Best Cannabis Stocks For 2022
Are you looking for the best marijuana stocks to buy in 2022? In March the cannabis sector has continued to see a downtrend as the month has progressed. Although in March many leading cannabis companies are releasing strong earnings it has not translated into gains in the market. Instead, the cannabis sector has been trading in correlation to the delays with US federal cannabis reform. In addition, current market volatility because of the war in Ukraine and inflation concerns have also caused recent declines in pot stocks.
Although currently, top marijuana stocks are trading near new lows leading cannabis companies have been showing strong revenue growth and expanding into new markets. In the US leading MSOs have performed well in 2021 becoming the top revenue producers in the cannabis industry. In April renewed attempts at passing cannabis reform in America are expected to get underway. One example is the official introduction of Chuck Schumer’s bill in congress. In addition, another attempt at passing SAFE Banking is expected to occur this year as well.
Since January the best cannabis stocks have continued to shed value and most are trading near their lowest price points year to date. Watching top marijuana stocks to invest in could be an opportunity for both short-term and long-term investors in 2022. Because cannabis stocks are known for substantial volatility many cannabis investors trade both long-term and short-term positions. In some cases, they do this by establishing a long-term core position and trading the short-term price swings around that core.
Different Ways To Invest In Top Pot Stocks In 2022
Before investing in any cannabis company, it’s important to do your research and find the best performing businesses in the market. Some investors do this by looking into financial and press releases to find the top performers. In addition, using trade indicators to establish the best opportunities in the market can help you capitalize on price swings in a pot stock on an intraday trade. As we head into mid-March trading let’s look at 3 top marijuana stocks to watch that are delivering earnings next week.
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3 Top Cannabis Stocks To Watch This Week
- Ayr Wellness Inc. (OTC: AYRWF)
- TerrAscend Corp. (OTC: TRSSF)
- Columbia Care Inc. (OTC: CCHWF)
Ayr Wellness Inc.
Ayr Wellness Inc., based primarily in Florida, is a large-scale cannabis company. In Florida, the company now operates 45 dispensaries, with a total of 62 locations around the country. Herbal Remedies Dispensaries, LLC was also purchased, giving the corporation access to the Illinois market. Ayr has been given the authorization to sell adult-use cannabis in Massachusetts dispensaries on an interim basis. In October, the Kynd premium flower made its debut in Arizona. The company has opened its sixth affiliated operating dispensary in Pennsylvania. In December, Ayr received approval to open its 86,000 square foot growing and processing facility in Arizona. On February 15th, the company completed the acquisition of Levia Cannabis-Infused Seltzer, marking a big step forward in the market.
In the third quarter of 2021, Ayr had a profitable third quarter, with revenues of $96.2 million, up 111 percent year on year. Overall, the company’s adjusted EBITDA increased by 40% year over year to $26 million. Ayr reported an operating loss of $8.9 million in line with US GAAP, which includes a $34.9 million one-time charge and $8.9 million in non-operating adjustments. Additionally, the business expects a 10% sequential increase in Q4 2021, as well as a flat Adjusted EBITDA from Q3 to Q4. The company’s adjusted EBITDA target for 2022 has been reduced to $250-$300 million, while its sales goal of $800 million has remained unchanged. AYR will release its Q4 and full-year 2022 profits before the market starts on March 17th.
AYRWF Stock Performance
AYRWF stock closed on March 11th at $11.86 down 24.41% in the past month. Currently, the stock has a 52-week price range of $11.33-$36.52 and is down 21.86$ year to date. According to analysts at Tip Ranks AYRWF stock has a 12-month average price target of $28.00 per share. In this case, this would represent an upside of 136.09% from the last price of $11.86.
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TerrAscend Corp.
TerrAscend is a cannabis company based in Canada and the United States that cultivates and distributes therapeutic and adult-use cannabis. With operations in Pennsylvania, New Jersey, and California, the company is a key cannabis operator in the United States. TerrAscend is a cannabis growing and processing company with locations in Maryland and Canada. The business focuses on the creation and marketing of hemp and cannabis-derived products, as well as artisan cannabis edibles. TerrAscend has released a line of Kind Tree-branded products in Maryland. Under the Kind Tree name, the Maryland plant now produces 15 strains of flower, and it will soon add vapes and half-gram pre-rolls to the mix.
The company announced third-quarter 2021 results in November, with net revenues of $49.1 million, up 29% year over year but down 16% sequentially. As a result, TerrAscend’s adjusted gross profit margin has decreased from 59 percent in Q3 2020 to 46 percent now. TerrAscend has declared that it will be the state’s exclusive manufacturer and maker of COOKIES branded merchandise, as well as distribute COOKIES to its three dispensaries, pending regulatory approval. On March 10th the company completed the acquisition of Gage Growth Corp. in Michigan in September (OTC: GAEGF). TerrAscend announced the hiring of Ziad Ghanem as president and chief operating officer on January 5th. After the market closes on March 16th, the company will reveal its fourth quarter and full-year 2021 results.
TRSSF Stock Performance
TRSSF stock closed at $4.74 on March 11th down 3.66% in the last five days of trading. Currently, the stock has a 52-week price range of $4.67-$12.51 and is down 28.18% in the past six months. According to analysts at Tip Ranks TRSSF stock has a 12-month average price target of $9.49 per share. In this case, this would represent an upside of 100.17% from its last trading price of $4.74.
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Columbia Care Inc.
Columbia Care Inc. intends to expand significantly in New York. The company just purchased a 34-acre growing facility on Long Island, giving it one of the East Coast’s largest cannabis footprints. Columbia Care presently operates 131 locations in 18 different cities across the United States, including 99 dispensaries and 32 growing and processing facilities. The company opened its first location in Missouri, a Cannabis Dispensary, in October. In Virginia, the company announced the opening of its third gLeaf dispensary. On December 8th, the company announced a rebranding in the Florida market and at its retail locations. The corporation established two new facilities in West Virginia in February.
In the third quarter of 2021, Columbia Care announced record quarterly revenues of $132 million, up 144 percent year over year. The company’s quarterly Adjusted Gross Profit increased by 205 percent from the previous quarter to $64.5 million. Additionally, the company reached a record with a 49 percent Adjusted gross margin and $31 million Adjusted EBITDA, both up 634 percent year over year. Revenue forecasts for 2021 have been increased to $470-$485 million, with adjusted EBITDA forecasts of $85-$95 million. In September, the company received state approval to rename all 14 of its Florida retail locations. After the market closes on March 15th, the business will reveal its Q4 and full-year 2022 financials.
CCHWF Stock Performance
CCHWF stock closed at $2.78 on March 11th down 6.71% in the past five trading days. Currently, the stock has a 52-week price range of $2.51-$7.17 and is down 27.42% in the past six months. According to analysts at CNN Business CCHWF stock has a 12-month average price target of $9.99 per share. In this case, this would represent an upside of 259.35% from its last trading price of $2.78.
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