Top Marijuana Stocks For Your 2023 Watchlist
As 2023 nears how will marijuana stocks trade during the new year?
A new year brings new opportunities to push the cannabis industry forward. For instance, more states have legalized cannabis and this brings new markets and new businesses. Not just that but once again the push to enact federal reform is here once again. Now if cannabis banking or the end of prohibition does not get approved the news can still be a good catalyst for marijuana stocks. Historically most marijuana stocks started to see recoveries when positive news was released on the matter.
Still, even with good news on federal reform, it does not guarantee that better trading will follow. Some other catalysts that can be good are focusing on the progress and success of each company. When a company can report good earnings or show increased productivity investors should see the upside. Also without federal reform in place, there is still a chance to get invested at good entry points. With all this volatile trading finding the best marijuana stocks to buy can happen at any moment.
For instance, when there is a pullback in the sector this is a chance to see which companies are worth taking up a position. Being prepared is one of the best game plans to have as an investor. This is why finding marijuana stocks at good price points can have an advantage when it’s time to take profits. So if you feel investing in cannabis stocks is for you make sure you do your research and build a game plan. The companies below are a few marijuana stocks to watch this week.
Top Marijuana Stocks To Watch This Week
Planet 13 Holdings Inc.
Planet 13 Holdings Inc. an integrated cannabis company, engages in the cultivation, production, distribution, and marketing of cannabis and cannabis-infused products for medical and retail cannabis markets in Nevada, the United States. Recently the company reported its Q3 2022 financial results.
Q3 2022 Financial Highlights
- Revenues were $25.6 million as compared to $33.0 million, a decrease of 22.2%
- Gross profit was $10.6 million or 41.2% as compared to $17.7 million or 53.8%
- Net loss before taxes of $4.0 million as compared to a net income of $0.7 million
- Net loss of $6.3 million as compared to a net loss of $2.7 million
- Adjusted EBITDA of $0.4 million as compared to Adjusted EBITDA of $2.6 million
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Acreage Holdings, Inc.
Acreage Holdings, Inc. formerly High Street Capital Partners, is a principal investment firm specializing in the cannabis industry. On November 7th the company reported its 3rd 2022 financial results.
Third Quarter 2022 Financial Highlights
- Consolidated revenue was $61.4 million for Q3 2022, an increase of 28% year-over-year.
- Gross margin of 35% compared to 50% in the second quarter of 2022 (“Q2 2022”). Excluding non-cash inventory adjustments, the gross margin was 45% for Q3 2022.
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- Adjusted EBITDA* was $8.8 million in Q3 2022, compared to $6.5 million in the third quarter of 2021 (“Q3 2021”). Adjusted EBITDA* as a percentage of consolidated revenue was 14% for Q3 2022.