ACRHF - Green Rush 2024: 3 Top Marijuana Stocks For Investors To Watch
2024-01-10 07:00:13 ET
Top Marijuana Stock Picks For Better Investing 2024
Which marijuana stock sector will see the big gains in 2024? The amount of growth that’s occurred these last several years has been great for the development of legal cannabis. Many who want to invest are looking for the best companies to put their money into. Now with how volatile and unpredictable things can be educating yourself on cannabis stocks is key. Not just that you want to establish a trading plan and have a strategy in place that limits risk.
One of the best ways to limit risk is to diversify your portfolio. With marijuana stocks, there are various niches and sectors that can do that. You have pure-play cannabis stocks that often are the most risky but with bigger gains most times. A pure-play marijuana stock is a company that deals directly with the cannabis plant. For example, a cultivation company or dispensary business would be just that. You also have ancillary marijuana stocks which are companies that offer products or services that help cannabis businesses and consumers.
There are also marijuana stocks that work in the tech and real estate niche. So you see there are ways to invest in legal cannabis which could yield strong profits in the near future. Especially with 2024 just starting and speculation that a better moment is on the way. The companies in this article are several marijuana stocks to watch if you are interested in cannabis investing.
Top Marijuana Stocks To Watch Today 2024
- Acreage Holdings, Inc. ( OTC:ACRHF )
- TerrAscend Corp. ( OTC:TSNDF )
- Canopy Growth Corporation ( NASDAQ:CGC )
Acreage Holdings, Inc.
Acreage Holdings, Inc. operates in the cannabis industry in the United States. In recent news, the company announced it has entered the New York adult-use market. This was done and made official with the first wholesale product sale.
Words From The Company
“We are tremendously proud to officially become an adult-use wholesale distributor in New York,” said Dennis Curran, Chief Executive Officer and Chairman of Acreage. “As a New York-headquartered company and long-time medical operator in the state, we have been anxiously awaiting the launch of our adult-use operations here. We believe there is immense growth potential in the Empire State, with it expected to become one of the largest cannabis markets in the country, representing an incredible opportunity for us to dramatically increase our total addressable consumer base.”
TerrAscend Corp.
TerrAscend Corp. cultivates, processes, and sells medical and adult-use cannabis in Canada and the United States.
The company produces and distributes hemp-derived wellness products to retail locations; and manufactures cannabis-infused artisan edibles. Back on November 9th, the company reported its Q3 2023 earnings.
[Read More] Best Ancillary Cannabis Stocks in 2024
Third Quarter 2023 Financial Highlights
- Net Revenue was $89.2 million, compared to $72.1 million in Q2 2023 and $66.2 million in Q3 2022, representing an increase of 23.7% sequentially and 34.7% year-over-year.
- Gross Profit Margin was 53.6%, compared to 50.2% in Q2 2023 and 47.0% in Q3 2022.
- GAAP Net loss from continuing operations was $8.4 million, compared to $12.9 million in Q2 2023 and $300.6 million in Q3 2022.
- EBITDA from continuing operations was $20.7 million, compared to $6.5 million in Q2 2023 and ($317.9) million in Q3 2022.
- Adjusted EBITDA from continuing operations was $24.2 million, compared to $12.8 million in Q2 2023 and $12.8 million in Q3 2022.
- Adjusted EBITDA Margin from continuing operations was 27.1%, compared to 17.8% in Q2 2023 and 19.3% in Q3 2022.
- Net cash provided by operating activities – continuing operations was $9.4 million compared to $1.8 million in Q2 2023 and $2.3 million in Q3 2022.
- Free cash flow from continuing operations was $7.7 million compared to ($0.2) million in Q2 2023 and ($9.5) million in Q3 2022.
[Read More] Here Are Some Of The Top Marijuana Stocks Of 2024
Canopy Growth Corporation
Canopy Growth Corporation Canopy Growth Corporation, together with its subsidiaries, engages in the production, distribution, and sale of cannabis and hemp-based products for recreational and medical purposes primarily in Canada, the United States, and Germany. Recently the company announced a US$30 million private placement agreement.
Specifically 6,993,007 units at a price per Unit of US$4.29 for aggregate gross proceeds of approximately US$30,000,000. The purpose of the Offering is to provide the Company with additional liquidity of US$30MM to further strengthen Canopy Growth’s financial position. Proceeds are expected to be used to pay down debt, which is consistent with the Company’s strategy for overall debt reduction. As well as for working capital and other general corporate purposes.