Best Cannabis Stocks To Watch During The Market Volatility
Are you looking for the best marijuana stocks to buy as the market remains volatile? In a market environment like this one, where gains seem to be followed by greater losses, long-term investing becomes challenging. One approach to benefit from the current market volatility is through short-term trading. The riskiest cannabis stocks to buy are frequently marijuana penny stocks.
You might be able to grow your portfolio by making both long- and short-term investments with market values at current levels. When trading in a market like this one, day traders and swing traders frequently achieve the greatest profits. Some long-term cannabis investors opt to use short-term trading tactics in addition to their main long-term investments. Thus, they stand to gain from daily fluctuations in the stock’s price.
Even though many analysts believe the market will continue to decline, it may be time to start paying attention to the cannabis penny stocks that are gaining traction. We’ll look at two of the top marijuana penny stocks on your list next week because September 2022 is expected to see more intense market volatility.
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Top Cannabis Stocks For September 2022
- Goodness Growth Holdings, Inc. (OTC: GDNSF)
- Cansortium Inc. (OTC: CNTMF)
Goodness Growth Holdings, Inc.
The goal of the cannabis and intellectual property company Goodness Growth Holdings, Inc. is to advance engineering, science, and technology. Resurgent Biosciences, a part of Goodness Growth, plans to do therapeutic psychedelic research. Currently, the business operates 18 retail dispensaries around the nation. Goodness Growth held four cannabis licenses in Nevada prior to changing its name. Thanks to these licenses, Goodness will be able to grow marijuana for the state of Nevada’s medical and recreational markets. The Charm City Medicus Dispensary in Maryland, according to the company, was finished on November 22. Goodness’ position in the Maryland medicinal marijuana market is strengthened by this agreement.
In the second quarter of 2022, Goodness brought in a total of $21.1 million, a rise of 34.9 percent from the first quarter and a 48.2 percent increase from the second quarter of 2021. Maryland, Minnesota, and New Mexico were in particular the Company’s markets that contributed most to the overall revenue rise of 62.7 percent year over year. This quarter’s gross profit was $10.4 million, or 49.2% of revenue, as opposed to Q2 of the previous year’s gross profit of $6.9 million, or 48.6% of revenue.
EBITDA was $1.1 million in Q2 2022 as opposed to a loss of $2.4 million in Q2 2021, according to the accompanying non-GAAP reconciliation. This is a comparison to a loss of $1.0 million in Q2 2021, adjusted EBITDA was $2.3 million in Q2 2022. In Q2 2022, the company’s net loss was $6.2 million as opposed to $7.0 million in Q2 2021. In February, a formal agreement was reached between the company and Verano Holdings Corp. (OTC: VRNOF) for the $413 million purchase.
GDNSF Stock Performance
On August 31st, GDNSF stock closed at $1.39, up 13.01% in the last month of trading. The stock is currently trading in a 52-week price range of $0.98-$2.65 and is down 18.71% year to date. GDNSF stock has a median price target of $2.33 which would represent a 67.67% increase from its last trading price of $1.39.
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Florida-based cannabis producer Cansortium Inc. is dedicated to producing top-quality marijuana. Currently, the business has offices in Texas, Michigan, and Pennsylvania. This year, Cansortium is extending its reach in Florida and Pennsylvania with a $90 million loan and equity deal. A dispensary has been opened in Fruitland Park, Florida, according to the company. One of the state’s major dispensary networks, Cansortium operates 27 dispensaries in Florida. Fluent offers a selection of premium consumables, full-spectrum extracts, cartridges, and lotions under the Fluent brand.
Cansortium released its results for the second quarter of 2022, with revenue reaching a record $22.4 million, up 14% QoQ and 36% YoY. A record $10.2 million in Q2 Adjusted EBITDA was also achieved, up 95% YoY and 64% QoQ, with $4.3 million in cash from operations. Currently, the company reiterates its projection for 2022, which calls for $90-$95 million in revenue and $25-$28 million in adjusted EBITDA. Revenue from Florida climbed by 33% to $18.8 million from $14.2 million. Due to poor market conditions, the company stopped operating in Michigan in August. Cansortium expects to save about $0.5 million in operational costs annually by suspending operations in Michigan.
CNTMF Stock Performance
On August 31st, CNTMF stock finished at $0.18, up 11.59% in the past five trading days. The stock is now trading in a 52-week price range of $0.132-$0.911 and is down 73.14 percent year to date.
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Making Better Trades With Penny Stocks In Q4 2022
When attempting to pinpoint the businesses with the greatest potential, reviewing a company’s financials and press releases may be of great assistance. Before choosing a position, you should research a company carefully. If you get more proficient at using technical indicators and chart patterns, your investing returns may increase. Given the cannabis industry’s rapid local and global expansion, short-term traders may benefit from the current market conditions. During a downturn, you might find it helpful to familiarize yourself with a range of trading strategies. The top marijuana stocks to add to your watchlist for September 2022 may be those listed above.