RWBYF - 2 Top Marijuana Stocks To Watch In June 2023
2023-06-06 11:30:43 ET
The US Cannabis Industry And Its Potential
Do you intend to invest in the top US marijuana stocks in 2023? In general, more cannabis market growth in the United States is expected in 2023. As more states legalize cannabis for medical and recreational purposes, there will most likely be more growth in the United States. As competition heats up, established businesses will aim to expand their market share.
The cannabis industry in the United States, driven by a patchwork of state-by-state legislation, offers investors enormous opportunities and unusual difficulties. Navigating this complicated landscape demands a thorough awareness of the legal landscape, industry trends, and the companies driving innovation and growth, as each state has its own regulatory framework and market dynamics.
In the following article, we’ll look at some of the top marijuana stocks in the United States and their market capitalization. Overall, these industry leaders are reinventing cultivation, manufacturing, distribution, and retail operations. Establishing themselves as essential competitors to dominate the cannabis market.
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Best Cannabis Stocks For This Weeks Watchlist
- Planet 13 Holdings Inc. ( OTC: PLNHF )
- Red White & Bloom Brands Inc. ( OTC: RWBYF )
Planet 13 Holdings Inc.
Planet 13’s Superstore, located on the Las Vegas Strip, is a well-known 112,000-square-foot dispensary. The company is a vertically integrated cannabis company based in Las Vegas and Orange County, California, with award-winning cultivation, production, and dispensary operations. In addition, Planet 13 also has a Florida medical marijuana treatment facility license and a conditional Illinois Social-Equity Justice Involved dispensing license. Planet 13’s objective is to create a globally recognized brand known for world-class dispensary operations and the development of new cannabis products.
Planet 13 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
Words From The CEO
“Planet 13 started the year with consistent results notwithstanding overall economic conditions. In Q1 we saw a stabilization in cannabis prices resulting in an improvement in our retail revenue from the SuperStore. In Nevada, we maintained our share of sales above 8%, consistent with our long-term goals. We also saw strong sequential growth in wholesale as we continued to add more accounts and increase sales and productivity with our existing buyers. In California, growth in our wholesale business offset some of the seasonal decline in retail sales.”
Larry Scheffler, Co-CEO of Planet 13
The news that a consumption lounge would soon be a part of the renowned Las Vegas SuperStore experience was announced by Planet 13 in December to much anticipation. The company debuted Port Orange, Florida’s “Fun Coast,” in January as the fourth location in their intended network of marijuana stores. Port Orange is a component of the well-known vacation area, which also includes Deltona, Daytona Beach, and Ormond Beach, and it has a population of over 600,000.
PLNHF Stock Performance
PLNHF stock closed on June 5 th at $0.5760, down 23.11% in the last month of trading. Currently, the stock has a 52-week price range of $0.52-$2.12 and is down 5.56% year to date. According to analysts at CNN Business, PLNHF stock has a 12-month forecast median target of $1.26 per share. In this case, this would represent an increase of 119.32% from its last trading price of $0.5760.
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Red White & Bloom Brands Inc.
Red White & Bloom Brands Inc., which operates in numerous states, aspires to be one of the nation’s leading cannabis companies. Overall, the company primarily focuses on the legal cannabis and hemp industries, with retail locations in Michigan, Illinois, Massachusetts, Arizona, Florida, and California. In addition, RWB has bought Acreage Holdings Inc.’s Florida division. RWB currently operates a 114,000-square-foot warehouse in Florida, eight retail locations, and a 400-square-foot office. In August 2021, the company will invest in a 45,000-square-foot greenhouse on 4.7 acres of land in Florida. The acquisition could provide access to short-term expansion opportunities for Sanderson, Florida’s 114,000-square-foot manufacturing facility.
Red White & Bloom 2023-Q1 Financial Highlights
- Revenues were $27.0 million for 2023-Q1.
- Gross profit, before fair value adjustments, was $9.4 million for 2023-Q1.
- Operating expenses were $10.9 million for 2023-Q1.
- Adjusted EBITDA was positive 100k for 2023-Q1.
The Company successfully activated its fourth medicinal use retail outlet in the state of Florida in the first quarter of 2023, in the city of Clearwater, Florida. In addition, the company announced the introduction of PV product solutions in the adult-use Arizona market. More than twelve (12) flavor profiles of its Premium 510 Vapes and Disposable Vape products are available in dispensaries across the state.
RWBYF Stock Performance
RWBYF stock closed on June 5 th at $0.04, up 27.27% in the past month of trading days. In this case, the stock has a 52-week price range of $0.001-$0.1710 and is down 42.86% year to date.
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Investing In Top Cannabis Stocks For 2023
Overall, PLNHF and RWBYF provide strong examples of the enormous potential in the US cannabis sector. As pioneers in their respective niches, they have demonstrated their ability to navigate the complex regulatory landscape, innovate in product development, and capitalize on the growing demand for cannabis-related products.
Before making investment decisions, it is critical to complete research, speak with financial professionals, and consider your specific investment goals and risk tolerance. In general, the US cannabis market is an intriguing area, and investors can position themselves to possibly reap the benefits of this growing sector by investing in PLNHF and RWBYF.