Best Cannabis Stocks To Watch Next Year
Do you want to buy the best US marijuana stocks for 2023? Rep. Ed Perlmutter (D-CO), the principal sponsor of the Secure and Fair Enforcement (SAFE) Banking Act, filed the text of comprehensive omnibus appropriations legislation on Friday as a final symbolic act. Despite not forcing a vote, Perlmutter’s support for cannabis banking in the House may have impacted the passage of reform in 2023.
Top cannabis companies may become more volatile as federal cannabis legalization fails on Capitol Hill in 2022. Day traders and swing traders typically make the most money when trading in a market like this. In addition to their significant long-term investments in the cannabis industry, some long-term investors opt to adopt short-term trading strategies. Therefore, they stand to benefit from everyday stock price changes.
The federal cannabis law’s implementation has been delayed, which has hurt the US cannabis industry, which generates billions of dollars annually. Investors may be able to gain from the present trend in the market by profiting from the sector’s decline. Here are the three marijuana stocks to watch in 2023.
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Top US Marijuana Stocks For 2023
- Trulieve Cannabis Corp. (OTC: TCNNF)
- Green Thumb Industries Inc. (OTC: GTBIF)
- Cresco Labs Inc. (OTC: CRLBF)
Trulieve Cannabis Corp.
The company with the most market share in Florida is Trulieve Cannabis Corp., which operates in eleven states. With 175 retail sites, the company dominates the cannabis market in the US. Processing and expansion space for the business totals 4 million square feet. Trulieve’s standing in the Southeast cannabis market has improved due to obtaining a Georgia production license. The business opened its first dispensary in Massachusetts, establishing the groundwork for further growth. In order to increase its capacity for production in the southwest, the business purchased a 64,00 square foot growing facility close to Phoenix in February. The company expanded its geographic reach in West Virginia by finishing the acquisition of Greenhouse Wellness West Virginia Dispensaries LLC in April.
Trulieve reported revenue growth of 34% year over year to $301 million in its third quarter results for 2022, with a GAAP gross margin of 56%. The company also has a U.S. retail network of 176 distributors and a processing and growing space of more than 4 million square feet. According to GAAP, Trulieve generated a $168 million profit and a gross margin of 56%. The company recorded a financial loss of $115 million. The company also generated a profit of 33% on adjusted EBITDA of $99 million. In December, Trulieve announced an exclusive partnership in Florida with Connected Cannabis & AlienLabs.
TCNNF Stock Performance
TCNNF stock closed on December 23rd at $7.58, down 14.21% in the last five days of trading. Currently, the stock has a 52-week price range of $6.38-$27.43 and is down 70.84% year to date. According to analysts at Tip Ranks, TCNNF stock has a 12-month average price target of $25.12 per share. In this case, this represents an upside of 231.19% from its last trading price of $7.58.
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Green Thumb Industries Inc.
Green Thumb Industries Inc. is a significant player in the cannabis consumer packaged goods (CPG) business in the United States. Currently, Green Thumb runs 77 locations throughout 15 states. With more on the coming, GTI will soon have 111 retail licenses. GTI will open a Cookies on the Las Vegas Strip in 2021 as part of an initial arrangement with the privately held Cookies Brand. The launch of Green Thumb’s marijuana business in Virginia has been announced following the company’s successful acquisition of Dharma Pharmaceuticals. Through the acquisition of Leafline Industries, the company entered the Minnesota market. In April, the company revealed its 77th Rise site.
Green Thumb’s revenue climbed overall by 11.8% compared to the same period in the previous year and sequentially by 2.7% to reach $261.2 million in the third quarter of 2022. The legalization of adult-use cannabis in New Jersey, higher retail sales in Illinois, 12 more retail locations than in the third quarter of last year, and increased traffic in the Company’s 77 open and operating retail stores were some factors that contributed to the rise in revenue. Compared to the third quarter of 2021, which had a gross profit of $129.5 million (or 55.4% of revenue), the third quarter of 2022 had a gross profit of $131.2 million (or 50.2% of revenue). Increased retail sales, new and acquired locations, adult-use sales in New Jersey, and continuous market expansion in Illinois all impacted gross profit performance.
GTBIF Stock Performance
On December 23rd, GTBIF shares finished at $8.38, down 36.95% in the trading month. Currently, the stock has a 52-week price range of $7.49-$23.47 and is down 62.18% year to date. According to analysts at CNN Business, GTBIF stocks has a 12-month average price target of $18.94 per share. In this case, this would represent an increase of 125.97% from its last trading price of $8.38.
Cresco Labs Inc.
Cresco Labs is a cannabis firm established in the United States with a vertically integrated corporate structure. The business is currently leading the nation in producing branded cannabis products. According to a BDSA study, customers in Illinois and Pennsylvania favor the marijuana brand Cresco the most. Cresco operates in 11 states and has 53 retail locations, 20 manufacturing sites, and 47 retail licenses. Sunnyside established its fourth dispensary in Pennsylvania as part of its expansion plan. According to the firm, the Good News product line will be expanded to include new consumables and vape items. The Californian company will transition to owned brand distribution to boost profitability by eliminating third-party distribution.
Cresco reported third-quarter revenue of $210 million in November, which was 2% lower than at the same time last year. Additionally, a $100 million (or 47% of sales) adjusted gross profit. In the third quarter, EBITDA was $42 million, or 20% of revenues. With $93 million in wholesale revenue, the Company continued to dominate the market for the sale of branded cannabis products in the United States, maintaining the leading market share positions in the flower, concentrates, and vape categories.
In July, shareholders of Columbia Care also approved the previously announced all-stock acquisition of Columbia Care by Cresco Labs. The corporation is still working hard to finalize the acquisition by the end of the year. There, Cresco made its debut as the company’s main brand with the highest sales.
CRLBF Stock Performance
CRLBF shares finished on December 23rd at $1.89, down 44.24% in the last month. The stock is presently trading in a 52-week price range of $1.66-$8.182, showing a 71.57 percent decline year to date. According to analysts at CNN Business, CRLBF stock has a 12-month median price target of $6.12 per share. In this case, this represents an upside of 222.63% from its last trading price of $1.89.
Top US Pot Stocks And Investing In Cannabis In 2023
Through the end of 2022, several likely developments in the coming months could increase the value of these marijuana stocks. Examining their financials and press releases may make it easier to identify the best cannabis companies on the market. In an effort to benefit from the present market volatility, many seasoned traders are actively making short-term trades in the leading cannabis companies. Before initiating a position, use technical indicators and chart patterns to ascertain the best entries and take profit areas. Your capacity to carry out successful transactions can be improved by actively seeking profitable opportunities. Due to the volatility of the top US marijuana stocks, these might be some of the best stocks to watch for 2023.
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