Best Cannabis Stocks In February To Watch
Are you looking for top marijuana stocks to buy right now? In February there has been some upside for the best cannabis stocks to watch in 2022. As many analysts forecast more market volatility this year it could be time to make a list of the best pot stocks for 2022. Because this year began with marijuana stocks establishing new lows, we could see some upside from any potential catalyst for the sector.
This month lawmakers in Congress began pushing forward federal cannabis reform attaching SAFE Banking to a new bill in the House. Additionally in the Senate, Chuck Schumer announced he would introduce his bill in April. After these announcements, the cannabis sector started gaining value but remains affected by overall market volatility. One way some investors take advantage of the current volatility is by trading pot stocks for short-term gains.
In general, some cannabis investors use day trading and swing trading techniques to produce gains with cannabis stocks that trade at lower price points. These lower trading levels allow them to establish larger positions with less capital. Because of these larger positions, they can produce gains with smaller moves in a pot stocks price action. Specifically, these trades are considered higher-risk investments that are best for active traders.
Researching The Best Pot Stocks To Invest In For 2022
Before making any investments it’s important to do your due diligence on a company. Researching a company’s earnings and press releases can help you find the top-performing businesses. In addition, studying how a stock behaves in the market and learning to identify grade A setups in the market can increase your success rate with short-term plays. As we continue to see the market volatility caused by geopolitical events and inflation concerns affect pot stocks, let’s look at 3 for your watchlist in mid-February.
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Best Cannabis Stocks To Watch Mid-February 2022
- TerrAscend Corp. (OTC: TRSSF)
- Jushi Holdings Inc. (OTC: JUSHF)
- Planet 13 Holdings Inc. (OTC: PLNHF)
TerrAscend is a cannabis corporation 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 owns and runs cannabis cultivation 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 treats. In Maryland, TerrAscend has launched a range of Kind Tree-branded items. The Maryland facility already produces 15 strains of flower under the Kind Tree label, and it will soon add vapes and half-gram pre-rolls to the mix.
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 percent in Q3 2020. TerrAscend has announced, subject to regulatory clearance, to be the state’s only producer and maker of COOKIES branded items, as well as to provide COOKIES to its three dispensaries. In September, the business received prequalification approval for the purchase of Gage Growth Corp. in Michigan (OTC: GAEGF). On January 5th, TerrAscend announced Ziad Ghanem’s appointment as president and chief operating officer. The company will release its fourth quarter and full-year 2021 results on March 16th after the market close.
TRSSF stock closed at $5.70 on February 16th up 2.52% in the last five days of trading. Currently, the stock has a 52-week price range of $4.64-$16.25 and is down29.98% in the past six months. According to analysts at Tip Ranks TRSSF stock has a 12-month average price target of $9.63 per share. In this case, this would represent an upside of 64.31% from its last trading price of $5.70.
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Jushi Holdings Inc.
Jushi Holdings Inc. is a cannabis and hemp company with a growing presence in the medicinal and recreational marijuana industries in the United States. The main goal of the company is to create a portfolio of branded cannabis and hemp-derived products for the American market. Under the BEYOND/HELLO brand, Jushi runs 28 dispensaries in the United States. Jushi also has 31 retail licenses in the United States, and Beyond/Hello, its national cannabis dispensary brand, is expanding both online and in-store. In October, Sunstream Bancorp Inc. approved a $100 million purchase facility for the company. Additionally, in Virginia, the company launched its second retail outlet.
In November, Jushi announced $54 million in revenue for the third quarter of 2021, up 116.7 percent year over year. The company’s net income increased from $68.2 million to $38.2 million. Furthermore, Jushi’s Adjusted EBITDA improved by 124.9 percent to $6.4 million in Q3 2020. As a result, the company’s gross profit climbed by 99.6% to $24.5 million year over year. In Virginia, the company also debuted new branded cannabis products. Jushi will debut its vaporizable cartridges as well as its chewable brand Tasteology under the banner The Lab. Jushi increased its Nevada presence in the third quarter by selling flowers in Virginia. Jim Cacioppo, the company’s CEO, Chairman, and Founder purchased shares on January 10th.
JUSHF Stock Performance
JUSHF stock closed at $4.47 on February 16th up 10.37% in the last month of trading. Currently, the stock has a 52-week price range of $2.95-$9.063 and is up 37.54% year to date. According to analysts at Tip Ranks JUSHF stock has a 12-month average price target of $7.50 per share. In this case, this represents an upside of 67.76% from its last trading price of $4.47.
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Planet 13 Holdings Inc.
The Planet 13 superstore in Orange County, which is currently California’s largest dispensary complex, is set to open in 2021. The company is based in Nevada, and it has received awards for its cultivation, production, and dispensary operations on the Las Vegas strip. Planet 13 is renowned for its 112,000-square-foot Superstore dispensary on the Las Vegas strip. The two superstore dispensaries on Planet 13 are said to be the world’s largest at the moment. The Medezin shop, a smaller version of the company’s main store that merges the larger retail facility into a little dispensary, has also opened.
Planet 13 reported $33 million in revenue for the third quarter of 2021 in November, up 45 percent year over year. In addition, the company achieved $3.5 million in Adjusted EBITDA in the third quarter of 2021. As a result, gross profit before adjustments was $17.6 million, or 53.5 percent of revenue. The corporation lost $10.2 million in the third quarter of 2021, compared to a profit of $0.2 million the previous quarter. Tinley’s goods will be distributed as a line of cannabis-infused beverages, according to the business. Planet 13 also completed all the necessary steps to receive a Florida Cannabis License. In December, the business announced the acquisition of Next Green Wave Holdings, which would allow it to expand its presence in California by providing outstanding indoor production.
PLNHF Stock Performance
PLNHF stock closed on February 16th at $3.05 down 7.29% in the past month. Currently, the stock has a 52- week price range of $2.35-$7.78 and is down 40.43% in the last six months. According to analysts at Market Beat PLNHF stock has a consensus price target of $7.00 per share. In this case, this forecast represents an upside of 129.5% from its last trading price of $3.05.