Top Marijuana Stocks In Q4 2022
Are you trying to find the top marijuana stocks while the market falls? In general, trading cannabis penny stocks is one-way cannabis investors are leveraging the current cannabis industry boom. For the convenience of those who are unsure, a penny stock is any stock that trades for less than $5. These marijuana businesses, which are notorious for their extreme volatility in the current market climate, could result in significant returns for short-term investors.
Over the next five years, it is expected that the cannabis market would increase by more than double. One industry that will grow significantly is the international cannabis market. There are many companies nowadays that have established themselves throughout numerous industries and are expanding internationally.
The cannabis industry has experienced new lows as the market has. All things considered, this might provide marijuana investors another chance to buy expensive companies at lower trading prices. As we enter October, let’s look at three of the top marijuana penny stocks that have decreased this month.
Best Marijuana Penny Stocks For October Right Now
- IM Cannabis Corp. (NASDAQ: IMCC)
- Clever Leaves Holdings Inc. (NASDAQ: CLVR)
- SNDL Inc. (NASDAQ: SNDL)
IM Cannabis Corp.
IMC is a global leader in the medical and adult-use recreational cannabis industries and has operations in Israel, Germany, and Canada. The IMC brand, according to the company, has apparently helped the Israeli medical cannabis sector pass a critical milestone. In general, IMC is expanding its selection of products by incorporating medical marijuana. Adjupharm, a subsidiary of the business with a German headquarters and an EU-GMP-certified medicinal cannabis distributor, represents the company all throughout Europe. Significant announcements have been made by the company regarding the opening of a cutting-edge logistics facility in Germany. With the help of this facility, Adjupharm will be able to optimize its supply chain moving ahead, which will involve repackaging cannabis in bulk.
On August 15th, IMC released its financial results for the second quarter of 2022. Revenues increased by 114% to $23.8 million. Prior to fair value adjustments, the total profit was $5.6 million. 3,210 kilograms of dried flowers were sold overall in Q2 2022 at an average selling price per gram of $5.72, which is an increase over the same time in 2021 when 1,842 kilograms of dried flowers were sold for $3.92. In comparison, the business’s net loss grew from $18.98 million in the second quarter of 2022 to $5.01 million in the corresponding period of 2021.
Following the completion of four significant acquisitions in Israel, including the largest retail and online pharmacy operation in the country and a trade and distribution center with an IMC-GDP license, the company began to centralize the operations of its recently acquired businesses during the first quarter. One of the top ten marijuana companies is Adjupharm GmbH, and in May, its IMC Hindu Kush variety was the most popular T20 strain in Germany. The largest cannabis sales month in the nation thus far was May.
IMCC Stock Performance
IMCC stock closed at $0.4005 on September 29th down 12.67% in the past month of trading. The stock has a 52-week price range of $0.3240-$4.83 and is down 88.01% year to date. According to analysts at CNN Business IMCC stock has a median price target of $1.50 per share. In this case, this would represent an upside of 265.85% from its last trading price of $0.4005.
[Read More] Best Marijuana Stocks To Watch Under $1
Clever Leaves Holdings Inc.
Clever Leaves Holdings Inc. cultivates, extracts, manufactures, and distributes marijuana. Currently, the company operates in various nations, including Colombia, Portugal, Germany, the US, and Canada. The company develops, produces, markets sells, and distributes a variety of homeopathic remedies as well as health and detoxification products. Clever Leaves aims to significantly disrupt the cannabis manufacturing industry as it currently exists by using industrial-scale, affordable, ESG-friendly, environmentally friendly, and cost-effective production techniques. These techniques incorporate the strictest medical-grade certifications available elsewhere in the globe.
The corporation announced its second quarter 2022 results on August 11th. Revenue increased 27% year over year to $4.7 million to demonstrate ongoing commercial success in focus areas. While non-cannabinoids saw an increase in sales of 9% to $3.4 million from $3.1 million, cannabinoids saw a 124% increase in sales to $1.3 million from $0.6 million. Additionally, gross profit was $1.3 million, which contained an inventory provision of $1.3 million, as opposed to $1.8 million, which included an inventory provision of $0.6 million. The company’s net loss was reduced from $9.0 million to $1.0 million as a result of selling a portion of its minority stake in Cansativa; this was mostly because of an investment gain of $6.9 million.
CLVR Stock Performance
CLVR stock is trading at $0.6042 on September 29th down 27.99% in the past month of trading. Currently, the stock has a 52-week price range of $0.58-$7.88 and is down 75.81% year to date. According to analysts at CNN Business CLVR stock has a consensus price target of $3.00 per share. This forecast represents an increase of 395.13% from its last trading price of $0.6042.
Sundial Growers Inc.
Sundial Growers Inc. cultivates and distributes cannabis for adult use in Canada. The company now manufactures and sells inhalable products like flower, pre-rolls, and vapes. Sundial has unveiled the first Canadian Caviar cone under the Top Leaf brand. According to the company, the Forbidden Lemon Caviar Cones will be the first caviar cone product to hit the Canadian market. As a result of this information, Sundial’s specialized innovation pipeline for premium inhalables in the Canadian cannabis industry has expanded. The largest privately owned liquor retailer in Canada, Alcanna, was purchased by Sundial. The company has been positioning itself to maybe produce large numbers in the future. Sundial is actually Canada’s biggest distributor of alcohol and marijuana, with 354 retail locations.
For the second quarter of 2022, Sundial released its financial and operational highlights, including record net sales of $223.7 million, up 2,344% from the second quarter of 2021’s $9.2 million. SNDL’s second-quarter loss of $2.8 million in 2021 was replaced by a gross margin gain of 1,627% to $43.1 million in Q2 2022, which set a record since the company’s founding. The company’s net loss in the second quarter of 2022 increased by 41% to $74.0 million from the second quarter of 2021’s net loss of $52.3 million. The first international shipment of premium dry flower from Canada to Israel was successfully completed by SNDL and IM Cannabis.
SNDL Stock Performance
SNDL stock closed at $2.20 on September 29th down 25.17% in the past month of trading. The stock has a 52-week price range of $2.12-$9.60 and is down 61.96% year to date. According to analysts at CNN Business SNDL stock has a 12-month consensus price target of $3.73 per share. In this case, this would represent an increase of 69.74% from its last trading price of $2.20.
Short-Term Investments With Pot Stocks In October
When attempting to pinpoint the companies with the greatest potential, examining a company’s financials and press releases can be highly beneficial. Before selecting a position, a company needs to be thoroughly investigated. As you get more skilled at using technical indicators and chart patterns, your investing returns can rise. Given the state of the market and the cannabis industry’s fast local and global expansion, short-term traders may benefit from them. In this market situation, it might be beneficial for you to become familiar with a range of trading strategies. The stocks listed below may be the best marijuana penny stocks investments to add to your watchlist for October 2022.