GRWG - 3 Top Marijuana Stocks To Buy Heading Into June?
2024-05-27 15:38:00 ET
Here Are The Best Marijuana Stocks To Watch After Earnings
Some of the best top marijuana stocks to watch could see better moments this short week. Now that Memorial Day has passed people are getting back to focusing on the sector. The cannabis industry has seen a great deal of up-and-down trading based on speculation of future reform. Over the last few months the craze inside the market based on the DEA and the future of better federal reform. This has been an ongoing challenge for time and a recurring topic since cannabis became legal in various states.
Many political figures tried to get the job done but to no avail, they were not successful. Yet the DEA has made the choice to change that and reschedule cannabis to class 3 narcotic. There is still no clear picture of what this means for legal cannabis operators vs big pharma. Nevertheless, this has made some marijuana stock investors money as this news has led to a rise in recent trading moments.
The cannabis industry and sector as a whole is in. a delicate spot with it also being an election year. Essentially this can lead to campaign promises that would cause either more momentum or a decline. However, this type of speculation and uncertainty is what drives most of the volatile trading for marijuana stocks. Now if you’re looking for top marijuana stocks to buy in a volatile moment make sure you do your research. Below are some examples of top cannabis stocks for you heading into June 2024.
Top Marijuana Stocks To Watch 2024
- Jushi Holdings Inc. ( OTC:JUSH )
- Planet 13 Holdings Inc. ( OTC:PLNH )
- GrowGeneration Corp. ( NASDAQ:GRWG )
Jushi Holdings Inc.
Jushi Holdings Inc., a vertically integrated cannabis company, engages in the cultivation, processing, retail, and distribution of cannabis for medical and adult-use markets. On May 9th the company reported its Q4 2024 financial highlights.
First Quarter 2024 Financial Highlights
- Total revenue of $65.5 million
- Gross profit and gross profit margin of $32.3 million and 49.4%, respectively
- Net loss of $18.4 million
- Adjusted EBITDA1 of $13.3 million, an improvement of $5.7 million year-over-year
- Adjusted EBITDA1 margin of 20.4%
- Cash, cash equivalents, and restricted cash of $30.6 million as of the quarter-end
- Net cash flows provided by operations of $6.5 million
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Planet 13 Holdings Inc.
Planet 13 Holdings Inc., together with its subsidiaries, cultivates and provides cannabis and cannabis-infused products for medical and retail cannabis markets in the United States. On May 21st the company highlighted and pointed out the growth of Planet 13 Florida better known as VidaCann.
Which was done through its Q1 preliminary financials. The Company completed its acquisition of VidaCann on May 10, 2024. The results demonstrate the significant improvements driven by the VidaCann team over the last year.
Words From The Company
“We continue to be blown away by the performance of the VidaCann team. The improvement they have been able to drive year over year on the cultivation and retail side has been tremendous,” said Bob Groesbeck, Co-CEO of Planet 13. “We are excited to continue building on this success by opening additional dispensaries this year to serve more patients across Florida. We also see lots of room for rounding out their product offering for patients by introducing our brands and new product formats.”
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GrowGeneration Corp.
GrowGeneration Corp., through its subsidiaries, owns and operates retail hydroponic and organic gardening stores in the United States. Back on May 9th the company also reported its first quarter 2024 earnings.
Q1 2024 Earnings Highlights And Key Mentions
- Net sales decreased 3% quarter-over-quarter to $47.9 million
- Comparable store sales including e-commerce decreased by 1.0% to the prior year, but was positive for retail stores
- Gross profit margin of 25.8%, a decrease of 280 basis points from the prior year
- Net loss of $8.8 million, compared to a net loss of $6.1 million in the prior year
- Adjusted EBITDA(1) loss of $2.9 million, a decline of $1.1 million to first quarter 2023
- Cash, cash equivalents, and marketable securities of $61.3 million and no debt
- Reiterating full-year 2024 guidance for revenue to be $205 million to $215
- million and Adjusted EBITDA(1) to be a loss of $2 million to a profit of $3 million