CNTMF - Here Are 3 Marijuana Stocks You Should Know About 2024
2023-12-19 06:52:50 ET
These Marijuana Stocks Are Top Contenders In The Cannabis Industry
More marijuana stock investors are viewing the future of the sector as holding the most potential to be the most profitable. Now at the start of the green rush back in 2018,2019 marijuana stocks were making people strong profits. Yet over time, things became a bit more unpredictable due to a lack of regulations. Not only that but companies have been working hard to take their part of the market.
Over time more companies have been working on various projects. Whether is cultivating new strains or creating new products to help serve the consumers. The cannabis industry in the United States has been the dominant player. America once some type of federal reform becomes law will help the cannabis industry in a major way. Cannabis is still federally illegal and this makes it tough for other states or global regions to make business happen.
Yet once cannabis is rescheduled there will could be an influx in the amount of business that will occur. Not just that but with better regulation overall we may finally see less volatility and more upward trading. For now many are preparing for 2024 looking for the best marijuana stocks to buy. Just make sure you have a game plan and conduct your due diligence prior to investing. Below are some marijuana stocks to watch that could help build a strong portfolio in 2024.
Top Marijuana Stocks For Investors
Cansortium Inc.
Cansortium Inc. through its subsidiaries, produces and sells medical cannabis in Florida, Pennsylvania, and Texas. The company’s medical cannabis products are offered in oral drops, capsules, topicals, syringes, dried flowers, pre-rolls, cartridges, and edibles under the Fluent brand name. In recent news, the company reported its Q3 2023 earnings on November 27th.
Q3 2023 Financial Highlights
- Revenue increased 14% to $25.3 million compared to $22.1 million.
- Florida revenue increased 17% to $21.3 million compared to $18.2 million.
- Adjusted gross profit1 was $16.1 million or 63.9% of revenue, compared to $16.7 million or 75.5% of revenue.
- Adjusted EBITDA was $8.8 million compared to $11.7 million, with the decrease primarily driven by additional salaries and wages as well as lower average ticket per transaction. This was partially offset by the impact of increased customer transactions.
- Cash flow from operations for the three months ended September 30, 2023, was $7.1 million compared to $5.4 million in the prior year.
- On September 30, 2023, the Company had approximately $12.1 million of cash and cash equivalents and $60.3 million of total debt, with approximately 298 million shares outstanding.
Planet 13 Holdings Inc.
Planet 13 Holdings Inc. an integrated cannabis company, engages in the cultivation, production, distribution, and marketing of cannabis and cannabis-infused products for medical and retail cannabis markets in Nevada, the United States.
In more recent news the company announced a new attraction the world famous Koolsville tattoo shop. This new opening will be inside the Las Vegas superstore.
Words From The CEO
“One of the strategic goals we laid out at the start of the year was to add attractions and increase utilization of the Las Vegas SuperStore footprint,” said Larry Scheffler, Co-CEO of Planet 13. “The addition of Koolsville helps offset our lease costs while adding yet another exciting partner who will drive additional traffic to our SuperStore. This expands our unique entertainment options, further enhancing the customer experience.”
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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.
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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 operations1 was $20.7 million, compared to $6.5 million in Q2 2023 and ($317.9) million in Q3 2022.
- Adjusted EBITDA from continuing operations1 was $24.2 million, compared to $12.8 million in Q2 2023 and $12.8 million in Q3 2022.
- Adjusted EBITDA Margin from continuing operations1 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 operations2 was $7.7 million compared to ($0.2) million in Q2 2023 and ($9.5) million in Q3 2022.