Marijuana Stocks on the Rise: 30-Day Momentum Leaders
The US cannabis industry is projected to grow significantly, with estimates suggesting it could reach $45.9 billion by 2025. This increase comes as more states legalize cannabis for both medical and recreational use. In recent weeks, news surrounding federal cannabis legalization has sparked renewed interest in marijuana stocks. Recent headlines include a push for reclassifying cannabis from a Schedule I drug, which would open doors for broader legalization. This development has provided momentum for many cannabis companies, causing their stocks to rise. As the industry evolves, it presents a wealth of opportunities for investors.
For those looking to invest, using technical analysis and proper risk management is key. Technical analysis helps identify trends and potential price movements in cannabis stocks. By analyzing charts and patterns, investors can make informed decisions. Risk management is equally important, as the cannabis industry can be volatile. Setting stop-loss orders and diversifying portfolios can help mitigate potential losses. These strategies are essential for navigating the cannabis market.
The cannabis industry continues to grow rapidly, and certain companies have achieved notable gains in recent weeks. Here are three marijuana stocks that have seen the highest percentage increases in the last 30 days: Scotts Miracle-Gro Company (SMG), Trulieve Cannabis Corp. (TCNNF), and Curaleaf Holdings, Inc. (CURLF). Let’s explore these companies’ operations and recent financial performances.
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Top Marijuana Stocks to Watch for Strong Growth in 2024
- Scotts Miracle-Gro Company (NASDAQ: SMG)
- Trulieve Cannabis Corp. (OTC: TCNNF)
- Curaleaf Holdings, Inc. (OTC: CURLF)
Scotts Miracle-Gro Company
Scotts Miracle-Gro is primarily known for its lawn and garden care products. Still, its entry into the cannabis industry through its subsidiary, Hawthorne Gardening Company, has brought it significant attention. Hawthorne focuses on hydroponics and other cultivation products that are widely used in the cannabis industry. Although Scotts Miracle-Gro is not a pure-play cannabis company, its Hawthorne division has made it a key player in the cannabis supply chain.
The company has a strong presence across the United States, selling to cannabis cultivators through its hydroponics division. It doesn’t operate dispensaries, but its products are widely distributed to commercial and home growers. Hawthorne provides lighting, nutrients, and other growing essentials that are integral to indoor cannabis production.
Financially, Scotts Miracle-Gro’s revenue from Hawthorne has fluctuated recently. In its latest earnings report, the company posted $1.12 billion in net sales for the third quarter, with Hawthorne contributing a notable portion despite the challenges in the overall cannabis market. However, sales for Hawthorne declined by 40% year-over-year, reflecting market-wide pricing pressures and decreased demand for hydroponics products. Despite these challenges, the company remains optimistic about Hawthorne’s long-term potential as cannabis cultivation grows.
Scotts Miracle-Gro’s stock has rebounded recently, showing a percentage gain over the last 30 days as investors anticipate a recovery in Hawthorne’s performance. The company has implemented cost-cutting measures to improve margins, and its focus on expanding into new markets could provide more growth opportunities. Given its broad range of products and established presence in both traditional and cannabis markets, Scotts Miracle-Gro remains a stock to watch in October.
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Trulieve Cannabis Corp.
Trulieve Cannabis Corp. is one of the largest multi-state operators (MSOs) in the United States. It operates over 200 dispensaries across multiple states, including Florida, Pennsylvania, and Arizona. Florida remains its largest market, holding a dominant position in medical cannabis sales. Trulieve’s extensive network of dispensaries and cultivation facilities gives it a strong foothold in medical and recreational markets.
The company’s product portfolio includes a wide range of cannabis products, such as flower, edibles, and concentrates. Trulieve controls more than half of the market share in Florida alone, highlighting its strong customer base and operational efficiency. This makes Trulieve one of the largest vertically integrated cannabis operators in the country.
On the financial front, Trulieve reported solid revenue growth in its latest quarterly results. The company generated $289 million in revenue, reflecting a year-over-year increase despite some headwinds in the cannabis sector. Trulieve also reported adjusted EBITDA of $78 million for the same period, maintaining profitability even as other cannabis operators struggle. However, the company has faced challenges with declining gross margins, which stood at 50%, as pricing pressures continue to affect the industry. Despite this, Trulieve remains one of the most profitable MSOs in the U.S. cannabis market.
Trulieve’s stock has surged recently, reflecting the broader recovery in U.S. cannabis stocks. With its strong presence in key markets and robust financial performance, Trulieve remains a solid pick for investors looking for exposure to cannabis stocks with growth potential.
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Curaleaf Holdings, Inc.
Curaleaf Holdings, Inc. is another top multi-state cannabis operator in the United States, with a significant presence in both the medical and recreational markets. The company operates more than 140 dispensaries in 19 states, making it one of the largest cannabis retailers in the country. Its biggest markets include New York, New Jersey, and Florida, where it has established a broad customer base through retail and wholesale channels.
Curaleaf offers a wide range of cannabis products, including flower, oils, and edibles. Its vertically integrated operations allow it to control every aspect of the supply chain, from cultivation to retail sales. This structure has helped the company to achieve economies of scale and establish itself as a leader in the cannabis space. Curaleaf’s commitment to expanding its footprint in emerging markets such as New York and New Jersey, where recreational cannabis sales are expected to surge, makes it an attractive stock to watch.
In terms of financials, Curaleaf recently posted $339 million in revenue for the second quarter, representing a 4% increase year-over-year. Despite the moderate revenue growth, the company reported a net loss of $64 million for the quarter, driven by higher operating costs and continued investments in its expansion efforts. However, Curaleaf’s adjusted EBITDA came in at $72 million, highlighting its ability to maintain positive cash flow even as it scales its operations.
Curaleaf’s stock has seen significant gains in the last 30 days, as investors anticipate further growth from its operations in states that have recently legalized recreational cannabis. The company’s strong revenue base, coupled with its ongoing expansion into new markets, positions Curaleaf for continued success in the coming months. Investors should keep an eye on Curaleaf as it continues to execute its growth strategy.
Top US Marijuana Companies Leading the Industry
Scotts Miracle-Gro, Trulieve Cannabis Corp., and Curaleaf Holdings have all posted notable gains in the last 30 days, making them top stocks to watch in October. Each company offers unique opportunities for investors looking to gain exposure to the growing cannabis industry. Whether it’s Scotts Miracle-Gro’s position as a key supplier to the industry, Trulieve’s dominance in medical cannabis, or Curaleaf’s broad retail footprint, these companies are well-positioned to benefit from the ongoing expansion of cannabis markets in the U.S.
MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | new@marijuanastocks.com
