Best Cannabis Stocks As New Year Approaches
Are there any marijuana stocks on your radar for 2023? Trading cannabis penny stocks is one method cannabis investors profiting from the present slump in the cannabis industry. For clarity, any stock that trades for less than $5 is considered a penny stock. These marijuana companies, which are well-known for their high market volatility, might provide short-term investors with significant returns.
The cannabis market is predicted to double in the next five years. The US cannabis market is one sector that will expand considerably. At the present time, the federal cannabis reform and SAFE Banking bills are now being postponed by Congress, which has negatively affected the cannabis industry. As federal cannabis legalization fails on Capitol Hill, top cannabis companies may experience increased volatility. Investors may benefit from the market’s recent momentum by taking advantage of the sector’s comeback. Below is a list of the 2 top marijuana stocks under $2 to keep an eye on in December.
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Best Marijuana Penny Stocks For January 2023
- TerrAscend Corp. (OTC: TRSSF)
- Acreage Holdings, Inc. (OTC: ACRHF)
TerrAscend Corp.
TerrAscend cultivates and sells marijuana in the US and Canada for therapeutic and recreational uses. The company is a prominent cannabis grower in the US and has facilities in Pennsylvania, New Jersey, and California. The company’s primary goals are the production and selling of artisan cannabis products as well as hemp and cannabis-infused products. In general, TerrAscend has created various products in Maryland under the Kind Tree brand. The Maryland plant now produces the Kind Tree brand using 15 distinct flower kinds, and it will soon add vapes and half-gram pre-rolls to its product line.
TerrAscend reported a third-quarter net revenue rise of 36.4% over the prior year and 3.4% sequentially to $67 million in November. Additionally, its gross profit margin was 36.3%, down from 43.7% in Q3 2021 and 35.5% in Q2 2022. Adjusted EBITDA1 increased by 96% sequentially and 22.8% annually to $11.3 million. In contrast to Q2 2022’s net income of $14.2 million, the corporation experienced a GAAP Net Loss of $311 million. The business signed a contract in Q3 to exclusively launch the Cookies brand in Pennsylvania. Additionally, at all three Apothecarium sites in New Jersey, TerrAscend opened “Cookies Corners.”
TRSSF Stock Performance
TRSSF stock closed at $1.02 on December 28th, down 46.08% in the past month of trading. Currently, the stock has a 52-week price range of $1.01-$6.55 and is down 83.32% 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 116.50% from its last trading price of $1.02.
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Acreage Holdings, Inc.
Acreage Holdings, Inc. is a cannabis grower and retailer with sites across the US. Acreage’s collaboration with Canopy Growth Corporation (NASDAQ: CGC) could lead to an acquisition if the US prohibition is lifted. It is anticipated that the economies of New York and New Jersey will grow significantly during the next several years as a result of their extensive geographic areas. Acreage plans to finish building its growth facility in New Jersey, the state with the most licensed stores.
Sales for Acreage increased by 28% from the same quarter the previous year to $61.4 million in the third quarter of 2022. The company’s gross margin this quarter was 35% compared to the second quarter of 2022. The third quarter of 2022 saw adjusted EBITDA* of $8.8 million compared to Q3 2021’s $6.5 million. Also, Acreage became one of only a few producers in New York with the capacity to supply the market with non-remediated whole flower with the debut of the Company’s whole flower sales under the state’s strict microbiological testing regulations.
ACRHF Stock Performance
ACRHF stock closed at $0.505 on December 28th, down 50.49% in the past month of trading. The stock has a 52-week price range of $0.4618-$2.075 and is down 69.94% year to date.
[Read More] Top US Cannabis Stocks For 2023? 3 For Your Watchlist In January
Trading Pot Stocks In 2023
In December, these top cannabis stocks hit new lows; investors may find value in the stocks when they begin to rebound. Review the company’s most recent financial statements and news releases to determine whether the asset would be a good fit for your trading strategy and portfolio. In general, understanding technical indicators and chart patterns can help you make better trading decisions. As December draws close, these stocks might be among the best to keep an eye on.
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