Top Cannabis Stocks To Watch In June
To begin this week’s trading, the best marijuana stocks to buy demonstrated some upward momentum. Following a choppy trading day in the general market, the cannabis sector began to see modest gains as the day progressed. Despite the fact that many experts feel this current rise is a bear market rally, leading cannabis stocks may find more activity. Several catalysts for the cannabis industry may be building now in June.
Senate Majority Leader Chuck Schumer is scheduled to propose the Cannabis Administration and Opportunity Act in August, for example. This may bring federal marijuana legalization back into the spotlight this summer. In previous years, this has resulted in a surge in marijuana stocks, and it might lead to an uptrend in the cannabis industry. The declines in marijuana stocks are largely due to current delays with federal cannabis reform.
The US Cannabis Industry And Leading MSOs
Many major cannabis companies in the United States reported impressive first-quarter 2022 results in May. Furthermore, they are quickly expanding across the country as additional states legalize medicinal and recreational cannabis. New Jersey has just begun recreational sales, and New York is expected to follow suit before the end of the year. As these markets become some of the largest in the US, some of the best-positioned cannabis companies in these locations might see substantial growth. Let’s look at 3 top US cannabis stocks for your watchlist in June.
Best US Marijuana Stocks To Watch In 2022
- Curaleaf Holdings, Inc. (OTC: CURLF)
- Green Thumb Industries Inc. (OTC: GTBIF)
- Verano Holdings Corp. (OTC: VRNOF)
Curaleaf Holdings, Inc.
Packaged cannabis products are produced by Curaleaf Holdings, Inc., a multi-state cannabis retailer with 133 retail locations across the United States. Curaleaf International’s Adven GmbH, a wholly-owned subsidiary, has begun marketing medicinal cannabis products in Germany. In the United States, Curaleaf’s Select brand is one of the most well-known. After buying Tryke Companies in November, Curaleaf expanded its operations to three additional states. The corporation presently has properties in Arizona, Nevada, and Utah in its portfolio. The company inaugurated its 50th site in Florida on May 6th. Curaleaf announced in May that Matt Darin will take over as CEO.
The company announced first-quarter 2022 results on May 9th, with revenues of $313 million, up 20% year over year. In addition, Adjusted EBITDA was $73 million in the first quarter of 2022, and cash flow from operations was $57.4 million. Los Suenos Farms was also acquired, bringing the total cultivation capacity of the company to 4.4 million square miles. Curaleaf is a well-known cannabis dispensary in New Jersey.
On May 31st CURLF shares closed at $6.19, up 5.23% in the last month of trading. The stock is currently trading in a 52-week range of $5.08-$15.13 and is down 31.33% year to date. According to analysts at Tip Ranks CURLF stock has a 12-month average price target of $13.24 per share. In this case, this would represent an upside of 113.89% from its last trading price of $6.19.
Verano Holdings Corp.
Verano Holdings is a multi-state marijuana company that sells legal marijuana to clients. The company sells high-quality cannabis products under several brand names. In 15 states, Verano presently operates 99 dispensaries and 12 manufacturing and processing units. In Florida, the corporation has 47 dispensaries, giving it a sizable foothold in the state. Zen LeafTM and MÜVTM, the company’s retail brands, operate dispensaries that serve both medicinal and adult-use customers. In October, the company established a drive-through dispensary on Las Vegas’ Flamingo Road. Verano announced the launch of Zen Leaf Westover on May 26th, the company’s second dispensary in West Virginia and its 99th overall.
The company announced its first-quarter 2022 results in May, with sales up 67 percent to $202 million compared to the first quarter of 2021. In addition, gross profit in the first quarter of 2022 was $100 million, or 49% of revenue, compared to $54 million in the first quarter of 2021. Verano had a $7 million net loss in the first quarter of 2022, compared to a $2 million loss in the first quarter of 2021. Importantly, the company generated an unadjusted EBITDA of $81 million, or 40% of revenue, in Q1 2022, and an adjusted EBITDA1 of $81 million, or 40% of revenue.
VRNOF shares closed at $7.67 on May 31st down 2.42% in the past month. Currently, the stock has a 52-week price range of $6.77-$19.55 and is down 39.02% year to date. According to analysts at Tip Ranks VRNOF stock has a 12-month average price target of $24.78 per share. This would represent an increase of 223.08% from its last trading price of $7.67.
Green Thumb Industries Inc.
Green Thumb Industries Inc. is a major player in the cannabis consumer packaged goods (CPG) business in the United States. At the present time, Green Thumb has 77 locations in 15 states, one of which is in New Jersey. GTI now has 111 retail licenses and plans to expand this number in the future. GTI established a Cookies on the Las Vegas Strip in 2021 as part of a one-of-a-kind arrangement with the privately held Cookies Brand. Green Thumb has announced its entry into the Virginia cannabis market, after the completion of its acquisition of Dharma Pharmaceuticals. The company acquired Leafline Industries, providing them access to the Minnesota market. The company opened its 77th Rise site on April 14th.
In the first quarter of 2022, GTI reported a 25% rise in sales over the previous year, at $243 million. With $29 million in net income or $0.12 per basic diluted share, this is the company’s ninth consecutive quarter of positive GAAP net income. Apart from that, adjusted EBITDA came in at $67 million, or 28% of revenue. This is especially notable because Q1 2022 was GTI’s ninth consecutive quarter of positive cash flow, with $55 million earned. In addition, the company had $175 million in cash at the end of the quarter.
On May 31st, GTBIF shares finished at $11.20, down 19.86% in the past month. Currently, the stock has a 52-week price range of $11.00-$35.15 and is down 49.19% year to date. According to analysts at Tip Ranks GTBIF stocks has a 12-month average price target of $36.06 per share. In this case, this would represent an increase of 221.96% from its last trading price of $11.20.
Taking Advantage Of Current Market Conditions
It might be time to keep an eye on the top US marijuana stocks now that they’ve started to show some signs of life in recent trading sessions. Examining a company’s financials and press releases might assist you in determining which assets are ideal for your portfolio and trading style. Learning to interpret chart patterns and technical indicators may also assist you in making better market transactions. In June, the current volatility in the cannabis industry might provide an opportunity for active traders.