CURLF - Top Marijuana Stocks To Watch The 3rd Week Of May
2024-05-20 09:06:53 ET
3 Marijuana Stocks To Start The Week Of Right
Marijuana stocks could see strong trading this week. The reason is all the hype and news surrounding federal reform. Right now cannabis is still federally illegal. However, with the DEA’s recent announcement to drop cannabis to class 3, the drug has the sector ramping up. Becuase of the volatility the sector encounters impactful news can change how marijuana stocks trade. For instance, when it’s positive news on financials or laws it often leads to stronger trading for most marijuana stocks.
But when the news or event ends up being negative it often leads to a drop in trading. At this time many see finding marijuana stocks to buy as a future investment. Yes with the volatile action in the sector, you could see gains in a short time. Yet with more to be seen and done investing in legal cannabis is now being seen as the investment of the future. With over half of the United States having already legalized cannabis many people want in on the action.
The cannabis industry has many moving parts that make it work. From understanding laws business and cultivation all the way to packaging and distribution to name a few. So if you want to get involved remember to educate yourself and develop a trading plan that best suits you. Below are several marijuana stocks to watch this week for better trading.
Marijuana Stocks To Watch Today 2024
- Cresco Labs Inc. ( OTC:CRLBF )
- Curaleaf Holdings, Inc. ( OTC:CURLF )
- Green Thumb Industries Inc. ( OTC:GTBIF )
Cresco Labs Inc.
Cresco Labs Inc., together with its subsidiaries, cultivates, manufactures, and sells retail and medical cannabis products in the United States. Recently the company reported its Q1 2024 financial results.
First Quarter 2024 Highlights
- First quarter revenue of $184 million, flat year-over-year, excluding the impact from strategic divestitures aimed to drive profitability.
- Gross profit of $92 million. Adjusted gross profit1 of $95 million up 7% year-over-year; and an Adjusted gross margin1 of 51% of revenue, a 580 bps improvement.
- SG&A of $54 million. Reduced Adjusted SG&A1 by 24% year-over-year to $52 million, or 28% of revenue.
- First quarter income before income taxes of $16 million, net loss of $2 million.
Curaleaf Holdings, Inc.
Curaleaf Holdings, Inc. operates a cannabis operator in the United States. It operates through two segments, Domestic Operations and International Operations. In recent news, the company reported its Q1 2024 results.
First Quarter 2024 Financial Highlights
- Net Revenue of $338.9 million, a year-over-year increase of 2% compared to Q1
- 2023 revenue of $332.6 million. Sequentially, net revenue decreased 2%
- Gross profit of $160.9 million and gross margin of 47%
- Adjusted gross profit(1) of $161.4 million and adjusted gross margin(1) of 48%, up 120 basis points sequentially
- Net loss attributable to Curaleaf Holdings, Inc. of $48.3 million or net loss per share of $0.07
- Adjusted EBITDA(1) of $76.7 million and adjusted EBITDA margin([1]) of 23%, a
- 40 basis point improvement year-over-year
- Cash at quarter end totaled $105.0 million
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Green Thumb Industries Inc.
Green Thumb Industries Inc. manufactures, distributes, markets, and sells cannabis products for medical and adult use in the United States. The company recently reported its first quarter 2024 results.
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Highlights For The First Quarter Ended March 31, 2024
- First quarter revenue of $276 million increased 11% over the prior year period.
- Cash at quarter end of $224 million.
- GAAP net income for the first quarter of $31 million or $0.13 per basic and diluted share increased 240% year-over-year.
- Adjusted EBITDA of $91 million or 33% of revenue increased 19% over the prior year period.
- Cash flow from operations of $84 million increased 12% compared to Q1 2023.
- Purchased 1,067,000 Subordinate Voting Shares (“Shares”) for a total of $13.6 million.