Top US Marijuana Penny Stocks To Watch For Mid-February

Best Cannabis Stocks This Week Under $2

Are you looking to buy marijuana stocks in 2023? One way cannabis investors are utilizing the current slowdown in the cannabis sector is by trading cannabis penny stocks. For the sake of clarity, a penny stock is any stock that trades for less than $5. Despite the well-known high market volatility associated with the marijuana industry, short-term investors can still expect to see large gains.

The federal cannabis reform and SAFE Banking laws are now being delayed by Congress, which is hurting the cannabis industry. Following a massive price collapse in 2022, the cannabis sector confronts a challenging 2023. Federal legalization is still improbable, but state approvals have caused a issue. Although consumption is historically high, it has recently slowed down in some areas due to concerns about the economy.

In the following five years, the cannabis sector is expected to more than double. In general, one industry that will experience significant growth is the US cannabis market. Congress is now delaying the federal cannabis reform and SAFE Banking regulations, which has had a highly negative impact on the cannabis business. Top cannabis companies may see increased volatility as federal cannabis legalization fails on Capitol Hill. By taking advantage of the sector’s recovery, investors can profit from the market’s current momentum. The 2 best US marijuana stocks under $2 to watch in mid-February are listed below.

[Read More] Top Marijuana Stocks To Watch This Week

Top Cannabis Stocks To Watch Mid February

  1. TerrAscend Corp. (OTC: TRSSF)
  2. Acreage Holdings, Inc. (OTC: ACRHF)

TerrAscend Corp.

In the United States and Canada, TerrAscend grows and distributes marijuana for both medical and recreational purposes. The business has operations in Pennsylvania, New Jersey, and California and is a significant cannabis grower in the US. Production and sales of artisan cannabis items, as well as hemp and cannabis-infused goods, are the company’s main objectives. Under the Kind Tree brand, TerrAscend has produced a range of goods in Maryland. The Kind Tree brand is now produced at the Maryland facility using 15 different flower varieties, and it will soon expand its product line to include vapes and half-gram pre-rolls.TRSSF

TerrAscend reported in November that third-quarter net revenue increased to $67 million, or 3.4% over the same period last year and 36.4% over that. Additionally, the gross profit margin dropped to 36.3% this quarter from 35.5% in Q2 2022 and 43.7% in Q3 2021. To reach $11.3 million, adjusted EBITDA1 improved by 96% sequentially and 22.8% yearly. The company recorded a GAAP Net Loss of $311 million as opposed to a net gain of $14.2 million for the second quarter of 2022. To launch the Cookies brand exclusively in Pennsylvania, the company obtained a collaboration in Q3. TerrAscend has put up “Cookies Corners” at each of the three Apothecarium locations in New Jersey.

TRSSF Stock Performance

TRSSF stock closed at $1.7026 on February 15th, up 13.66% in the past month of trading. Currently, the stock has a 52-week price range of $1.00-$6.06 and is up 50.67% year to date. According to analysts at Tip Ranks, TRSSF stock has a 12-month average price target of $2.21 per share. In this case, this would represent an upside of 29.70% from its last trading price of $1.7026.

[Read More] Best Ancillary Cannabis Stocks Mid-February? 3 To Watch This Week

Acreage Holdings, Inc.

Acreage Holdings, Inc. is a cannabis grower and retailer with locations around the United States. If the US ban is repealed, Acreage’s partnership with Canopy Growth Corporation (NASDAQ: CGC) could result in a purchase. Due to their vast geographic areas, it is projected that the economies of New York and New Jersey will expand significantly during the coming years. In New Jersey, the state with the most licensed stores, Acreage intends to complete construction on its growth center.

Sales of acreage climbed by 28% to $61.4 million in the third quarter of 2022 compared to the same time the year before. In comparison to the second quarter of 2022, the company’s gross margin this quarter was 35%. Compared to Q3 2021’s $6.5 million, the third quarter of 2022 witnessed an adjusted EBITDA* of $8.8 million. With the introduction of the Company’s whole flower sales under the state’s stringent microbiological testing rules, Acreage became one of just a few producers in the state of New York with the capacity to supply the market with non-remediated whole flower. On January 10 at The Botanist dispensary in Montville, the company launched its adult-use cannabis enterprise in Connecticut.

ACRHF Stock Performance

ACRHF stock closed at $0.64 on February 15th, up 2.89% in the last month of trading. The stock has a 52-week price range of $0.41-$2.075 and is up 25.49% year to date.

[Read More] 2 Marijuana Stocks To Watch In The Market Today

Penny Pot Stocks For February Watchlist

Several expected events in the next months may increase the value of these marijuana stocks in 2023. Finding the top cannabis businesses on the market might be made simpler by looking at their financials and press releases. In an effort to benefit from the present market volatility, many seasoned investors are actively trading short-term holdings in the top cannabis companies. Use technical indicators and chart patterns to identify the best entry points and take-profit areas before establishing a position. You may increase your ability to close deals by actively seeking out high-probability prospects. These might be some of the top cannabis penny stocks to watch in 2023, given how well-known US marijuana stocks are.


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