ACRHF - Top Cannabis Stocks To Buy Now? 2 Under $2 To Watch
Best Marijuana Stocks For This Month
Do you plan to invest in marijuana stocks in 2023? Trading cannabis penny stocks is one method cannabis investors are taking advantage of the present slowdown in the cannabis industry. For the sake of clarity, any stock that is traded for less than $5 is referred to as a penny stock. These marijuana enterprises can generate significant gains for short-term investors despite their well-known high market volatility.
This week, the White House released a statement. The campaign for federal reform and cannabis banking is being led by Congress. Congress is now delaying the federal cannabis reform and SAFE Banking laws, which has had a detrimental impact on the cannabis business. The Senate has, in fact, disregarded marijuana legalization for a second consecutive year. Additionally, a group of influential Democratic senators, including Senate Majority Leader Chuck Schumer of New York, gathered on Wednesday afternoon to discuss marijuana legislation.
In general, the cannabis industry is predicted to double in the next five years. The US cannabis market is one sector that will expand considerably. The federal cannabis reform and SAFE Banking regulations are now being postponed by Congress, which has had a very detrimental effect on the cannabis industry. As federal cannabis legalization fails on Capitol Hill, top cannabis companies may experience rising volatility. Investors may benefit from the market’s present momentum by utilizing the sector’s comeback. Below is a list of the 2 top marijuana stocks under $2 to keep an eye on in January.
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Best Marijuana Stocks Under $2 For February
- TerrAscend Corp. ( OTC: TRSSF )
- Acreage Holdings, Inc. ( OTC: ACRHF )
TerrAscend Corp.
TerrAscend cultivates and distributes marijuana throughout the United States and Canada for therapeutic and recreational uses. The company is a big cannabis grower in the US, with operations in Pennsylvania, New Jersey, and California. The company’s primary goals are the production and selling of artisan cannabis products as well as hemp and cannabis-infused products. TerrAscend has created various products in Maryland under the Kind Tree brand. The Kind Tree brand is now produced at the Maryland facility using 15 distinct flower kinds, and it will soon add vapes and half-gram pre-rolls to its product line.
TerrAscend said in November that third-quarter net revenue climbed to $67 million, or 3.4% sequentially and 36.4% over the same period the previous year. Additionally, the gross profit margin decreased from 35.5% in Q2 2022 and 43.7% in Q3 2021 to 36.3% this quarter. Adjusted EBITDA1 increased by 96% sequentially and 22.8% annually to reach $11.3 million. In contrast to Q2 2022’s net gain of $14.2 million, the corporation reported a GAAP Net Loss of $311 million. The business acquired a partnership in Q3 to debut the Cookies brand only in Pennsylvania. At each of the three Apothecarium locations in New Jersey, TerrAscend also set up “Cookies Corners.”
TRSSF Stock Performance
TRSSF stock closed at $1.48 on February 1 st, up 30.97% in the past month of trading. Currently the stock has a 52-week price range of $1.00-$6.06 and is up 30.97% year to date. According to analysts at Tip Ranks, TRSSF stock has a 12-month average price target of $2.21 per share. In this case this would represent an upside of 49.21% from its last trading price of $1.48.
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Acreage Holdings, Inc.
Acreage Holdings, Inc. is a cannabis grower and retailer with sites across the US. Acreage’s collaboration with Canopy Growth Corporation (NASDAQ: CGC) could lead to an acquisition if the US embargo is lifted. It is anticipated that the economies of New York and New Jersey will grow significantly during the next several years as a result of their large geographic areas. Acreage plans to finish building its growth center in New Jersey, the state with the most retailers with licenses.
In the third quarter of 2022, Acreage sales increased by 28% to $61.4 million from the same quarter the previous year. The company’s gross margin this quarter was 35% compared to the second quarter of 2022. The third quarter of 2022 saw adjusted EBITDA* of $8.8 million compared to Q3 2021’s $6.5 million. Acreage became one of only a few producers in the state of New York with the capacity to supply the market with non-remediated whole flower with the debut of the Company’s whole flower sales under the state’s strict microbiological testing regulations. In addition, the company opened its adult-use cannabis business in Connecticut on January 10 at The Botanist dispensary in Montville.
ACRHF Stock Performance
ACRHF stock closed at $0.70 on February 1 st, up 37.25% in the last month of trading. In this case, the stock has a 52-week price range of $0.41-$2.075 and is up 37.25% year to date.
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Short-Term Investing And Penny Pot Stocks In February.
The value of these marijuana stocks in 2023 may rise due to a number of anticipated occurrences in the following months. Examining their financials and press releases may make it easier to identify the best cannabis businesses on the market. At the present time, numerous seasoned investors are actively trading short-term positions in leading cannabis companies in an effort to profit from the current market volatility. Prior to opening a position, use technical indicators and chart patterns to pinpoint the ideal entry points and take-profit zones. By aggressively seeking out high-probability prospects, you can improve your capacity to close successful agreements. Given how well-known US marijuana stocks are, these could be among the best cannabis penny stocks to watch in 2023 .