Top Cannabis Stocks of 2023 And Winning Trading Strategies in the US Cannabis Industry
Welcome to the exciting world of marijuana stocks, where the rapidly expanding US cannabis market has become an opportunity for investors looking for short- and long-term profits. In 2023, the cannabis market matured and evolved significantly, attracting attention from seasoned traders and newcomers alike. In general, with more states legalizing cannabis for medical and recreational purposes, the industry’s development potential appears endless.
Understanding and utilizing technical indicators is critical to success in the complex trading world. Overall, these advanced instruments can assist traders in making informed decisions, identifying trends, and effectively managing risks. We’ll look at the top cannabis stocks of 2023 that are positioned to lead the charge in this Green Gold Rush. Overall, understanding how to establish successful trading plans for both short-term and long-term gains is crucial whether you’re a seasoned investor or a novice wanting to capitalize on the cannabis market’s momentum.
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- Curaleaf Holdings, Inc. (OTC: CURLF)
- Planet 13 Holdings Inc. (OTC: PLNHF)
- Jushi Holdings Inc. (OTC: JUSHF)
Curaleaf Holdings, Inc.
Curaleaf Holdings, Inc. is a well-known international provider of cannabis consumer products dedicated to improving people’s lives via cultivating, sharing, and celebrating the plant’s power. The company and its brands, including Curaleaf, Select, and Grassroots, deliver industry-leading service, product selection, and accessibility throughout the medicinal and adult use sectors as a high-growth cannabis company known for quality, knowledge, and dependability. In general, the company operates in 19 states, has 152 dispensaries, and employs almost 5,500 people in the United States. Curaleaf International is the largest vertically integrated cannabis company in Europe, with a specialized supply and distribution network spanning the whole European market, combining cutting-edge cultivation, extraction, and production with cutting-edge science and research.
Curaleaf reported $336.5 million in net revenue in the first quarter of 2023, a 14% increase over the previous quarter’s revenue of $296 million, excluding suspended activities. Furthermore, a gross profit of $160.8 million with a gross margin of 48% and an Adjusted gross profit net of add-backs of $162 million with an adjusted gross margin of 48%. Including terminated operations, the business lost $54.4 million, or $0.07 per share. Curaleaf Holdings, Inc.(1) announced a $46 million adjusted net loss from continuing operations or $0.05 per share.
CURLF Stock Performance
On July 14th, CURLF shares closed at $3.72, up 24% in the past month of trading. The stock is currently trading in a 52-week range of $2.19-$7.90, down 13.48% year to date. According to analysts at CNN Business, CURLF stock has a 12-month average price target of $5.63 per share. In this case, this would represent an upside of 51.29% from its last trading price of $3.72.
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Planet 13 Holdings Inc.
Planet 13 (www.planet13holdings.com) is a vertically integrated cannabis company with award-winning cultivation, production, and dispensary operations. Its headquarters are in Las Vegas and Orange County, California. Planet 13 also has a Florida medical marijuana treatment center license and a preliminary Illinois Social-Equity Justice Involved dispensary license. In general, the company aims to become a globally recognized brand known for its high-quality cannabis retail operations and new product development.
Planet 13 Announces Q1 2023 Financial Results
- Q1 2023 Revenue of $24.9 million, compared to $24.8 million in Q4 2022
- Q1 2023 Net loss of $6.3 million
- Q1 2023 Adjusted EBITDA of $0.68 million
Planet 13 announced in December that a consumption lounge would soon be a part of the iconic Las Vegas SuperStore experience. In January, the business launched its fourth marijuana store on Florida’s “Fun Coast” in Port Orange. Port Orange, which has a population of over 600,000 people, is a major tourist destination that includes Deltona, Daytona Beach, and Ormond Beach.
PLNHF Stock Performance
PLNHF stock closed on July 14th at $0.5813, up 3.80% in the last month of trading. Overall, the stock has a 52-week price range of $0.52-$2.12 and is down 4.70% year to date. According to analysts at CNN Business, PLNHF stock has a 12-month forecast median target of $1.28 per share. In this case, this would represent an increase of 119.49% from its last trading price of $0.5813.
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Jushi Holdings Inc.
Jushi Holdings Inc. is a hemp and cannabis corporation in the United States, expanding its market share in the medical and recreational marijuana sectors. The company’s primary goal is to sell branded marijuana and hemp-derived products to the US market. 34 Jushi-owned and managed dispensaries nationwide employ the BEYOND/HELLO brand. In addition, Jushi has 31 retail licenses in the United States, and its national cannabis dispensary brand, Beyond/Hello, is expanding both online and offline. The company expanded its vertically integrated operations into Nevada by acquiring NuLeaf Inc. in April.
Revenue climbed 12.9% in the first quarter of 2023 to $69.9 million from $61.9 million in the first quarter of 2022 (“Q1 2022”). The revenue rise year over year can be ascribed to a 7.5% increase in retail revenue, or $4.4 million, owing primarily to new dispensary openings due to build-outs and acquisitions. In March and April of 2022, the Company bought Apothecarium and NuLeaf in Nevada, respectively, and opened new Beyond HelloTM dispensaries in Ohio, Pennsylvania, and Virginia.
Gross profit was $29.9 million in the first quarter of 2023, up from $19.1 million in the first quarter of 2022, representing a year-over-year gain of $10.8 million, or 56.7%. In addition, the gross profit margin improved from 30.9% to 42.9% from quarter to quarter. The net loss in the first quarter of 2023 was $12.4 million, compared to a net loss of $19.8 million in the first quarter of 2022. In addition, Adjusted EBITDA1 increased by $8.5 million year over year and $1.6 million quarter over quarter in Q1 2023, from $(0.9) million in Q1 2022 and $6.0 million in Q4 2022.
JUSHF Stock Performance
JUSHF stock closed at $0.4650 on July 14th, up 13.41% in the last month of trading. Overall, the stock has a 52-week price range of $0.3850-$2.34 and is down 38.98% year to date. According to analysts at CNN Business, JUSHF stock has a 12-month average price target of $1.00 per share. In this case, this represents an upside of 115.05% from its last trading price of $0.4650.
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To maximize short-term opportunities in the cannabis sector, traders should employ strategies tailored to their risk tolerance and investment goals. In general, swing trading, momentum trading, and technical analysis are all techniques that can provide essential insights into market movements and potential entry and exit locations. Keeping an eye on news and regulatory changes can also assist traders in seizing advantageous trading chances as events unfold. Thorough research and a diverse approach, as with any investment, are crucial to limiting risks and improving profits in the volatile marijuana market.
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