Cannabis Stocks And Momentum In June
Are you keeping a close watch on marijuana stocks in June? As the entire market gathers traction, many major cannabis stocks are recouping some of the losses they suffered in May. At the present time, many analysts believe that this current gain is a bear market rally, and that top cannabis stocks will see more activity. In June, many catalysts for the cannabis sector may be forming. In May, several big cannabis companies in the United States released their first-quarter 2022 results. Furthermore, as more states legalize medical and recreational cannabis, companies are rapidly increasing across the country.
Making a list of the top marijuana stocks for 2022 could assist you in determining the best entry points for long-term investments or short-term trading. The cannabis market might see some more turbulence this week. Some US cannabis stocks to buy began to show some upward momentum in last week’s trading. These could be some of the best marijuana stocks on your list right now as we wait for direction from the general markets this week.
[Read More] Top Medical Cannabis Stocks To Buy? 2 To Watch For Long Term Investing
Best Marijuana Stocks To Watch This Week In June
- Green Thumb Industries Inc. (OTC: GTBIF)
- Ayr Wellness Inc. (OTC: AYRWF)
- TerrAscend Corp. (OTC: TRSSF)
Green Thumb Industries Inc.
Green Thumb Industries Inc. is a key player in the United States’ cannabis consumer packaged goods (CPG) market. Currently, Green Thumb operates in 77 sites throughout 15 states, including one in New Jersey. GTI currently has 111 retail licenses and expects to add more in the future. As part of a one-of-a-kind agreement with the privately held Cookies Brand, GTI opened a Cookies on the Las Vegas Strip in 2021. Following the conclusion of its acquisition of Dharma Pharmaceuticals, Green Thumb has announced its debut in the Virginia cannabis market. Leafline Industries was acquired by the company, giving them access to the Minnesota market. In April, the company debuted its 77th Rise location.
GTI reported $243 million in revenue in the first quarter of 2022, up 25% from the previous year. This is the company’s ninth straight quarter of positive GAAP net income, with $29 million in net income or $0.12 per basic diluted share. Aside from that, adjusted EBITDA of $67 million, or 28 percent of revenue, was reported. This is especially noteworthy because GTI generated $55 million in the first quarter of 2022, making it the company’s ninth straight quarter of positive cash flow. In addition, at the conclusion of the quarter, the corporation had $175 million in cash.
On June 3rd, GTBIF shares finished at $11.04, down 15.64% in the past month. Currently, the stock has a 52-week price range of $10.75-$35.15 and is down 50.36% year to date. According to analysts at Tip Ranks GTBIF stocks has a 12-month average price target of $34.53 per share. In this case, this would represent an increase of 212.77% from its last trading price of $11.04.
Ayr Wellness Inc.
Ayr Wellness Inc. is a large-scale cannabis company centered in Florida. The company now has 47 dispensaries in Florida, with a total of 64 sites around the country. In addition, Herbal Remedies Dispensaries, LLC was acquired, allowing the company to expand into Illinois. Ayr has been given permission to sell adult-use cannabis on a large scale in Massachusetts dispensaries. The Kynd premium flower made its debut in Arizona in October. In Pennsylvania, the company has launched its sixth associated functioning dispensary. Ayr received permission to open its 86,000-square-foot growing and processing plant in Arizona in December. The company finalized the acquisition of Levia Cannabis-Infused Seltzer on February 15th, marking a significant stride forward in the industry.
The company reported $111.2 million in revenue in the first quarter of 2022, increasing 90 percent year over year. In addition, adjusted EBITDA for the first quarter of 2022 was $19.5 million, up 6% year over year. Also significant, the company sustained a US GAAP Operating Loss of $21.1 Million for Q1 2022. For Q4 2022, Ayr expects an annualized run-rate of $250 million in Adjusted EBITDA, $100 million in operating income, and $800 million in revenue. The Company had a cash balance of $78.7 million at the end of the quarter. In March, AYR announced the launch of Entourage Vape Offerings in Florida.
AYRWF stock closed on June 3rd at $5.91 down 13.47% in the past month. Currently, the stock has a 52-week price range of $4.61-$31.60 and is down 61.07% year to date. According to analysts at Tip Ranks AYRWF stock has a 12-month average price target of $19.16 per share. In this case, this would represent an upside of 224.20% from the last price of $5.91.
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 is a Maryland-based cannabis cultivation and processing corporation with operations in Canada. The company specializes in the development and distribution of hemp and cannabis-derived goods, as well as artisan cannabis edibles. TerrAscend has produced a Kind Tree-branded product line in Maryland. The Maryland factory 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 May of this year, the company recorded net sales of $49.2 million for the first quarter of 2022. The company also had a 30.5 percent gross margin and a 38.4 percent adjusted gross profit margin. In the fourth quarter of 2021, the company’s Adjusted EBITDA was $3.3 million, down from $11.9 million the previous quarter. Gage Growth Corp. in Michigan was acquired on March 10th, and the transaction was finalized in September. TerrAscend announced the appointment of Ziad Ghanem as president and chief operating officer on January 5th. On April 11th, the company announced the acquisition of Allegany Medical Marijuana Dispensary, increasing the total number of retail locations to 27.
TRSSF stock closed at $3.76 on June 3rd down 12.35% in the last month of trading. Currently, the stock has a 52-week price range of $3.41-$11.70 and is down 38.51% year to date. According to analysts at Tip Ranks TRSSF stock has a 12-month average price target of $7.26 per share. In this case, this would represent an upside of 93.10% from its last trading price of $3.76.
Finding The Best US Cannabis Stocks In June 2022
Now that the leading US marijuana stocks have started to show signs of life in recent trading sessions, it may be time to keep a watch on them. Examining a company’s financial statements and news releases might help you figure out which assets are best for your portfolio and trading style. Learning to read chart patterns and technical indicators might help you make more informed market decisions. The recent volatility in the cannabis market may present an opportunity for active traders in June.