AGFY - These Marijuana Stocks Could Soon Rise In Momentum
2024-05-17 09:01:08 ET
This Is How To Make Money In The Cannabis Sector
Marijuana stock investors see the future of cannabis as being even more profitable in the market. But what is triggering this speculation surrounding investing in cannabis? The cannabis industry has come a long way over the years with over 50% of the USA having established cannabis markets. Even with no federal reform set in place companies have been seeing great success. When continuous growth and money is being made it creates excitement among those who invest.
So for those who are not cultivators or shop owners finding top marijuana stocks to buy is the best option. Most publicly traded cannabis companies are volatile making it tough to know when to invest. This is where learning about the sector and doing research on the marijuana stocks that you feel hold value. The more you know the better you can adjust your trading strategy. No matter if you are long or short-term investing research and having a plan can help a great deal.
Also what occurs outside of the market can directly impact the speculation investors have. Let’s say a company missed its mark on earnings then some may see this as a negative. From this, it can impact how the company trades in the market. So keeping a watchful eye for news and industry updates that are positive could lead to better trading. The better the news the greater the potential to see a rise in the sector and make some money. Below are several marijuana stocks to watch in the stock market.
Top Marijuana Stocks For You 2024
- GrowGeneration Corp. ( NASDAQ:GRWG )
- Hydrofarm Holdings Group, Inc. ( NASDAQ:HYFM )
- Agrify Corporation ( NASDAQ:AGFY )
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
[Read More] This Is How Marijuana Stocks Will Be Impacted By Reform In 2024
Hydrofarm Holdings Group, Inc.
Hydrofarm Holdings Group, Inc., together with its subsidiaries, manufactures and distributes controlled environment agriculture (CEA) equipment and supplies in the United States and Canada. On May 14th the company reported its Q1 2024 results.
First Quarter 2024 Highlights vs. Prior Year Period:
- Net sales decreased to $54.2 million compared to $62.2 million.
- Gross Profit Margin increased to 20.2% of net sales compared to 18.3%.
- Adjusted Gross Profit Margin(1) increased to 23.4% of net sales compared to 22.6%.
- Net loss improved to $12.6 million compared to $16.8 million.
- Adjusted EBITDA(1) increased to $0.3 million compared to $(2.1) million.
- Cash used in operating activities and Free Cash Flow(1) improved $6.7 million and $6.9 million, respectively.
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Agrify Corporation
Agrify Corporation offers hardware and software cultivation and extraction solutions for the cannabis and hemp industry in the United States.
Recently the company announced the signing of a definitive merger agreement with Nature’s Miracle Holding Inc.
Words From The CEO
Raymond Chang, Chief Executive Officer and Chairman of the Board of Agrify, stated, “We believe the cannabis industry needs consolidation. The combined forces of Agrify and Nature Miracle will elevate our innovative, disruptive, and high-quality technology and service offerings for both the cannabis and agriculture industries. Nature Miracle’s lighting and indoor farming offerings, along with Agrify’s cultivation and extraction technologies, will allow operators to utilize AI and automation to scale with operational consistency.”