Best Cannabis Stocks In The International Cannabis Market
If you want to buy the top marijuana stocks today, you should be prepared to deal with extreme volatility. There are plenty of headlines to grapple with, whether it’s the latest debt ceiling issue, Fed meetings from May, or remarks by Janet Yellen and Federal Reserve members. In addition, introducing the SAFE Banking Act has created an uptrend in cannabis stocks.
Estimates predict that the marijuana industry will continue to expand in the coming years, as it has in recent years. Many people believe that marijuana has a wide range of therapeutic and recreational applications and has the potential to become a very profitable industry. The marijuana market will increase at a compound annual growth rate of at least 25% through 2030. As a result, many investors are looking for investment opportunities in this area.
As more states and nations legalize or decriminalize cannabis, the commercial potential for new and established businesses expands. According to a recent Statista analysis, the cannabis sector will generate $51.28 billion in revenue by 2023. Furthermore, revenue is predicted to expand at a 15.77% annual rate (CAGR 2023-2027), resulting in a market volume of US$92.10 billion by 2027. Here are some top marijuana penny stocks with momentum to add to your watchlist before June.
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Best Cannabis Stocks To Watch This Week
IM Cannabis Corp. (NASDAQ: IMCC)
Clever Leaves Holdings Inc. (NASDAQ: CLVR)
IM Cannabis Corp.
IMC is a global pioneer in the medical and adult-use recreational cannabis industries, with operations in Israel, Germany, and Canada. According to the corporation, the IMC brand has helped the Israeli medical cannabis sector reach a significant milestone. The medical marijuana product line at IMC is growing. Adjupharm, an EU-GMP-certified medicinal cannabis distributor with a German headquarters, represents the company throughout Europe. The corporation has made major statements regarding the establishment of a cutting-edge logistics center in Germany. Adjupharm will be able to optimize its supply chain in the future with the help of this facility by repackaging cannabis in huge numbers.
Revenues for the first quarter of 2023 were $13.2 million, a 1% rise from $13 million in the first quarter of 2022. Furthermore, gross profit for the first quarter of 2023 was $3.5 million, up 46% from $2.4 million in the same period last year. Higher high-margin sales of imported premium cannabis products and lower sales costs are driving the growth. Gross margin before fair value adjustments increased by 25% to 30% in the first quarter of 2023 from 24% in the previous quarter. The corporation had a $3.0 million operational loss in the first quarter of 2023, compared to $8.9 million in the first quarter of 2022, a 66% decline.
IMCC Stock Performance
IMCC stock closed at $1.03 on May 24th, up 63.47% in the past month of trading. The stock has a 52-week price range of $0.59-$11.20 and is up 5.66% year to date. According to analysts at CNN Business, IMCC stock has a median price target of $1.11 per share. In this case, this would represent an upside of 6.67% from its last trading price of $1.03.
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Clever Leaves Holdings Inc.
Clever Leaves is a multinational medical cannabis corporation. Its Colombian operations produce EU GMP cannabis active pharmaceutical ingredients (API) and finished products in flower and extract form for an expanding global B2B customer base. Clever Leaves wants to disrupt the traditional cannabis production sector by combining environmentally sustainable, ESG-friendly, industrial-scale, and low-cost production processes with the most strict medicinal grade certifications available.
Latest Financial Results
The company reported first-quarter 2023 revenue of $4.0 million, down from $5.0 million. Cannabinoid revenue was $1.2 million, down from $1.8 million, while non-cannabinoid sales were $2.8 million, down from $3.2 million. The drop in cannabinoid revenues is due to a one-time order from Brazilian customers to complete the distribution pipeline in Q1 2022 and the termination of Portuguese flower production as Colombian flower production ramps up. The decline in non-cannabinoid revenue was due to several marketplace adjustments, including adding a new online marketplace partner and implementing new sales terms in its specialty channels.
In addition, gross profit was $2.2 million, including a $0.1 million inventory provision, compared to $2.6 million in the previous quarter, which included a $0.3 million inventory provision. Adjusted gross profit (a non-GAAP financial term defined and explained above) was $2.4 million versus $2.9 million. The decreased revenue levels during the quarter resulted in a decrease in gross profit.
Gross margin grew 480 basis points to 56.2%, including the $0.1 million inventory provision, from 51.4%, including the $0.3 million inventory provision. The company’s net loss decreased significantly to $4.1 million from $16.1 million, owing primarily to the Company’s ongoing restructuring and cost-cutting initiatives, as well as significantly lower interest expense and amortization of debt issuance cost compared to the prior year.
Clever Leaves is reiterating its full-year 2023 revenue forecast of $19 million to $22 million, with an adjusted gross margin of 58% to 63%. The Company also expects its 2023 adjusted EBITDA to range between $(13.6) million and $(10.6) million, a significant increase over last year’s EBITDA loss of $(23.4) million.
CLVR Stock Performance
CLVR stock closed at $0.269 on May 24th, up 7.34% in the past five days of trading. The stock has a 52-week price range of $0.2350-$1.46 and is down 12.38% year to date. According to analysts at CNN Business, CLVR stock has a median price target of $0.80 per share. In this case, this would represent an upside of 201.32% from its last trading price of $0.269.
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Investing With New Strategies In Pot Stocks For 2023
Looking at their financials and press releases can make finding the leading cannabis-related companies much easier. Overall, some seasoned investors are aggressively trading short-term positions in the leading cannabis companies to profit from the present market volatility. Before establishing a position, use technical indicators and chart patterns to determine the optimum entry points and take-profit zones. You may boost your ability to profitably close agreements by actively seeking advantageous scenarios. Because of their volatility, the finest marijuana stocks may be among the most interesting to watch in 2023.
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