Top Cannabis Stocks In The US Cannabis Industry
In January many top marijuana stocks to buy are trading near their 52-week lows to start 2022. For new investors looking for opportunities in the cannabis sector, it could be a good time to start a watchlist of the best cannabis stocks to invest in for 2022. During last year’s trading, some of the best US pot stocks saw significant declines once it became evident the US would not pass federal cannabis reform in 2021.
In December the last attempt by the House to pass the SAFE Banking Act on the NDAA was removed in the Senate. Now as new congressional sessions begin, we could see more attempts to end cannabis prohibition. Although the delays with federal cannabis reform have caused significant market declines for pot stocks these same companies have continued to deliver strong financials last year.
In addition, most leading cannabis companies also expanded into new markets as new states established medical and recreational markets. Another area that is positioned to grow alongside the industry is ancillary cannabis companies. Ancillary cannabis companies are those companies that support the cannabis industry without touching the actual plant. Some of these companies have grown substantially in 2021 and continue to have a potential upside for this year as well.
Finding The Best Pot Stocks For Your Portfolio
Before investing in top cannabis stocks it’s important for investors to always do their own due diligence on a company. Researching a company’s financials and studying how a stock performs in the market can help you establish the best investments. Making a watchlist of top marijuana stocks to watch for 2022 can help you narrow down the best ones for your portfolio. As some of the top cannabis stocks begin to pull back this week let’s look at 2 top US marijuana stocks for your list in 2022.
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Top Cannabis Stocks To Add To Your Watchlist January 2022
- TerrAscend Corp. (OTC: TRSSF)
- WM Technology, Inc. (NASDAQ: MAPS)
TerrAscend is a cannabis company that cultivates and sells medicinal and adult-use cannabis in Canada and the United States. The company is a major cannabis operator in the United States, with operations in Pennsylvania, New Jersey, and California. TerrAscend has licensed growing and processing facilities in Maryland and Canada. The company specializes in the development and distribution of hemp and cannabis-derived goods, as well as artisan cannabis edibles. In Maryland, TerrAscend has launched a range of Kind Tree Branded goods. The Maryland factory already produces 15 strains of flower under the Kind Tree brand, and it will soon add vapes and half-gram pre-rolls to the mix. On January 5th TerrAscend announced the appointment of Ziad Ghanem as President and Chief Operating Officer.
In November, the company reported third-quarter 2021 results, with net revenues of $49.1 million, up 29% year over year but down 16% sequentially. As a result, TerrAscend’s adjusted gross profit margin has dropped to 46% from 59% in Q3 2020. TerrAscend also agreed to be the only cultivator and manufacturer of COOKIES branded items in New Jersey, pending regulatory permission, and to provide COOKIES to its three dispensaries in the state. In September, the business received prequalification approval for the acquisition of Gage Growth Corp. in Michigan (OTC: GAEGF).
TRSSF stock is trading at $5.55 on January 5th down $5.60 for the trading day. Currently, the stock has a 52-week price range of $4.89-$16.25 and is down 48.68% in the past six months. According to analysts at CNN Business TRSSF stock has a 12-month average price target of $10.29 per share. In this case, this would represent an upside of 85.4% from its last trading price of $5.55.
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WM Technology, Inc.
Weedmaps is a cannabis user and business directory with an online listing marketplace. WM Technology, Inc. owns it as a subsidiary. Cannabis stores primarily employ the WM Business cloud-based SaaS solutions as an operating system. In general, WM Business’ solutions aid compliance with the cannabis industry’s complex and ever-changing standards. Weedmaps revealed a multi-year deal with Kevin Durant’s Thirty-Five Ventures earlier this year, as well as a sponsorship deal with Boardroom. Sprout, a well-known cannabis CRM and marketing platform, was bought by the company in September.
Weedmaps presently has over 18,000 business listings in the United States and an estimated 13.9 million monthly active users. The average monthly income per paying client has increased by 7% to $3817. The corporation announced $50.9 million in sales for the third quarter of 2021 in November. On September 30, 2021, revenue in the United States increased by 46% year over year, with 13.9 million monthly active users. Furthermore, gross profit was $48.8 million, with a $49.2 million net profit. In the fourth quarter of 2021, WM anticipates sales of $50-$52 million. In November, the company released groundbreaking research on the cannabis industry in the United States.
MAPS stock is trading at $5.44 on January 5th down 6.85% for the trading day. Currently, the stock has a 52-week price range of $5.39- $29.50 and is down 66.18% in the past six months. According to analysts at Tip Ranks MAPS stock has a 12-month consensus price target of $13.80 per share. In essence, this would represent an upside of 154.14% from its last trading price of $5.44. These 2 cannabis stocks have seen significant declines in the last six months and could be the top marijuana stocks for your watchlist for January 2022.
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