HYFM - 3 Marijuana Stocks To Buy Mid-December
2023-12-11 06:41:08 ET
Top Marijuana Stocks To Follow Halfway Through The Month
Investing in marijuana stocks has been a tough choice for some. This has been due to the inconsistent trading patterns in the sector. For example, when there is a bounce or recovery for marijuana stocks they are often short-lived. Most recoveries last for a brief moment it such a quick rise that it is difficult to take profits. At one point in time when there was a bounce in the sector there was a moment behind it that allowed more time to take profits. Currently, that is not the case and more people believe finding top marijuana stocks to buy in preparation for future trading is the move.
The cannabis industry is still evolving and with more success comes more investment opportunities. Hopefully this new year we see better trading and stronger consistency. In 2024 more companies will begin to show their progress with new products and partnerships. During the 2023 year, various companies teamed up on projects that will help push the cannabis culture forward even more, for those who want to invest in pot stocks make sure to follow some steps.
First, you want to build a list of potential marijuana stocks you feel are worth investing in. Then you want to do your research on these companies and watch them in the market. Follow these marijuana stocks to see how and what they react to in the market that helps them trade up or down. Once you have done so you will have more confidence in your investment decision. Below are several marijuana stocks to watch in mid-December 2023.
Top Marijuana Stocks For Your Watchlist
- GrowGeneration Corp. ( NASDAQ:GRWG )
- Hydrofarm Holdings Group, Inc. ( NASDAQ:HYFM )
- The Scotts Miracle-Gro Company ( NYSE:SMG )
GrowGeneration Corp.
GrowGeneration Corp. through its subsidiaries, owns and operates retail hydroponic and organic gardening stores in the United States. On November 8th the company reported its Q3 2023 financial earnings.
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Q3 2023 Highlights
- Net sales decreased 13% quarter-over-quarter to $55.7 million
- Comparable store sales decreased 14.4% to the prior year
- Gross profit margin of 29.1%, an increase of 320 basis points to the prior year
- Net loss of $7.3 million, compared to a net loss of $7.2 million in the prior year
- Adjusted EBITDA(1) loss of $0.9 million, an improvement of $1.8 million to 2022
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. During the 2nd week of November, the company reported its Q3 2023 earnings.
Third Quarter 2023 Highlights vs. Prior Year Period:
- Net sales decreased to $54.2 million compared to $74.2 million.
- Gross Profit decreased to $3.3 million compared to $5.9 million. Gross Profit
- Margin decreased to 6.1% of net sales compared to 7.9%.
- Adjusted Gross Profit(1) increased to $12.5 million compared to $7.8 million.
- Adjusted Gross Profit Margin(1) increased to 23.0% of net sales compared to 10.5%.
- Net loss was $19.9 million compared to net loss of $23.5 million.
- Adjusted EBITDA(1) increased to $0.5 million compared to $(9.0) million.
- Inventory charges and accounts receivable reserves impacted results in the quarter(2).
- Cash from operating activities of $7.7 million and Free Cash Flow(1) of $6.9 million.
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The Scotts Miracle-Gro Company
The Scotts Miracle-Gro Company together with its subsidiaries, manufactures, markets, and sells products for lawn, garden care, and indoor and hydroponic gardening in the United States and internationally.
On November 22nd the company announced it participated in a fireside chat hosted by Martin Mitela of Raymond James & Associates. This took place at the 2023 Raymond James TMT and Consumer Conference. Which was an event held on, December 4, 2023, in New York City.