LFLY - Top Marijuana Stocks For Cannabis Investors
2024-01-19 15:18:04 ET
3 Marijuana Stocks For Your January Watchlist
Marijuana stocks are still showing a slight increase in momentum. This is largely due to speculation about the future of cannabis. Right now investors are looking to take advantage of any rise or decline in the sector. With the level of volatile trading there most cannabis stocks trade with an unpredictable pattern. Often times this is where much of the buying and selling goes on. For example, when there is a decline it is time when people would look for the top marijuana stocks to buy.
\Now with 2024 just starting out people are keeping a watch of the sector for any type of changes. Currenrtly there is another push for the passing of federal reform. Many politicians both Democrats and Republicans offer their support for federal reform from their own perspective. The big takeaway is that now both parties see the need to establish federal reform. The cannabis industry is progressing and developing at a fast pace. Some legal states are consistently breaking new revenue records almost every quarter.
Now this has helped some pot stocks see better trading. Yet the strongest catalyst for marijuana stocks has been any positive news of reform. Once news is released on the matter investors see this as a means to trade and invest which helps the sector recover. Although most of the recoveries last for just a moment it’s better than a year-long decline. Nevertheless, 2024 is here and there are opportunities to be had just make sure you do your due diligence beforehand. Below are several marijuana stocks to watch as trading in 2024 continues.
Top Cannabis Stock Picks 2024
- Leafly Holdings, Inc. ( NASDAQ:LFLY )
- WM Technology, Inc. ( NASDAQ:MAPS )
- TILT Holdings Inc. ( OTC:TLLTF )
Leafly Holdings, Inc.
Leafly Holdings, Inc. owns and operates a platform to provide consumers with cannabis information and connects consumers to cannabis brands and licensed retailers. On December 5th the company announced its 2023 strain of the year. In 2023 Permanent Marker won Leafly Strain of the Year.
Released in 2022 on both coasts, the barely-year-old strain is an Indica-dominant hybrid with an impressive genetic lineage. Bred and grown in Los Angeles by Seed Junky Genetics, Permanent Marker is a cross of three well-loved strains – Biscotti, Jealousy (Leafly’s 2022 Strain of the Year), and Sherbet BX.
WM Technology, Inc.
WM Technology, Inc. provides e-commerce and compliance software solutions to retailers and brands in the cannabis market in the United States and internationally.
In recent news, the company reported its Q3 2023 earnings.
2023 Third Quarter Highlights
- Revenue was $47.7 million as compared to $50.5 million in the third quarter of 2022 (“prior year period”).
- Average monthly paying clients(1) was 5,414, as compared to 5,576 from the prior year period.
- Average monthly revenue per paying client(2) was $2,938, as compared to $3,019 from the prior year period.
- Net loss was $2.5 million as compared to net loss of $10.5 million from the prior year period.
- Adjusted EBITDA(3) was $10.7 million as compared to $(9.6) million from the prior year period.
- Basic and diluted net loss per share were both $0.02 based on 93.7 million of
Class A Common Stock weighted average basic and diluted shares outstanding, respectively. - Total shares outstanding across Class A and Class V Common Stock were 149.4 million as of September 30, 2023.
- Cash totaled $27.7 million as of September 30, 2023, with no debt.
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TILT Holdings Inc.
TILT Holdings Inc. TILT Holdings Inc. operates in the cannabis industry in the United States, Canada, Israel, Mexico, South America, and the European Union.
It operates through Cannabis, Accessories, and Other segments. Back in November, the company reported its Q3 2023 earnings.
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Third Quarter 2023 Highlights
- Revenue increased 10.0% to $44.6 million in the three months ended September 30, 2023.
- Gross profit was $8.0 million and gross margin was 17.9% in the three months ended September 30, 2023, compared to $9.5 million or 23.6% in the prior year period.
- Net loss improved 44.8% to $8.7 million in the three months ended September 30, 2023.
- Adjusted EBITDA (non-GAAP) increased significantly to $2.2 million in the three months ended September 30, 2023, compared to $0.6 million in the prior year period.