HYFM - 2 Cannabis Stocks To Watch In The Stock Market
2 Cannabis Stocks To Buy Mid Week?
How will cannabis stocks trade this upcoming new year? Well, some investors are optimistic about what will take place in 2023. Currently, there are various things being worked on to push the cannabis industry forward. Right now politicians are working on getting some type of federal reform passed. A good amount of people feel cannabis banking legislation could be the first stop. There are also those who feel that the end of cannabis prohibition will happen first. Still whichever one happens first will be a huge victory for the cannabis industry. Not to mention the battle for federal reform has been the biggest catalyst for most marijuana stocks .
Next, we have companies continuing to grow and develop. For example companies like Trulieve, Curaleaf and GrowGen have continued to open new stores. What this does is show that the company is progressing as well as being profitable. So when financial reports are made and released if the earnings look good it can have a positive impact on the cannabis sector. When positive news about one company is released it can at times resonate for other cannabis stocks as well. With just a few short months left in 2022, there is still time to find marijuana stocks to buy before 2023. Just make sure you do your homework and build a game plan. The companies below are a few marijuana stocks to watch for the rest of the month.
Top Marijuana Stocks For Your Watchlist
- GrowGeneration Corp. ( NASDAQ:GRWG )
- Hydrofarm Holdings Group, Inc. ( NASDAQ:HYFM )
GrowGeneration Corp.
GrowGeneration Corp. through its subsidiaries owns and operates retail hydroponic and organic gardening stores in the United States. On November 22nd the company announced the opening of its 60th location, in Mount Holly, New Jersey.
The Mount Holly location represents the Company’s 60th store and officially expands operations into 16 states. The new store is 7,700 square feet and will include vertical farming demonstrations and educational support for growers to build and maintain state-of-the-art grow operations to maximize their yields.
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Words From The Company
Darren Lampert, Co-Founder and Chief Executive Officer of GrowGen said, “We are excited to open our first store in New Jersey and increase our reach and operations into a fast-growing and strategically important market. We expect New Jersey to be highly active in the coming years, with a strong medical patient base, over 800 conditional licenses that have been issued, microenterprise and social equity licenses, as well as a pending law to allow for home cultivation.”
Hydrofarm Holdings Group, Inc.
Hydrofarm Holdings Group, Inc. together with its subsidiaries, engages in the manufacture and distribution of controlled environment agriculture (CEA) equipment and supplies in the United States and Canada. In recent news, the company released its Q3 2022 results.
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Q3 2022 Highlights
- Net sales decreased to $74.2 million compared to $123.8 million.
- Gross Profit decreased to $5.9 million compared to $30.0 million. Adjusted Gross Profit(1)(2) was $7.8 million compared to $33.0 million.
- Net loss was $(23.5) million, or $(0.52) per diluted share, compared to net income of $17.3 million, or $0.37 per diluted share. Net loss in the third quarter of 2022 included $5.5 million in inventory and accounts receivable reserves and related charges due primarily to challenging industry conditions.
- Adjusted Net Loss(1)(2) was $(15.0) million, or $(0.33) per diluted share, compared to Adjusted Net Income(1)(2) of $31.8 million, or $0.69 per diluted share.
- The $5.5 million of inventory and accounts receivable reserves and related charges recorded during the third quarter were not treated as an adjustment.
- Adjusted EBITDA(1)(2) decreased to $(9.0) million compared to $16.1 million in the prior year period.
- Generated net cash from operating activities of $8.2 million and positive Free Cash Flow(1) of $5.6 million.