Momentum For Cannabis Stocks In 2022
Are the top marijuana stocks on your watchlist right now? Many of the top cannabis stocks to buy have started to gain pace after it became known that Schumer had submitted the CAOA in the Senate last month. As Congress continues to work on legislation to legalize marijuana, August may generally continue to be favorable for the cannabis industry.
Day traders and swing traders frequently make the greatest money when trading in a market like this one. In addition to their primary long-term investments in the cannabis sector, some long-term investors choose to engage in short-term trading strategies. As a result, they stand to benefit from daily changes in the stock’s price.
Most worldwide income now is produced by MSOs. In the years after the pandemic, they have done better than Canadian LPs. Delays in federal cannabis legislation have hurt US cannabis businesses, which generate billions of dollars annually. Over the next five years, the cannabis industry is anticipated to more than double in size, with the potential for long-term profitability. If US cannabis equities are allowed to trade on major US stock exchanges, they may see great momentum and investor interest. Here are the two top marijuana stocks in the US to watch in August.
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Best US Cannabis Stocks For The 3rd Week Of August
- Verano Holdings Corp. (OTC: VRNOF)
- Green Thumb Industries Inc. (OTC: GTBIF)
Verano Holdings Corp.
Marijuana corporation Verano Holdings offers consumers legal marijuana in a number of states. The company distributes its high-quality cannabis products under a number of different brand names. Verano now runs 12 production and processing facilities in addition to 104 dispensaries throughout 13 states. The company nevertheless maintains a significant presence in Florida, where it has 55 dispensaries. Two of the company’s retail brands, Zen LeafTM and MÜVTM, run dispensaries that cater to both medical and adult-use clients. In Las Vegas, the business launched a drive-through dispensary on Flamingo Road.
Sales increased 67 percent to $202 million in the first quarter of 2022 compared to the same time in the prior year, the company reported in May. Additionally, compared to the first quarter of 2021, when the gross profit was $54 million, the first quarter of 2022 witnessed a gross profit of $100 million, or 49% of revenue. Verano had a $7 million financial loss in the first quarter of 2022 compared to the same time in 2021. It is significant that in the first quarter of 2022, the company generated $81 million in unadjusted EBITDA, or 40% of sales, and $81 million in adjusted EBITDA, or 40% of revenue. On August 11th, the company opened its 55th location in Florida. Verano will report its second quarter 2022 results on August 16th before the open.
VRNOF Stock Performance
VRNOF shares closed at $5.49 on August 15th down 12.16% in the past month of trading. Currently, the stock has a 52-week price range of $4.75-$15.01 and is down 56.36% year to date. According to analysts at Tip Ranks VRNOF stock has a 12-month average price target of $22.12 per share. This would represent an increase of 302.91% from its last trading price of $5.49.
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Green Thumb Industries Inc.
Green Thumb Industries Inc. is a key player in the US cannabis consumer packaged goods (CPG) business. Currently, there are 77 Green Thumb locations distributed throughout 15 states. GTI now holds 111 retail licenses, and more are expected in the future. As part of a special collaboration with the privately held Cookies Brand, GTI opened a Cookies in 2021 on the Las Vegas Strip. The launch of Green Thumb’s marijuana business in Virginia has been announced following the company’s successful acquisition of Dharma Pharmaceuticals. Through the acquisition of Leafline Industries, the company entered the Minnesota market. In April, the company opened its 77th Rise location.
Green Thumb reported its second quarter 2022 results on August 3. Revenue increased to $254.3 million, up 14.6% annually and 4.8% sequentially. Overall, compared to the first half of 2021, revenue during the first half of 2022 climbed by 19.4% to $496.9 million. As of right now, the firm has produced $24.4 million, or $0.11 per basic and $0.10 per diluted share, for its eighth straight quarter of positive GAAP net income. Quarterly, retail revenue climbed by 11.7%. On a base of 56 locations, comparable sales growth (stores open at least a year) decreased by 1.5%. Additionally, on a base of 73 locations, sequential quarter-over-quarter comparable sales increased by 9.9%.
GTBIF Stock Performance
On August 15th, GTBIF shares finished at $11.05, up 15.58% in the last month of trading. Currently, the stock has a 52-week price range of $7.72-$31.10 and is down 50.43% year to date. According to analysts at Tip Ranks GTBIF stocks has a 12-month average price target of $23.81 per share. In this case, this would represent an increase of 115.48% from its last trading price of $11.05.
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Finding The Top Investments In The Cannabis Industry
You should always conduct your own research before making an investment in a company. The most efficient technique to choose which companies are the greatest to invest in may be to review their financial statements and press releases. These could be the top marijuana stocks to buy right now in August as the cannabis market continues to show momentum.