GLASF - This Is How The DEA's Reform Agreement Will Help Marijuana Stocks
2024-05-01 09:12:08 ET
Marijuana Stocks To Watch If The DEA’s Deal Goes Through
News on federal reform has been the best catalyst for most marijuana stocks . For many years now there have been major efforts to federal legalize or reschedule cannabis. When there is progressive news on the matter it typically leads to better trading for marijuana stocks. This uncertainty with reform has also led to intense volatility in the cannabis sector. It has made it tough to take profits but a bit easier to find top marijuana stocks to buy.
Yet in recent news, the DEA has announced it agrees to terms of rescheduling cannabis to a class 3 substance. The news has already created strong trading for marijuana stocks. When this agreement is set in stone it will be a huge win for the cannabis industry as a whole. It was a big move to remove cannabis away from true narcotics like opiates and cocaine. Now there can be a safer pathway for more people to invest and get more involved from a hands-on approach.
Especially without fear of having federal regulators coming in and shutting down your business. However, there are some intricate parts of this new agreement with the DEA and top federal health agencies proposing to move marijuana from Schedule I to Schedule III. Still, the news on it could continue to bring good momentum for these marijuana stocks to watch below.
Marijuana Stocks To Watch Today 2023
- Cansortium Inc. ( OTC:CNTMF )
- Planet 13 Holdings Inc. ( OTC:PLNH )
- Glass House Brands Inc .( OTC: GLASF )
Cansortium Inc.
Cansortium Inc., through its subsidiaries, produces and sells medical cannabis in Florida, Pennsylvania, and Texas. In recent news, the company reported its Q4 and full-year 2023 results.
Q4 2023 Financial Highlights
- Revenue increased 9% to $25.5 million compared to $23.4 million.
- Florida revenue increased 11% to $21.6 million compared to $19.4 million.
- Adjusted gross profit¹ was $12.6 million or 49.4% of revenue, compared to $0.7 million or 3.1% of revenue.
- Adjusted EBITDA was $6.9 million compared to $7.9 million, with the decrease primarily driven by higher SG&A spend due to additional stores.
Full Year 2023 Financial Highlights
- Revenue increased 11% to $97.3 million compared to $87.7 million.
- Florida revenue increased 11% to $81.2 million compared to $73.0 million.
- Adjusted gross profit¹ was $49.5 million or 50.9% of revenue, compared to $44.0 million or 50.1% of revenue.
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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 April 30th the company launched its new CBD hemp and cannabis-derived topical line under the esteemed MEDIZIN brand.
Words From The Company
“We’ve experienced great success with our topical offerings both in-store and online. Introducing a MEDIZIN branded topical line perfectly aligns with our strategic goals in Nevada, allowing us to leverage our production facility to expand our brand presence and boost wholesale revenue,” explained Bob Groesbeck, Co-CEO of Planet 13.”
[Read More] Top U.S. Cannabis Stocks Flourishing in the Last Six Months
Glass House Brands Inc.
Glass House Brands Inc., together with its subsidiaries, operates as an integrated cannabis company in the United States. The company operates in three segments: Retail; Wholesale Biomass; and Cannabis-Related Consumer Packaged Goods.
In recent news, the company spoke at the OTCQX Best 50 Virtual Investors Conference in April. This conference took place back on April 18th.