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Will Marijuana Stocks Continue To Rise On Speculation?

Marijuana Stocks See Better Trading After News On Federal Reform

News On Federal Reform Moves The Cannabis Sector

Marijuana stocks are still showing better momentum these last few days. This has created positive speculation that may also lead to better upward trading. The cannabis sector is one with a higher level of volatility than others. So when things can change without warning it can also be tough to catch a trade at the right moment. Still, the recent recovery could be due to what Sen.Cory Booker said in regard to passing federal cannabis reform. Mr. Booker said during a recent interview that he feels Congress has a “good shot” of passing modest marijuana reforms. This would include banking and justice provisions—during the lame-duck session after the midterm elections.

He also stressed that lawmakers might not have the same opportunity if Republicans retake either chamber next year. When positive news is released on the progress of federal reform often times marijuana stocks tend to trade up. Now some companies are showing some pullback. When this happens it can be a window to find the best marijuana stocks to buy that are worth being in your portfolio. Still, with only 2 months left in the year, there is still time to invest and position yourself to see nice gains in the near future. The companies below are a few marijuana stocks to watch heading into 2023.

Top Marijuana Stocks For Your Portfolio

  1. GrowGeneration Corp. (NASDAQ:GRWG)
  2. Agrify Corporation (NASDAQ:AGFY)

GrowGeneration Corp.

GrowGeneration Corp. through its subsidiaries owns and operates retail hydroponic and organic gardening stores in the United States. On September 20th the company announced it is planning to open a new hydroponic garden center in Richmond, Virginia. Additionally, the Company has signed two new leases in Mount Holly, New Jersey, and Hazelwood, Missouri. These stores are expected to open in the fourth quarter of 2022 and will expand Company operations into 17 states.

Words From The Company

Darren Lampert, CEO of GrowGeneration stated, “Our new 9,000 square foot store in Richmond, Virginia is the first of many GrowGen Hydroponic garden centers that will capture the emerging markets across the Southeastern United States. Virginia legislation allows for unlimited medical cultivation licenses and home growing making it an ideal market for GrowGen’s one-stop shop that provides new and existing cultivators seed-to-harvest solutions, including turnkey facility design, cultivation room design, and on-site project consultation. As well as access to the Company’s successful private-label products.

[Read More] Top Cannabis Stocks Mid-October? 3 To Watch This Week

Agrify Corporation

Agrify Corporation Agrify Corporation develops precision hardware and software cultivation and extraction solutions for the cannabis and hemp industry in the United States. Recently the company announced a 1-for-10 reverse stock split. The company’s Board of Directors approved a 1-for-10 reverse stock split. This became effective as of 12:01 a.m. on Tuesday, October 18, 2022. The reverse stock split was approved by the Company’s stockholders on October 14, 2022. This reverse split is intended to increase the per share trading price of the Company’s common stock to enable the company to satisfy the minimum bid price requirement for continued listing on the Nasdaq Capital Market. ​

The 1-for-10 reverse stock split will automatically convert 10 current shares of Agrify’s common stock into one new share of common stock. No fractional shares will be issued in connection with the reverse stock split. Stockholders who would otherwise hold a fractional share of Agrify’s common stock will receive a whole share in lieu thereof.

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The reverse stock split will reduce the number of shares of outstanding common stock from approximately 26,710,087 shares to approximately 2,671,009 shares.

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