GRWG - Best Marijuana Stocks To Watch In December Right Now
Top Cannabis Stocks As The Sector Shows An Uptrend
Are you looking for top marijuana stocks to invest in before 2023? In November many leading cannabis stocks have seen an uptrend that produced double-digit gains in the month. New developments on Capitol Hill have renewed the possibility of federal cannabis reform. This could also lead to new banking regulations for the cannabis market that would allow them to operate in the US like regular businesses.
Day traders and swing traders frequently profit the most when trading in a market like this. In addition to their significant long-term investments in the cannabis business, some long-term investors opt to use short-term trading strategies. Thus, they stand to benefit from daily changes in the stock’s price.
Delays in the federal cannabis law’s implementation have harmed the US cannabis market, which generates billions of dollars annually. Investors could be able to profit from the present market trend by utilizing the sector’s decline. Below is a list of the three marijuana stocks to watch before December .
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Top Marijuana Stocks With Double-Digit Gains In November
- Innovative Industrial Properties, Inc. ( NYSE: IIPR )
- GrowGeneration Corp. ( NASDAQ: GRWG )
- High Tide Inc. ( NASDAQ: HITI )
Innovative Industrial Properties, Inc.
Innovative Industrial Properties, Inc. is a cannabis real estate investment trust (REIT) focused on the legal cannabis sector in the United States. The company has access to 8.7 million square feet of rentable space today, and 2.5 million square feet more will be made available soon. With an average lease length of 16.4 years, the majority of these buildings are completely leased. The company currently owns 111 properties spread over 19 states. As of April, IIP had spent $2.4 billion on property upgrades in addition to an additional $227.1 million in upcoming rent payments. IIP projects that its lease portfolio will grow significantly in 2022 as a result of its ongoing real estate investments, particularly in Pennsylvania and Massachusetts.
On November 2nd, the business released its third quarter 2022 earnings, showing total revenues of over $70.9 million, a 32% increase over the same time last year. IIP reported an AFFO of over $60.1 million for the quarter, or $2.13 per diluted share, and a net income of approximately $37.3 million, or $1.32 per diluted share, for common investors.
The corporation also paid stockholders of record on September 30, 2022, a quarterly dividend of $1.80 per common share, for an annualized dividend of $7.20 per share, on October 14, 2022. The dividends paid for the fiscal year ending September 30, 2021, increased by $1.34 or 25% to the $6.80 per common share dividends on common stock issued for the fiscal year ending September 30, 2022. Importantly, IIP grew total revenues during the nine months that concluded on September 30, 2022, by 41% over the same period the previous year, reaching $205.9 million.
IIPR Stock Performance
On November 25 th , IIPR stock closed at $118.85 and is up 17.42% in the past month. The stock is currently trading in a 52-week price range of $87.47-$270.83, down 54.79% year to date. IIPR stock has a 12-month median price target of $160.00 per share, according to CNN Business analysts. In this forecast, this would be a 34.96% increase over the previous trade price of $118.85.
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GrowGeneration Corp.
In the US, GrowGeneration Corp. is well known for running and providing hydroponic and organic growing facilities. The business provides cannabis growers with a range of hydroponic, organic, and lighting options. GrowGen presently owns and runs 62 organic gardening enterprises in the US. extending and growing GrowGeneration.com has prioritized its online presence ever since the site’s inception. With over 10,000 products ranging from nutrition to lighting technology, the website has developed into a one-stop e-commerce destination. The business intends to open more than 100 sites across the country during the following five years. The business will build the biggest hydroponic garden facility in Los Angeles County during the third quarter of 2021.
GrowGeneration’s earnings during the third quarter of 2022 exceeded expectations. The third quarter’s revenue was $70.9 million, a 39% drop from the third quarter of 2021. Due to this, Grow Gen’s Q3 2021 profit of $4.3 million was decreased by 279% to a net loss of $7.2 million. Revenue exceeded analyst expectations by 24%. Additionally, EPS rose 7.7% more than anticipated by analysts. From $250 million to $275 million, the expanded range for revenue guidance for 2022 is now between $270 million and
GRWG Stock Performance
On November 26 th , the shares of GRWG finished at $5.84, up 74.85% in the last month’s trading. GRWG stock is down 55.25% year to date, with a 52-week price range of $2.92-$1820. According to CNN Business analysts, GRWG stock has a 12-month median price target of $5.13 per share. This would forecast a 12.24 percent decline over the last transaction price of $5.84.
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High Tide Inc.
High Tide Inc. is a cannabis dispensary that also manufactures and sells products associated with cannabis. The company’s portfolio comprises a reputable international manufacturer and distributor of cutting-edge smoking accessories in addition to a well-known Canadian cannabis brand. When the business first started, the goal was to build the largest accessories online marketplace. 127 stores across Canada currently carry the High Tide brand. The UK is Blessed CBD’s main market, and High Tide bought the company in October 2021. The company boosted its market share and outperformed all rivals with the opening of its 66th retail cannabis store to become Alberta’s top provider. With the acquisition of NuLeaf Naturals, High Tide made its largest acquisition to date.
The company just finished acquiring Smoke Cartel Inc. and created the Grasscity brand, which distributes CBD products made from hemp. High Tide, a rapidly expanding company, purchased well-known online retailer Dankstop to enter the US cannabis market. In the third quarter of 2022, revenue jumped by 98% to $95.4 million from $48.1 million in the corresponding quarter of the previous year. Revenue grew sequentially by 18% in comparison to the second quarter of 2022.
In the third quarter of 2022, gross profit rose by 54% to $25.8 million from $16.7 million in the corresponding time the previous year. When compared to the same quarter last year, when adjusted EBITDA was $1.5 million, it increased by 176% to $4.2 million for the three months that concluded on July 31, 2022. The most recent data release from New Cannabis Ventures shows that the business is currently the biggest revenue-generating one reporting in Canadian dollars.
HITI Stock Performance
The shares of HITI finished at $1.89 on November 25 th up 32.17% in the last month of trading. The stock is currently trading in a 52-week price range of $1.30 to $6.34, down 55.53% year to date. HITI stock has an average price target of $7.97 per share, according to Tip Ranks analysts. In this example, the upside would be 321.69% over the current market price of $1.89.
Investing In Cannabis Stocks Before 2023
These top cannabis stocks reached new lows in November; as they recover, investors might find value in the stocks. If you want to determine whether an asset is good for your trading strategy, you can research a company’s financials and press releases. Making better trading decisions can be aided by an understanding of technical indicators and chart patterns. The best cannabis stocks to watch before December may be those listed here.