additionally, the company’s gross profit of $27.7 million rose by 4.0% from Q2 2022 and 18.9% from the previous quarter. Recall that between $52.9 and $62.8 million was lost by Jushi. The company opened it’s third and fourth Beyond HelloTM dispensaries in Virginia in addition to its 34th and 35th retail stores nationwide. Jushi declared in December that all its accessible products would be sold in California. Jushi opened its fifth Beyond HelloTM dispensary in Arlington, Virginia, in January, making it the organization’s 37th retail location nationwide.
JUSHF Stock Performance
JUSHF stock closed at $0.57 on March 17th, down 28.79% in the last month of trading. Currently, the stock has a 52-week price range of $0.51-$3.35 and is down 25.20% year to date. According to analysts at CNN Business, JUSHF stock has a 12-month average price target of $1.47 per share. In this case, this represents an upside of 157.72% from its last trading price of $0.57.
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Cansortium Inc.
Cansortium Inc., a cannabis company situated in Florida, is committed to producing top-notch marijuana. Currently, the business has offices in Texas, Michigan, and Pennsylvania. Cansortium is expanding into Florida and Pennsylvania with a $90 million loan and equity arrangement from the previous year. According to the company, a dispensary is open in Fruitland Park, Florida. With 27 locations, Cansortium is one of Florida’s most extensive dispensary networks. Fluent offers a selection of high-end consumables, full-spectrum extracts, cartridges, and lotions under the Fluent brand.
Cansortium announced a 42% year-over-year rise in revenue to $22.1 million for the third quarter of 2022. Moreover, Q3 Adjusted EBITDA reached a new high of $11.7 million, up 15% QoQ and more than 2x YoY, with $5.4 million in cash from operations. Revenue in Florida increased by 39%, from $13.1 million to $18.2 million. By the end of 2022, the company plans to add another facility in Florida. Three more will follow at the beginning of 2023.
Cansortium reported on January 6 that the Corporation has canceled US$162,500 in past-due director fees by giving certain directors 1,354,167 common shares. The price at which the Debt Shares are being issued is $0.12 in compliance with CSE regulations, which is the closing market price of the Company’s common shares listed on the CSE on December 30, 2022.
CNTMF Stock Performance
On March 17th, CNTMF stock finished at $0.09, down 26.68% in the past month of trading. The stock is now trading in a 52-week price range of $0.079-$0.450 and is down 19.50 percent year to date.
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Ascend Wellness Holdings, Inc.
AWH facilities are located in Massachusetts, New Jersey, Ohio, Illinois, Michigan, and Michigan. Owning and operating facilities that produce strains that win accolades, as well as having a properly thought-out product range, are among AWH’s main commercial endeavors. The corporation frequently uses the brand Ozone to develop and advertise its products. The shop sells a range of cannabis-related products, including candies, concentrates, pre-rolls, flowers, and vape pens. AWH operates 17 retail stores and provides products to licensed marijuana businesses. Ascend Wellness and MedMen Enterprises Inc. have agreed that the purchase price of MedMen NY Inc. will increase.
Ascend Latest Financial Results
In its Q4 and full-year 2022 results, Ascend reported net sales growth of 0.8% over the previous quarter to $112.1 million. Total retail revenue during the fourth quarter of 2022 increased by 1.8% over the previous quarter to $84.3 million. Notably, between Q4 2021 and Q4 2022, retail sales increased by 30%. Gross wholesale revenue for the quarter was $50.2 million, a decrease of 2.4% from the previous quarter. Net wholesale revenue after intercompany sales was $27.8 million, a 2.3% quarterly fall. Comparing the fourth quarter of 2022 to the previous quarter, the company’s net loss decreased by $1.8 million to $15.1 million, or throughout the quarter.
The main factors in the full-year 2022 net revenue, which excludes intercompany sales of wholesale products and increased 22.1% year over year to $405.9 million, were an increase in retail sales, particularly in New Jersey, and an increase in third-party wholesale sales in New Jersey and Massachusetts. The full-year 2022 gross profit was $134.6 million, or 33.1% of revenue, down from the prior year’s $136.0 million, or 40.9%. The full-year 2022 Adjusted Gross Profit was $185.1 million, or 45.6% of revenue, as opposed to $153.4 million, or 46.2% of revenue, in 2021. The net loss for 2022 was $80.9 million, as opposed to a net loss of $122.7 million in 2021.
AAWH Stock Performance
AAWH stock closed on March 17th at $1.19, down 7.75% in the past month of trading. Currently, the stock has a price range of $0.98-$4.23, up 3.48 year to date. According to analysts at Tip Ranks, AAWH stock has a 12-month median price forecast of $3.85 per share. In this case, it would represent an increase of 223.53% from its last trading price of $1.19.
Best US Pot Stocks Under $2 And Short Term Trading
Examining their financials and press releases may simplify identifying the best cannabis businesses on the market. To capitalize on the current market turmoil, several knowledgeable investors frequently trade short-term positions in the best cannabis stocks. Before establishing a position, use technical indicators and chart patterns to determine the ideal entry points and take-profit zones. By actively hunting for favorable circumstances, you can improve your ability to close deals. Due to the substantial volatility of the most well-known US marijuana stocks, these may be some of the top penny stocks to watch in 2023.
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